Raleigh’s office market shows improving fundamentals across key metrics
Raleigh’s overall availability rate decreased to 21.7% in Q1 2026, down from 22.6% one year earlier, marking improvement following elevated levels in 2023 and 2024. The decline this quarter was driven by tighter conditions in Downtown Raleigh, RTP, and Cary, while other portions of the market remained stable. Sublease availability declined to 2.7 million square feet (msf) from 2.8 msf one year earlier, reflecting steady, incremental improvement rather than a sharp shift. This trend indicates that excess space is gradually being leased, expiring, or withdrawn from the market. This reduction in availability points to a rebalancing of supply and demand.