The Raleigh/Durham Industrial market ended the first quarter 2014 with a vacancy rate of 9.1%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 959 square feet in the first quarter. That compares to positive 604,660 square feet in the fourth quarter 2013. Vacant sublease space decreased in the quarter, ending the quarter at 752,300 square feet.
Tenants moving into large blocks of space in 2014 include: Implus moving into 100,845 square feet at Sunbeam Building, West Logistics moving into 33,936 square feet at 3500 N. Tri-Center Boulevard, and Transenterix, Inc. moving into 24,000 square feet at 627 Distribution Drive.
Rental rates ended the first quarter at $5.21, a decrease over the previous quarter.
A total of three buildings delivered to the market in the quarter totaling 42,576 square feet, with 234,246 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Office
vacancy rate, which decreased to 11.5% from the previous quarter, with net absorption positive 21.68 million square feet in the first quarter. Average rental rates increased to $22.17, and 321 buildings delivered to the market totaling more than 16.1 million square feet.
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.