Market News: 2017

  Office vacancy increased over the third quarter after almost six years of steady office space absorption and delivery of new buildings. More office tenants vacated or contracted over the third quarter than leased or expanded bringing the office absorption down from second quarter. Over the past year, 1.2 million SF of office space has been added to the Triangle as vacancy increases. Additions to the office market this quarter include Highwoods Properties’ delivery of… READ MORE

Class A average lease rates in the Triangle are higher by 2.33% compared to this time last year, with the Six Forks Road, Cameron Village, and Cary submarkets representing the three highest rental growth regions. Over the past year, 2.36 million SF of office space has been added to the Triangle with the lion share being delivered in the RTP/I-40 Corridor submarket with GSK’s campus coming on the market for lease up. Demand for flex usable inventory continues to drive vacancy… READ MORE

Class A average lease rates in the Triangle continue to rise, up +0.63% this quarter to $26.05 per SF. Compared to this time last year, Class A average lease rates in the Triangle have increased 3.2%. Demand for usable inventory continues to drive vacancy lower and absorption higher in the Triangle. Since last year, overall vacancy has dropped -2.6% to 9.5%, while the area absorbed just under 225,000 SF. With nearly 580,000 SF of total net leasable… READ MORE