2019-09-06_DTZ戴德梁行_Office_Q2_2019_Raleigh-Durham_4页_225kb
报告摘要
Summary of Triangle Office Market Q2 2019
Core Content
The Triangle office market, encompassing Raleigh and Durham, experienced strong growth in Q2 2019, driven by robust employment trends, low vacancy rates, and increasing demand for office space. The market is characterized by its diverse economy and strong fundamentals, making it an attractive location for both local and out-of-market companies.
Key Economic Indicators
- Triangle Employment: Increased from 951,000 in Q2 18 to 960,000 in Q2 19, showing a positive trend.
- Triangle Unemployment Rate: Declined from 3.5% in Q2 18 to 3.5% in Q2 19, indicating stability.
- U.S. Unemployment Rate: Decreased from 3.9% to 3.6%, reflecting a strong national labor market.
Market Indicators
- Vacancy Rate: Overall vacancy declined to 12.1% in Q2 19, a significant drop from 13.6% in Q2 18. Class A vacancy reached 8.2%, the lowest since Q2 2001.
- Net Absorption: Q2 19 saw 518,203 square feet of net absorption, contributing to a year-to-date total of 1,072,990 square feet.
- Under Construction: Total under construction inventory decreased slightly to 2,352,059 square feet.
- Average Asking Rent: Overall average asking rent rose to $25.78 per square foot, up 4.6% year-over-year. Class A rents increased to $28.16, a 5.0% rise.
Submarket Performance
| Submarket | Inventory (SF) | Direct Vacant (SF) | Vacancy Rate | Net Absorption (SF) | 4-QTR Net Absorption (SF) | Avg Asking Rent (All Classes) | Avg Asking Rent (Class A) |
|---|---|---|---|---|---|---|---|
| Downtown Raleigh | 5,117,528 | 263,975 | 5.2% | 14,573 | 405,903 | $29.72 | $31.15 |
| Downtown Durham | 4,638,515 | 369,776 | 8.0% | 102,954 | 322,450 | $29.15 | $31.01 |
| CBD | 9,756,043 | 633,751 | 6.5% | 117,527 | 728,353 | $29.47 | $31.10 |
| Cary | 7,087,401 | 942,552 | 13.3% | 35,606 | 188,862 | $25.54 | $27.08 |
| Falls of the Neuse | 3,167,519 | 296,762 | 9.4% | 10,189 | -61,043 | $21.79 | $24.40 |
| North Durham | 1,048,489 | 311,757 | 29.7% | 6,118 | 104,694 | $17.59 | n/a |
| Orange County | 1,740,980 | 230,914 | 13.3% | 29,762 | 11,713 | $27.23 | $28.72 |
| RTP/I-40 Corridor | 14,939,522 | 2,978,439 | 19.9% | 189,776 | 970,444 | $23.97 | $26.07 |
| Six Forks | 3,971,165 | 317,075 | 8.0% | 61,031 | 263,769 | $28.49 | $31.91 |
| South Durham | 1,915,111 | 304,462 | 15.9% | -86,649 | 45,203 | $22.66 | $26.40 |
| US 1/Capital Blvd | 2,305,181 | 169,482 | 7.4% | 7,220 | 52,881 | $21.83 | $23.73 |
| US 70/Glenwood Ave | 4,041,026 | 373,309 | 9.2% | 70,490 | -166,676 | $26.07 | $28.15 |
| West Raleigh | 6,159,290 | 352,825 | 5.7% | 75,911 | 63,326 | $27.65 | $28.75 |
| All other submarkets | 1,575,429 | 77,984 | 5.0% | 1,222 | -4,912 | $21.69 | $24.63 |
| Total Triangle | 57,707,156 | 6,989,312 | 12.1% | 518,203 | 2,196,641 | $25.78 | $28.16 |
Key Lease Transactions
- 301 Hillsborough St (125,000 SF): Pendo signed a new lease in Downtown Raleigh.
- Brier Creek Corporate Center III (82,830 SF): AmeriHeath Caritas North Carolina signed a new lease in US 70/Glenwood Ave.
- The Landmark at North Hills (38,550 SF): Prometheus Group Enterprises LLC signed a new lease in Six Forks Rd.
- 614 West Main St (26,500 SF): Nutanix signed a new lease in Downtown Durham.
Key Sales Transactions
- Forty540 (200,000 SF): Sold to Align Technology Inc. for $58,100,000 ($291/psf) in RTP/I-40 Corridor.
- 2610 Wycliff Rd (174,014 SF): Sold to Alvarez & Marsal for $28,500,000 ($164/psf) in West Raleigh.
- CVS Plaza/The Central (118,517 SF): Sold for $23,500,000 ($198/psf) in Orange County.
- Cary Medical Pavilion (71,909 SF): Sold for $8,915,000 ($124/psf) in Cary.
Outlook
- New developments are expected to continue driving absorption gains through 2020.
- Vacancy levels may fluctuate as the market is projected to deliver 1.8 MSF in the next 18 months.
- With the Triangle surpassing the $40 asking rent threshold, similar rates are anticipated for new projects, especially in CBD areas.
Investment Sales
- Total investment sales in Q2 2019 amounted to $198 million, bringing the first half of 2019 total to $385 million.
- Despite recession concerns, investor confidence remains strong due to the Triangle's resilient market fundamentals and diverse economy.
Contact Information
For more information, contact:
Josh Chiles, Research Analyst
Tel: +1 919 621 4581
Email: josh.chiles@cushwake.com
Cushman & Wakefield
3015 Carrington Mill Blvd, Suite 410
Morrisville, NC 27560
About Cushman & Wakefield
Cushman & Wakefield is a global real estate services firm with a presence in 70 countries and 400 offices. It has approximately 51,000 employees and reported $8.2 billion in revenue in 2018. The firm provides a range of services including property management, leasing, capital markets, and valuation.
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