The Raleigh-Durham office market continued its impressive streak of growth with solid absorption levels, while vacancy declined for the second consecutive quarter. Q2 absorption totaled 518,203 square feet (sf) and brought year-to-date levels to approximately 1.0 msf. Fueled by robust leasing activity, Class A vacancy levels declined to 8.2% and was the lowest level observed since Q2 2001.
New construction activity continued to ramp up in the second quarter with the deliveries of Triangle 54 and HealthPark One totaling 239,456 sf. The Triangle also delivered two notable build-to-suit projects totaling 625,000 sf. Looking ahead, the second half of 2019 is expected to deliver roughly 800,000 sf and another 1.0 msf in 2020.
Below are Five Fast Facts about Raleigh-Durham’s office market.