Record Levels of Sublease Space Available in the Triangle
- The Raleigh-Durham office market has seen a substantial rise in total available sublease space at nearly 3.2 million square feet, up from 1.9 million square feet, a 65% increase from a year ago. This is also an increase of 13.7% over the quarter from nearly 2.8 million square feet.
- Kastle’s Back to Work Barometer estimated Raleigh using about 39% of its office space when indexed to pre-pandemic levels, an increase from the end of Q3 2020 during pandemic lows of 12%.
- The largest sale of the quarter, as well as the year so far, was a $288 million deal for Park Point at Research Triangle Park (4001 NC Highway 54). Park Point is a 650,000 square foot, life sciences campus and was bought by CBRE Investment Management, on behalf of a separate account client.