The Research Triangle has long been established as a strong biotech market, referred to as such due to the dense research and technology presence in the triangle created by UNC, Duke and NC State. In terms of existing inventory, Raleigh-Durham ranks 4th, just behind the top 3 clusters and New York with 20.9M square feet of open life science space. Growth over the past 12 months has been quite strong with total square footage currently 12.4% higher than a year ago. This is a faster inventory growth rate than even Boston, which has been the main focal point of the construction surge over the past few years. Even with this level of inventory growth and general market headwinds, occupancy deterioration has been muted in comparison to other geographies and currently stands at 89.4%. Curious about your markets of interest? Subscribe to RevistaLab!
