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2022 Q3 Office Raleigh-Durham Report

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Record Levels of Sublease Space Available in the Triangle

Key Takeaways

  • 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.

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2022 Q3 Office Raleigh-Durham Report

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Ryan Toland

Executive Vice President, Occupier Services

Raleigh

As Executive Vice President, Ryan leads the Occupier Services team for Colliers Raleigh.  Ryan focuses on advising and representing corporations and office space users in their strategic real estate initiatives.  Ryan’s diverse client base spans a variety of industry sectors including: pharmaceutical, life science, software and technology, manufacturing, and professional services. Throughout his career, Ryan has been known for his methodical and analytical approach where he has been involved in hundreds of transactions of varying size and complexity.  In 2020 alone, Ryan negotiated over 400,000 square feet of lease transactions valued at approximately $50 million.

Prior to joining Colliers in 2021, Ryan was a Managing Director for Cushman & Wakefield for 7 years.  Previously, he served as Partner and Executive Director of Corporate Services at Synergy Commercial Advisors prior to their sale to Cassidy Turley. Additionally, Ryan opened and managed the Raleigh-Durham office of UGL Equis where he oversaw an office that ranked third nationally in overall profitability before merging with DTZ.

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