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Market Trend: Raleigh/Durham Office Deliveries, Construction and Inventory

May 5, 2014
During the first quarter 2014, seven buildings totaling 449,825 square feet were completed in the Raleigh/Durham market area. This compares to five buildings totaling 162,884 square feet that were completed in the fourth quarter 2013.

There were 1,522,282 square feet of office space under construction at the end of the first quarter 2014.

Some of the notable 2014 deliveries include: Human Complex Services, a 244,279-square-foot facility that delivered in first quarter 2014 and is now 100% occupied, and SECU Headquarters, a 125,000-square-foot building that delivered in first quarter 2014 and is now 100% occupied.

The largest projects underway at the end of first quarter 2014 were Perimeter Three, a 245,352-square-foot building with 71% of its space pre-leased, and Charter Square-South Tower, a 240,402-square-foot facility that is 41% pre-leased.

Total office inventory in the Raleigh/Durham market area amounted to 91,325,311 square feet in 4,602 buildings as of the end of the first quarter 2014. The Class-A office sector consisted of 32,381,653 square feet in 306 projects. There were 2,083 Class-B buildings totaling 44,942,925 square feet, and the Class-C sector consisted of 14,000,733 square feet in 2,213 buildings. Within the Office market there were 128 owner-occupied buildings accounting for 8,170,370 square feet of office space.

This trend is compared to U.S. National Office deliveries and construction, which saw 321 buildings totaling 16.1 million square feet complete construction, with an additional 90.1 million square feet of office space still under construction at the end of the first quarter. 50 Northern Ave., a 550,000-square-foot facility delivered in the Boston market, while the 3.04 million-square-foot One World Trade Center in New York City is still underway. Total office inventory in the U.S. market totaled almost 10.4 billion square feet in more than 499,500 buildings at the end of the first quarter 2014, including some 20,000 owner-occupied buildings accounting for 884.5 million square feet of office space.

The information in this news report is based on CoStar’s First Quarter 2014 Market Report, a 40+ page comprehensive research report available to CoStar subscribers. To learn more about quarterly research reports and other benefits available to CoStar subscribers, please call 888-226-7404.

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