CBRE|Raleigh has released its second quarter 2020 Office MarketView report for the Triangle market. Amidst the economic uncertainty created by the COVID-19 pandemic, the Raleigh-Durham office market posted its eleventh consecutive quarter of positive net absorption, ending the quarter with 188,000 square feet of net absorption. Class A average rental rates remained stable, ending the quarter at a full service rate of $29.29 per square foot, comparative to $29.25 at the end of the first quarter.
The market continued to benefit from a significant and growing life sciences presence during the second quarter, as demand from life sciences companies remained strong and several signed major leases. In the RTP/I-40 Corridor submarket, Grail preleased 200,000 square feet to anchor the Park Point redevelopment. Premier Research leased 61,000 square feet at 3800 Paramount, while a confidential tenant leased 102,000 square feet at Innovation I. In Chapel Hill, UNC Health leased 54,000 square feet at the recently renovated Parkline building on Fordham Blvd.
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 2019, the Raleigh office completed $2.7 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.