The Triangle’s office market ended 2023 with positive absorption in Q4, but overall absorption for the year was negative. Although vacancy rates increased, leasing activity also picked up, and several new Class A properties entered the region’s office market.
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Here’s a multimedia look at the Triangle through a multimedia post from commercial real estate and services firm CBRE Raleigh.
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While absorption rates for industrial real estate in the Triangle remain steadily positive, vacancy rates in the region rose noticeably during the third quarter of 2023, according to the most recent report by CBRE|Raleigh. Delivery of new properties to the market pushed overall vacancy to 5.3 percent, the region’s highest since 2015. But the worst may be over.
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With the long run of population and business growth in the Triangle over recent decades, there is a scarcity of available land in the region’s urban core, which has pushed residential development, industry and retail activity beyond metro areas. How can developers, public officials and individual land owners best manage future growth?
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Despite recent rounds of tech layoffs and a still-rising interest rate environment, the future looks bright for commercial real estate in the Raleigh-Durham market, according to two of the region’s leading industry experts.
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When it comes to office space in the Triangle, it’s still a tenants’ market, according to the latest analysis by CBRE|Raleigh. But while still high, vacancy drifted lower in the second quarter, and net absorption turned from negative to slightly positive courtesy of still-firm demand for amenity-rich Class A office space.
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While the competitive posture of the Research Triangle’s life sciences industry was prominent before the pandemic, the region’s abundant talent has made it a leading national destination for companies in gene therapeutics, clinical discovery and biomanufacturing in the early 2020s. Private property investors and development firms are also taking note.
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Industrial properties range from cold storage spaces to manufacturing facilities. The segment also includes flex space, the low-rise buildings that can house assembly, warehouse and office operations, as well as customer showrooms. And demand remains high in the Triangle, a new report shows.
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Judging by the whir of construction cranes above Raleigh’s skyline, it’s hard to believe the region’s commercial real estate market is anything other than robust. But lingering beneath the surface are numbers that suggest a weakening – in the short-term, at least – is looming in one key property segment.
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