2014 came to a close with record breaking numbers in the Triangle. Central Business districts in the Triangle set record vacancy rates while building sale numbers also hit high levels.
Raleigh business owners and tenants will find interesting:
Downtown Vacancy levels dropped to a record setting 8.2% by the end of 2014.
2013 to 2014 Market Comparison:
RTP area posted the highest absorption of office space, with 210,662 SF in 4Q14, bringing in a record vacancy rate of 18.7% for RTP.
How does this apply to business owners and tenants?
Raleigh office property prices are going upward. This is true especially of the Class A spaces. The Citrix building in downtown Raleigh sold for $68.5 Million in December, a record $320 per square foot!
If you are looking to invest, now may be the time to buy some property. Although prices are going upward, access to capital is still at all time low prices. The Fed keeps pushing raising interest rates further and further out, so take advantage of borrowing power while you can. Developers are snatching up any parcels and desirable spaces they can for redevelopment, your office building may be the next hot spot!
If you'd like help assessing a possible sale of your property or office building, feel free to contact me, your Capital Compass!