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Office, Innovation, Employment + Talent


Downtown Raleigh is attracting new companies, tech incubators, Class A office projects, ultra-fast internet service, and is home to an increasingly talented workforce. Downtown Raleigh is the densest office market in the Triangle with more office space and employees per acre than any other submarket.

85
Employees per acre in downtown core: more than any other office submarket in the Triangle1
48,000+
existing employees across all sectors in downtown1
14,000+
potential new employees if the existing downtown development pipeline is fully built out1
58.6%
OF RESIDENTS WITH BACHELOR’S degree or higher2
1.2+
MILLION SQUARE FEET of Class A office space delivered or renovated since 2015
94.9%
OFFICE OCCUPANCY RATE, showing strong demand for office space3
12.8%
INCREASE in office rental rates from 2018 to 20193
+406,625
SQUARE FEET net absorption of office space in 20194
1US Census, DRA 2US Census, ESRI Business Analyst 3JLL 4CBRE

Downtown Raleigh’s office market is booming as new supply is built to respond to low vacancy rates and strong interest in companies moving into downtown over the past few years. Over 581,500 square feet of new Class A office space has been delivered since 2018 with an additional 753,750 square feet under construction and 1.7 million square feet proposed.

Average Employees Per Acre
 

Source: US Census, DRA


 

Net Office Absorption in Square Feet


Source: CBRE

Projected Employment Growth
 

Sources: US Census, DRA


 

Year End Occupancy Since 2001


Sources: JLL, DRA

TALENT

 

Only the Triangle, Atlanta, Boston, NYC, Los Angeles, Washington D.C., and Chicago have three Tier-1 Research Universities in one metropolitan region with NC State, UNC, and Duke located here. These institutions spent more than $2.8 billion in combined research and development expenditures in 2018.