2nd QUARTER 2018 TRIANGLE MARKET OVERVIEW

Approximately 23,100 net new jobs have been added to the Triangle market in the past year, as of the last jobs report in May. The report marked the 95th consecutive month that businesses have added to local payroll, fueling continued growth within the Triangle’s commercial real estate markets. The Office market is seeing the impacts with absorption of nearly 478,000 SF, despite having added no new office buildings to inventory in Q2. The region’s overall office vacancy rate remained steady in Q2 at 13% while the Class A vacancy rate dropped slightly to 8.6% from the previous quarter.

According to the TRAOBA Space Committee panelists, office leasing interest and activity remains steady and competitive, but local business owners and executives are still experiencing increasing rental rates and are often delaying decisions to sign contracts for renewal or expansion.

 

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