The Triangle’s Q2 office market saw strong leasing activity with the addition of 3 new office buildings (Forty540, 2645 Meridian, and 3515 Glenwood) helping to boost inventory and improve the vacancy rate to 13.11%. However, with the sale and leaseback of GlaxoSmithKline’s 20 building campus, the office market saw an unusually high volume of absorption. Should you factor that sale out of the equation, the true absorption would be more in line with the market’s quarterly average.
Similarly, Q2’s industrial market saw the addition of 4 new buildings adding to the total inventory, however total vacancy increased to 12.62%. With several buildings still under Tenant negotiations, the market should see a decrease in vacancy for next quarter.
For more information, download our market summary.