Read Cresa Raleigh’s 2nd Qtr. 2012 Market Report
Cresa Raleigh’s 2nd Qtr. 2012 Market Report is available here. According to Cresa the overall office vacancy rate in the Triangle dropped by 0.2% to 14.1%. Net absorption year to date increased to 284,354 SF. The Triangle’s jobless rate rose in May 2012, reversing its gradual fall since 2010. The North Carolina Department of Commerce reported an unemployment rate of 7.8% for the local eight-county area, up from 7.5% in April 2012. Despite this rise, the Triangle area has the lowest jobless rate in the state. Interest rates remain at record lows, thus with many office buildings selling at discounted prices, increased numbers of Triangle businesses are buying buildings rather than renewing their leases. In the sublease market, tenants remain active in both the
disposition and acquisition sides. The amount of sublease space continues to remain steady.
