Raleigh, Durham, and Chapel Hill or also known as “The Triangle” is continuing to attract the attention of new residents due to the record low unemployment rates and the economic growth in the area, causing the retail market to thrive.
The Triangle saw a net absorption of 340,418 sq ft, which is the highest reported for the market since 2014. With a vacancy rate for the area coming in at 6.7%, closing out the Q3 of 2017 with over 200,000 sq ft under construction.
Proving that Raleigh, Durham and Chapel Hill are prime locations for retail properties; CBRE conducted a report which states all the new and significant lease transactions this last year.
Academy Sports + Outdoor Store leased over 65,000 sq ft in North Carolina, securing their first location in the Triangle Market. This is just one of many lease transactions in being conducted in the Triangle area and the numbers don’t lie for what’s ahead in 2018, with almost 300,000 sq ft of retail property under construction, 45% of the property being developed being located in the downtown Raleigh and downtown Durham area.
Let’s break down The Triangle area by its submarkets, downtown Raleigh for example, which within its third quarter had over 500,000 sq ft in rentable area, an overall vacancy of 9.4%, and over 65,000 sq ft under construction and it’s only growing by the minute!
For a more in depth analysis of the Raleigh, NC industrial market, check out CBRE’s review of the market.
If you’re an investor interested in learning more about the Raleigh commercial real estate market, in particular industrial properties, contact myNOI’s selected broker in Raleigh, North Carolina, Peter Kima.
Dalesmy Gonzalez is a graduate of Western Washington University where she studied Business Administration with an emphasis in Marketing.
She specializes in optimizing digital marketing websites for commercial real estate brokers and connecting buyers, sellers, and investors across the US.