The Raleigh/Durham retail market did not experience much change in market conditions in the first quarter 2014.
The vacancy rate remained at 5.8%. Net absorption was positive 260,846 square feet, and vacant sublease space increased by 6,506 square feet.
Tenants moving into large blocks of space in 2014 include: Bass Pro Shops moving into 105,062 square feet at Harrison Square; Carolina Pottery moving into 65,000 square feet at 960 Kildaire Farm Road; and Ace Hardware moving into 10,000 square feet at Redford Place.
Quoted rental rates increased from fourth quarter 2013 levels, ending at $14.87 per square foot per year.
A total of 18 retail buildings with 226,358 square feet of retail space were delivered to the market in the quarter, with 270,817 square feet still under construction at the end of the quarter.
This trend is compared to the U.S. National Retail
vacancy rate, which decreased to 6.5% from the previous quarter, with net absorption positive 24.41 million square feet in the first quarter. Average rental rates increased to $14.63, and 779 buildings delivered to the market totaling more than 12.5 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.