CBRE|Raleigh has released its fourth quarter 2018 office MarketView report for the Triangle market. The report highlights a robust finish to the year experiencing 2.0 million square feet of annual net absorption, with 995,594 square feet of net absorption happening during the fourth quarter. The market had a decline in overall vacancy finishing at 9.1 percent and an increase in average Class A rental rates to $27.30 per square foot.
The year’s final quarter was marked by major new construction deliveries. Approximately 1,028,697 square feet of new office product was added to the market, the highest of any quarter during the year. Major Class A projects included Regency Woods II in Cary, One City Center and Durham I.D. in Central Durham, and Perimeter Five and 3300 Paramount in the RTP/I-40 Corridor. Even with the new deliveries, the pipeline for the market is continuing to expand with 2.3 million square feet of office product currently 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 2017, the Raleigh office completed $2.2 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.