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LEASING STAYS ON SLOWER TRACK
Tenants have leased 2.3 million square feet (MSF) in the four most recent quarters, well below the long-term average of 4.2 MSF leased each year.
AVAILABILITY RATE JUMPS
The overall availability rate for the Raleigh/ Durham market was 10.3%, a 90 basis point increase compared to last quarter.The Class A availability rate fell by 80 basis points to 10%. Class B and C availability is rising as tenants continue to relocate to quality buildings
RENT UNCHANGED
The overall gross asking rent for the region rose by 1.5% to $22.85 quarter-over-quarter. Class A rent decreased by 0.3% quarterly to $26.28.
SALES SKYROCKET
Office property sales during the last six months (through February 2018) totaled $1.1 billion, a 221% increase compared to the previous six–month total of $354 million.
“The Triangle's economy is among a handful of front running tech-fueled markets that have outperformed nearly all others nationally. Despite strong growth in residential and commercial rent, Raleigh/Durham is much more reasonably priced than its tech counterparts.”
Matthew Patterson, Managing Director