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*** Data source: KARNES RESEARCH COMPANY 2008 Triangle RETAIL Market Information mainly provided by KARNES RESEARCH via their 2008 Retail market report Information mainly provided by KARNES RESEARCH via their 2008 Retail market report Some information found via Space Magazine Some information found via Space Magazine
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*** Data source: KARNES RESEARCH COMPANY Overview “Triangle Retail Market” – Retail over 15,000 s.f. in Wake, Durham & Orange County Total Size (42.5 million square feet) 1.1 million square feet completed in 2008 Highest Vacancy – East Wake (14.4%) and Central Raleigh (14.1%) New Construction – Majority observed in Community Centers and Power Center with Shoppes at Garner (248,119 s.f.) and Midtown Commons in East Wake (225,500) Movement In: Kohl’s, Dicks Sporting Goods, Harris Teeter, Bloom, TJ Maxx Movement Out: Linen’s N Things & Circuit City Conclusion: Continued supply side pressure combined with Tenant closures will inevitably result in increased vacancy and a downward push on rental rates!
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*** Data source: KARNES RESEARCH COMPANY
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2008 Retail by Submarket # of BldgsInventoryCompletionsAbsorptionVacancyRents Under ConstructionProposed Cary648,455,122215,802176,8016.00%$20.37280,2316,119,633 Central Raleigh14953,40941,076-2,12514.10%$29.75081,000 Chapel Hill181,508,5410-15,1186.00%$20.2560,0001,144,500 East Wake182,259,542225,500216,25514.40%$15.570195,780 Hillsborough7602,553002.10%$10.2275,000500,000 North Durham343,908,93325,17076,93410.80%$19.3700 North Wake293,314,075013,2705.80%$21.0320,000572,000 Northeast Wake456,699,066030,6515.50%$21.65484,8501,744,292 Northwest Wake285,020,15399,95455,4824.90%$26.540490,703 South Durham385,286,356172,958108,9304.00%$21.030662,444 South Wake323,678,825248,119239,3786.50%$18.52366,8470 West Wake10841,3360-5,4153.10%$17.67555,0000 33742,527,9111,028,579895,0436.50%$21.181,841,92811,510,352
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*** Data source: KARNES RESEARCH COMPANY
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Under Construction SubmarketCenterSize CaryBethany Village115,000 CaryStonebridge Village50,231 Chapel HillEast 5460,000 Northeast WakeGateway Commons102,000 Northeast WakeWakefield Park Retail Shoppes88,000 South WakeLakestone Village161,847 577,078 Proposed SubmarketCenterSize CaryStonewater Village95,000 CaryTryon Village (Phase II)41,460 East WakeEast Park Commons125,000 East WakeRiverview Commons70,780 North WakeStrickland Colonnade57,000 Northeast WakeForest Village138,000 Northeast WakeHarris Crossing80,000 Northeast WakeQuail Crossing58,403 Northwest WakeStrickland Corners50,203 South DurhamKitt Creek Commons55,000 South DurhamUniversity Marketplace65,000 835,846 Brief Snapshot Lets Get to Work!!!!!
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*** Data source: KARNES RESEARCH COMPANY 2009 Forecast OPTION 1: Credit Markets thaw OPTION 1: Credit Markets thaw –Bernanke indicates recession can end this year via interview on 60 Minutes Option 2: Credit Markets stay weak Option 2: Credit Markets stay weak –Foreclosure inevitable and further downward pressure
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