The Raleigh/Durham Office market ended the first quarter 2014 with a vacancy rate of 11.2%.
The vacancy rate was unchanged over the previous quarter, with net absorption totaling positive 361,426 square feet in the first quarter. That compares to positive 148,625 square feet in the fourth quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 359,565 square feet.
Tenants moving into large blocks of space in 2014 include: Xerium Technologies moving into 37,500 square feet at 14101 Capital Boulevard, NC FAST moving into 30,298 square feet at 4301 Research Commons; and World Overcomers Christian Church moving into 17,317 square feet at Presidential Park West 651.
Rental rates ended the first quarter at $19.13, an increase over the previous quarter.
A total of seven buildings delivered to the market in the quarter totaling 449,825 square feet, with 1,522,282 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.