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No slowdown in sight for Raleigh-Durham development

​Raleigh-Durham’s development pipeline is on fire this year, with more than 1.8 million square feet expected to deliver in 2017 alone. Already, 732,253 square feet of new construction has been delivered this year. Once delivered, leases for new construction are quickly signed. Midtown Plaza in North Hills wrapped up construction and is 93.8 percent leased. In RTP / RDU, Forty540 completed construction, and major tenant Align Technology leased an additional 21,516 square feet, bringing their total footprint to 81,516 square feet. Just under one million square feet of new construction is expected to deliver in the third quarter; 58.3 percent is already pre-leased. Not only is construction wrapping up on multiple projects, but new projects are entering the pipeline. In the first quarter, construction began on two 150,000 square foot buildings as part of the Durham Innovation District. In the second quarter, INC Research broke ground on its new 214,450 square foot headquarters. Projects in the proposed pipeline are gaining momentum. MetLife is expanding and will lease a new 219,000 square foot building on its Global Technology Campus.Credit Suisse will add 200,000 square feet to its technology center. Site prep has started on 555 Mangum in Downtown Durham, and F.N.B. Bank will anchor 40,000 square feet, kicking off the 150,000 square foot FNB Tower in Downtown Raleigh. This mix of build-to-suit and speculative development shows the confidence in Raleigh-Durham’s market fundamentals.

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