Read for Colliers 3Q18 Triangle Office Market Report!
Here’s your Capital Compass perspective:
Construction cranes continue to dot the Raleigh and RTP skylines, but office deliveries of 2.46 Million SF are still outstanding.
What this means for immediate leasing concerns? Higher rents across all office product, with particular historic highs in the Class A and new build product.
Raleigh business owners and tenants will find interesting:
How does this apply to business owners and tenants?
For tenants, the market still favors landlords. Concessions are stripping away and very few landlords and projects are willing to come off face rental rates with such increased activity. Look for speed of delivery and flexibility in lease terms as carrots now.
For growth stage and startup companies, WeWorks had a grand opening in Durham. The increase space options for coworking and short term office leases is infiltrating the Triangle like never before. Use a tenant rep to help negotiate between competing communities and you will end up with the best deal for your short term space!
- Capital Compass