As more people work from home because of coronavirus, companies are now having to weigh the benefits of paying for actual office space.

This could have a long-term effect on commercial real estate, but as now, the Triangle market remains strong.

For years now the Triangle landscape has been evolving from new office buildings in downtown Raleigh to campus expansions at our local colleges.

Now, many locals are wondering how COVID-19 could impact that growth.

Brooks Raiford of the NC Tech association said, “As people come up for lease renewals, will they continue to want the same amount of space that they have had? Some have said yes because they want to seat people further apart, so it won’t reduce their size needs even if they have less density.”

According to data from real estate firm CBRE, demand for commercial property is still high in the Triangle. The price for leasing top-tier space has climbed nearly 30 dollars per square foot, which is the highest it’s been in years.

Vacancy rates are down 10 percent, but construction is continuing.

Joe Mitchell, a real estate agent said, “I do believe that our market is a little insulated. More so than other parts of the country.”

Mitchell has been selling land and commercial real estate in the Triangle for more than two decades, and said it’s the area’s business diversity that makes him optimistic about the future.

“Most areas either have tech or they have industrial or they have education, which is the colleges. We kind of have a pretty good combination of all three,” he said.

While there was an initial slowdown around April, he’s started to see more businesses planning for life back in the office.

“It does seem like since we hit phase two I’ve had more people asking about leases and space that weren’t before,” he said.

There are more than four million square feet currently under construction throughout the market. ​

Mitchell and many others are hoping that trend continues — cautious optimism that we will continue to see cranes and new buildings across the Triangle.