2Q20 Office Report Shows Activity Pause, COVID Delays
2Q20 felt the full force of the COVID crisis from government lock downs to large drops in the stock market. With all the uncertainty nationwide, white collar offices moved to remote work, buildings began major cleaning overhauls and life outside went on pause. As dire as the market was, the report numbers below show that Raleigh and the Triangle were better positioned construction wise and development planning than most cities to handle the crisis. Time will tell if an upswing post crisis becomes the Triangle's long term benefit.
Here’s your Capital Compass perspective:
In the office market rates started higher than 1Q2020 with average asking rates at $27.70 per SF, and Class A at $30.77 per SF!
Raleigh business owners and tenants will find interesting:
3.6 Million square feet of office under construction represents only 6% of the Triangle market inventory.
Vacant and Available space rates for the quarter ticked up a full point from 1Q2020 to 12.9% market wide, a sign of some companies needing to shed space per COVID.
How does this apply to business owners and tenants?
For office tenants, read more here!
- Capital Compass