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

February 14, 2014
During the fourth quarter 2013, two buildings totaling 6,325 square feet were completed in the Raleigh/Durham retail market.

Over the past four quarters, a total of 801,887 square feet of retail space has been built in Raleigh/Durham. In addition to the current quarter, 15 buildings with 186,367 square feet were completed in third quarter 2013, 14 buildings totaling 68,948 square feet completed in second quarter 2013, and 540,247 square feet in 20 buildings completed in first quarter 2013.

There were 370,836 square feet of retail space under construction at the end of the fourth quarter 2013.

Some of the notable 2013 deliveries include: 120 Grand Hill Place, a 159,193-square-foot facility that delivered in first quarter 2013 and is now 87% occupied, and Grant Hill Place, a 135,300-square-foot building that delivered in first quarter 2013 and is now fully occupied.

Total retail inventory in the Raleigh/Durham market area amounted to 92,034,162 square feet in 7,404 buildings and 599 centers as of the end of the fourth quarter 2013.

This trend is compared to U.S. National Retail deliveries and construction, which saw 563 buildings totaling 10.4 million square feet complete construction, with an additional 46.5 million square feet of retail space still under construction at the end of the fourth quarter. Some of the notable 2013 deliveries include: 75 W Route 59 in the Northern New Jersey market, a 747,500-square-foot facility that delivered in fourth quarter 2013, and 4700 S Power Rd in the Phoenix market, a 628,000-square-foot building that delivered in third quarter 2013. Total retail inventory in the U.S. market totaled 12.4 billion square feet in a little more than 1,000,000 buildings at the end of the fourth quarter 2013.

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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