The Raleigh/Durham Office market ended the third quarter 2013 with a vacancy rate of 11.1%.
The vacancy rate was down over the previous quarter, with net absorption totaling positive 217,130 square feet in the third quarter. That compares to positive 257,600 square feet in the second quarter 2013. Vacant sublease space increased in the quarter, ending the quarter at 314,991 square feet.
Tenants moving into large blocks of space in 2013 include: Red Hat, Inc moving into 382,442 square feet at Two Progress Plaza; MetLife moving into 116,300 square feet at Danbury Hall; and Durham County Health Department moving into 106,000 square feet at 414 E Main St.
Rental rates ended the third quarter at $18.30, an increase over the previous quarter.
A total of seven buildings delivered to the market in the quarter totaling 84,121 square feet, with 854,365 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 11.6% from the previous quarter, with net absorption positive 23.48 million square feet in the third quarter. Average rental rates increased to $21.75, and 244 buildings delivered to the market totaling more than 12.20 million square feet.
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.