The Raleigh/Durham Industrial market ended the fourth quarter 2013 with a vacancy rate of 9.1%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 550,350 square feet in the fourth quarter. That compares to negative (548,002) square feet in the third quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 871,110 square feet.
Tenants moving into large blocks of space in 2013 include: GlaxoSmithKline moving into 112,357 square feet at New Castle North, Bayer CropScience moving into 81,959 square feet at Tech III, and Recall Total Information Management moving into 77,560 square feet at 900 Aviation Parkway.
Rental rates ended the fourth quarter at $5.38, a decrease over the previous quarter.
There was 236,527 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Industrial
vacancy rate, which decreased to 8.0% from the previous quarter, with net absorption totaling positive 78.93 million square feet in the fourth quarter. Average rental rates increased to $5.36 this quarter, and 150 industrial buildings delivered to the market totaling more than 18.5 million square feet.
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.