Office vacancy rate higher for RTP
Published: Mon, Nov. 12, 2007 12:00AM
Modified Mon, Nov. 12, 2007 05:31AM
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closeDURHAM -- The office market in and around Research Triangle Park softened during the third quarter as demand failed to keep up with new supply.
The RTP submarket's office vacancy rate was 21.2 percent at the end of September, up from 14.3 percent a year earlier, according to Karnes Research of Raleigh.
Average rents rose 4 percent to $18.83 per square foot during the period.
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There were 365,000 square feet of offices added, growing the submarket 4 percent to 9.1 million square feet during the quarter, according to Karnes.
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