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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The City of Wilmington has started the process of moving city offices downtown to the former Thermo Fisher building, a 12-story building that’s the tallest in the city’s skyline.
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Fujifilm Corporation has closed on land to expand its footprint in Research Triangle Park and begin work on a new $188 million facility. The company purchased 105 acres in two separate deals totaling $16.72 million.
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Highwoods Properties reports a key measure of profitability in its first quarter. The results exceeded Wall Street expectations.
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Entities connected to Elon Musk and his companies have reportedly been acquiring thousands of acres of land in Texas with the hope of starting a town where his employees could live and work, according to a report from the Wall Street Journal.
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Ted Klinck, Highwoods’ CEO, praises what he called “another productive and active quarter” and touts the Raleigh-based firm’s expansions into Charlotte and Dallas.
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Ryan Combs, the executive director of the Research Triangle Regional Partnership, shares why it’s an exciting time to live and work in the Triangle.
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