During the third quarter 2013, 4 buildings totaling 85,871 square feet were completed in the Raleigh/Durham retail market.
Over the past four quarters, a total of 577,837 square feet of retail space has been built in Raleigh/Durham. In addition to the current quarter, 1 building with 9,589 square feet was completed in second quarter 2013, and 10 buildings totaling 482,377 square feet completed in first quarter 2013.
There were 255,898 square feet of retail space under construction at the end of the third 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 91,347,268 square feet in 7,291 buildings and 599 centers as of the end of the third quarter 2013.
This trend is compared to U.S. National Retail
deliveries and construction, which saw 660 buildings totaling 13.82 million square feet complete construction, with an additional 42 million square feet of retail space still under construction at the end of the third quarter. American Furniture Warehouse completed a 628,000-square-foot retail center, and The Fashion Outlets of Chicago, a 538,000-square-foot outlet center, delivered in the third quarter. Total retail inventory in the U.S. market totaled 12.37 billion square feet in almost 1.05 million buildings at the end of the third quarter 2013, including almost 97,000 shopping centers
The information in this news report is based on CoStar’s Third 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.