""It's been a very real return of office-based projects for the first time since before COVID-19. I don't want (to) extrapolate and say this is because companies have decided to move away from remote work.""
""There is a sense that companies in the post-COVID era took a break on large office projects to see how the market would shape up.""
""The Triangle's 20.2% office vacancy rate is expected to keep falling this year, in part because there are no office buildings under construction or coming online.""
""If you have an entitled site [in North Hills, Midtown Raleigh or downtown Raleigh], you'd be smart to dust off your plans for new office construction.""
North Carolina has secured over 7,500 office-based job pledges since last year, indicating a resurgence in office projects. Companies are increasingly interested in new leases, with 2.9 million square feet of demand noted in the Triangle, the highest since before the pandemic. The office vacancy rate in the Triangle is expected to decrease, driven by limited new construction. Companies are gravitating towards modern neighborhoods for office spaces, with North Hills emerging as a prime market. Predictions suggest new office construction may resume next year.
Read at Axios
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