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Market Report

Raleigh Office Market Report

2Q 2022

Corporate Inflows and Shortage of Lab Space
Aid Office Fundamentals in The Triangle

Life science cluster drives regionally low availability. Vacancy in Raleigh has held below many of its Sun Belt peers since 2019. The high proportion of biotech employers is largely the driver of this comparative success. Jobs in these industries are often unable to be performed remotely, and thus require firms to maintain a significant physical footprint. Amgen and Fujifilm Diosynth recently announced expansions in South Cary-Apex, joining a local tenant roster that includes Eli Lilly and Gilead Sciences. Much of the metro's construction pipeline as of April is spoken for lab space, highlighting the demand overhang for such properties. The life science industry is highly agglomerated, suggesting more companies will enter Raleigh's burgeoning biotech scene for years to come.

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