The Triangle’s Q3 office market saw a rise in vacancy and an absorption of nearly -287,549 SF, meaning more tenants contracted or vacated space than leased or expanded. The North Raleigh market saw the most negative office absorption, with the relocation of Allscripts from The Forum office park in the Six Forks Road corridor to Midtown Plaza in North Hills. Two office properties are set to deliver in Q4, while ~300,000 SF of lease contracts are set to expire in the fourth quarter.
The industrial market held steady with market absorption in Q3 while vacancy dropped to 10.8%. No new buildings were delivered in the third quarter, however, two warehouse properties are set to deliver in Q4.
For more information, download our market summary.