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Market Trend: Raleigh/Durham's Industrial Deliveries, Construction and Inventory

February 21, 2014
During the fourth quarter 2013, there were no deliveries completed in the Raleigh/Durham market area. This compares to two buildings totaling 29,544 square feet that were completed in the third quarter 2013.

There were 236,527 square feet of Industrial space under construction at the end of the fourth quarter 2013.

Some of the notable 2013 deliveries include: 9527 Industry Drive, a 26,030-square-foot facility that delivered in third quarter 2013 and is now fully occupied, and Compass RDU-IA Data Center, a 21,160-square-foot building that delivered in second quarter 2013 and is now fully occupied.

The largest projects underway at the end of fourth quarter 2013 were 6741 Louis Stephens Drive, a 103,091-square-foot building with 100% of its space pre-leased, and New Hope III, a 100,155-square-foot facility that is 100% pre-leased.

Total Industrial inventory in the Raleigh/Durham market area amounted to 119,233,674 square feet in 3,905 buildings as of the end of the fourth quarter 2013. The Flex sector consisted of 30,143,034 square feet in 1,569 projects. The Warehouse sector consisted of 89,090,640 square feet in 2,336 buildings. Within the Industrial market there were 109 owner-occupied buildings accounting for 10,169,443 square feet of Industrial space.

This trend is compared to U.S. National Industrial deliveries and construction, which saw 150 buildings totaling 18.5 million square feet complete construction, with an additional 98.46 million square feet of industrial space still under construction at the end of the fourth quarter. The 1.62 million-square-foot Home Depot Distribution Center delivered in the Chicago market, while a 2.1 million-square-foot manufacturing building was still underway in the Phoenix market. Total industrial inventory in the U.S. market totaled 20.87 billion square feet in almost 615,000 buildings at the end of the fourth quarter 2013, including almost 68,000 owner-occupied projects.

The information in this news report is based on CoStar’s Fourth Quarter 2013 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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