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Positive real estate metrics reveal early signs of market resiliency in The Triangle
Although other markets have shown tepid or completely slowed occupier demand, Raleigh and Durham have shown early signs of market resiliency. Although the full impacts of COVID-19 will advance further in the coming quarters, market fundamentals including availability and asking rents have held steady for the time being. Availability remains tight and stable at 13.3%; down 20 basis points (bps) from the previous quarter and down 10 bps year over year. Overall asking rental rates have also remained relatively stable at $28.07 per square foot (psf) – fluctuating only 0.3% from the previous quarter’s rate of $27.98 psf. In addition, large job creation announcements from organizations including Bandwidth and Grail have brought in more than $200 million in investments for the local economy. Bandwidth is set to build a 500,000-squarefoot (sf) HQ campus and Grail announced a 200,000-sf lease this quarter.