CBRE|Raleigh has released its first quarter 2019 office MarketView report for the Triangle market. The report highlights a strong start to the year marking the sixth consecutive quarter of positive net absorption in the market, with 438,103 square feet of net absorption happening during the first quarter. Overall vacancy decreased year-over-year to 12.7 percent, while average Class A rental rates continued to increase ending the quarter at $28.23 per square foot.
The end of 2018 was marked by deliveries of several major new office projects with the first quarter of 2019 being no different. Over 744,000 square feet of Class A product was added to the market’s inventory. MetLife’s third building delivered on its campus in Cary, while One Glenwood in Downtown Raleigh, Golden Belt Campus in Downtown Durham and Perimeter Park Six in the RTP/I-40 Corridor submarket also delivered. These four projects delivered 82 percent leased. Even with the new deliveries, the pipeline for the market is continuing to expand with 2.04 million square feet of office product still under construction.
The CBRE|Raleigh Office MarketView highlights vacancy rates, lease rates and net absorption for the overall Triangle office market, as well as each submarket throughout the Triangle. The report provides information on net absorption compared to vacancy, average Class A office asking rates, employment statistics, top transactions and more. CBRE|Raleigh releases the Office MarketView at the completion of each quarter throughout the year.
CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. In 2018, the Raleigh office completed $1.9 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.