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

February 7, 2014
During the fourth quarter 2013, three buildings totaling 28,410 square feet were completed in the Raleigh/Durham market area. This compares to six buildings totaling 68,846 square feet that were completed in the third quarter 2013.

There were 1,245,844 square feet of office space under construction at the end of the fourth quarter 2013.

Some of the notable 2013 deliveries include: 3001 Edwards Mill Road, a 79,881-square-foot facility that delivered in first quarter 2013 and is now fully occupied, and NC State Bar Building, a 38,122-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 Perimeter Three, a 245,352-square-foot building with 59% of its space pre-leased, and Human Complex Services, a 244,279-square-foot facility that is 100% pre-leased.

Total office inventory in the Raleigh/Durham market area amounted to 90,361,404 square feet in 4,612 buildings as of the end of the fourth quarter 2013. The Class-A office sector consisted of 31,410,917 square feet in 303 projects.

This trend is compared to U.S. National Office deliveries and construction, which saw 177 buildings totaling 11.7 million square feet complete construction, with an additional 86.9 million square feet of office space still under construction at the end of the fourth quarter. 4 World Trade Center, a 2.85 million-square-foot facility delivered, 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 10.37 billion square feet in almost 498,000 buildings at the end of the fourth quarter 2013, including almost 20,000 owner-occupied buildings accounting for 884.5 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.

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