During the second quarter 2013, 12 buildings totaling 57,335 square feet were completed in the Raleigh/Durham retail market.
Over the past four quarters, a total of 867,661 square feet of retail space
has been built in Raleigh/Durham. In addition to the current quarter, 21 buildings with 545,530 square feet were completed in first quarter 2013, 12 buildings totaling 172,220 square feet completed in fourth quarter 2012, and 92,576 square feet in six buildings completed in third quarter 2012.
There were 288,571 square feet of retail space under construction at the end of the second quarter 2013.
Some of the notable 2013 deliveries include: 120 Grand Hill Pl, a 159,193-square-foot facility that delivered in first quarter 2013 and is now 87% occupied, and Grant Hill Place, a 133,726-square-foot building that delivered in first quarter 2013 and is now 100% occupied.
Total retail inventory in the Raleigh/Durham market area amounted to 91,290,470 square feet in 7,268 buildings and 593 centers as of the end of the second quarter 2013.
This trend is compared to U.S. National Retail
deliveries and construction, which saw 593 buildings totaling 9.58 million square feet complete construction with an additional 35.9 million square feet of retail space still under construction at the end of the second quarter. The 356,184-square-foot Phoenix Premium Outlets in the Phoenix, AZ market delivered. Total retail inventory in the U.S. market area totaled 12.3 billion square feet in approximately 1.04 million buildings at the end of the quarter, including more than 96,000 shopping centers.
The information in this news report is based on CoStar’s Second 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.