2019-09-06_DTZ戴德梁行_Industrial_Q2_2018_Raleigh-Durham_4页_421kb

报告摘要

TRIANGLE INDUSTRIAL MARKET SUMMARY Q2 2018

Core Content Overview

The Triangle industrial market, encompassing both warehouse and flex sectors, experienced strong performance in Q2 2018, driven by robust leasing activity, low vacancy rates, and stable rental rates. The region's economic strength, including job growth and corporate expansions, further supported this industrial activity.

Key Market Indicators

Warehouse Market

Vacancy Rate: Declined to a historical low of 9.4% in Q2 2018 from 12.6% in Q2 2017.
Net Absorption (sf): Reached 391,368 sf in Q2 2018, up from 298k sf in Q2 2017.
Under Construction (sf): Slightly decreased to 443k sf from 455k sf in Q2 2017.
Average Asking Rent ($psf/year): Stabilized at $4.97, with no significant change from the previous quarter.

Flex Market

Vacancy Rate: Dropped to 8.4%, nearing historical lows of 7.9% seen in Q1 2000.
Net Absorption (sf): Increased to 156,317 sf in Q2 2018, the highest since Q3 2015.
Average Asking Rent ($psf/year): Rose to $11.65, up from $11.00 in Q2 2017.

Economic Context

Unemployment: Triangle unemployment dropped to 3.8%, while U.S. unemployment was also at 3.8%.
GDP Growth: U.S. GDP grew by 4.1%, the highest since Q3 2014.
Trade War: Tariffs and trade tensions between the U.S. and China continue to impact the economy.
Interest Rates: The Fed raised rates by 25 bps to 1.75% - 2.00%, with expectations of 2-3 more hikes in 2018 and 2019.

Submarket Analysis

Submarket	Total Buildings	Inventory (sf)	Direct Vacant (sf)	Vacancy Rate	Net Absorption (sf)	4-QTR Net Absorption (sf)	Under Construction (sf)	YTD Completions (sf)	Avg Asking Rent ($psf/year)
Eastern Wake County	95	7,277,455	649,514	8.9%	71,584	272,241	120,000	0	$5.34
Southern Wake County	22	1,315,515	81,300	6.2%	8,000	42,000	0	0	$3.83
RTP/I-40 Corridor	86	12,410,837	770,111	6.2%	152,257	583,529	322,800	405,800	$5.63
Falls of the Neuse	19	1,123,916	24,320	2.2%	10,247	5,247	0	0	$4.87
South Durham	14	2,013,693	1,050,454	52.2%	88,560	107,437	0	0	$3.66
US 1/Capital Blvd	65	4,214,824	161,987	3.8%	-9,982	51,120	0	0	$5.18
All Other Submarkets	78	3,778,744	290,774	7.7%	46,289	53,229	0	0	$4.38
WAREHOUSE SUBTOTAL	379	32,134,984	3,028,460	9.4%	366,955	1,114,803	442,800	405,800	$4.97
FLEX SUBTOTAL	497	17,173,347	1,448,062	8.4%	156,317	322,393	139,864	0	$11.65
TRIANGLE INDUSTRIAL TOTALS	876	49,308,331	4,476,522	9.1%	523,272	1,437,196	582,664	405,800	$7.76

Key Lease Transactions Q2 2018

Property	SF	Tenant	Product Type	Submarket
Research Tri-Center South I	170,000	AveXis	Warehouse	RTP/I-40 Corridor
North 70 Distribution Center	88,560	Amazon	Warehouse	South Durham
Venture Center	40,000	Renesas Electronics	Flex	RTP/I-40 Corridor
Keystone Technology Park VIII	22,492	Laird Technologies	Flex	RTP/I-40 Corridor
Venture Center	59,000	KBI Biopharma	Flex	RTP/I-40 Corridor

Key Sales Transactions Q2 2018

Property	SF	Seller/Buyer	Price / $PSF	Submarket
2728 Capital Blvd	520,994	Equus Capital Partners / New Market Strategies	$27,500,000 / $53	US 1 / Capital Blvd
2710 & 290 Weck Drive	276,995	Trinity Capital Advisors & SilverCap Partners / Rialto Capital Management	$14,325,000 / $52	RTP/I-40 Corridor

Outlook

Warehouse Market: Vacancy is expected to continue its downward trend due to strong leasing activity and reduced construction.
Flex Market: With vacancy near historical lows, there may be an increase in construction activity to meet demand.
Economic Trends: The U.S. economy is in a long expansion, with potential for continued growth, but signs of a slowdown may emerge in the second half of 2018.

Conclusion

The Triangle industrial market demonstrated resilience and growth in Q2 2018, with both warehouse and flex sectors showing positive indicators. Strong corporate activity, low vacancy, and competitive rental rates support the continued expansion of the industrial market in the region. Investors and tenants remain optimistic about the long-term prospects of the area.

展开完整摘要