In the Triangle of North Carolina,1.9 million square feet of office space is to be completed this year, down from 2.2 million in 2007, but up from an average of 1.2 million in the previous three years.
A 10-story headquarters for Quintiles Transnational Corp., is scheduled to be completed this year in North Carolina’s Research Triangle Park. It will be the latest addition to the biotechs and pharmaceuticals already swarming the market.
Quintiles Transnational Corp, will relocate workers from several nearby locations into the new building in Durham, which is being developed by Tri Properties.
PharmaNet Development Group, a drug-development company, has leased roughly half of a 98,000-square-foot speculative building being developed in Cary by Highwoods Properties Inc.
PRA International, a clinical-drug-development organization, relocated its headquarters to Raleigh from Reston, Va., to be closer to clients and reduce costs.
Home to about 1.5 million people and anchored by a trio of cities that includes the state capital of Raleigh as well as Durham and Chapel Hill, the seven-county area saw annual job growth rise 4.6% in 2007, the 10th fastest of 307 of the nation’s largest metropolitan areas, according to Moody’s Economy.com.
Area office, apartment, retail and warehouse rents have been rising steadily since 2005 or earlier. Average vacancies are off peaks hit after the tech bust, although they remain at or above the average for the nation’s major markets, according to PPR.
The North Carolina Triangle region’s commercial-property-sales market hasn’t been immune to the credit crunch. Total sales of commercial properties valued at $5 million or more in the Raleigh area fell to $750 million so far this year through March 20, down about 25% from the first quarter of 2007. That is still better than the 80% drop seen nationally to $29 billion through March 20 from $145 billion in the first quarter of 2007, according to Real Capital Analytics Inc., a New York-based real-estate research firm.
Among those still buying is MayfieldGentry Realty Advisors Inc., a Detroit-based company that recently acquired five high-end office buildings with plans for four more by May. This month, a joint venture of Steven D. Bell & Co., a real-estate investment company based in Greensboro, and New York-based DRA Advisors, paid about $270 million for nearly 3,700 apartment units in the Raleigh area as part of a larger $1.7 billion portfolio purchase.
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