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Q1 2021 Office Report Raleigh-Durham

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A Return to Normalcy on the Horizon

The Q1 office sector deal volume in the Triangle remained relatively quiet as the US economy continues to recover from the COVID-19 pandemic. However, multiple notable tenants committed to the market during the quarter, bolstering optimism that there is a return to normalcy on the horizon.
  • Rental rates continue to trend upward despite negative absorption.

  • Vacancy rates continue to increase, due to low leasing velocity and deliveries outpacing absorption.

  • Local investors drive investment activity during the first quarter as they prepare for a rebound post-COVID.

  • Unemployment remained at 5.2%, below the national average of 5.9%.

 


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Q1 2021 Office Report Raleigh-Durham

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Eric Forshee

Senior Vice President

Raleigh

Eric Forshee has over 11 years of experience in the commercial real estate industry, with his primary responsibilities including landlord representation of office and life science properties for both institutional and local owners in both the Triangle and Charlotte. In addition, he is involved with tenant representation for both international and local clients. Since 2009, Eric has leased over 3 million square feet totaling over $300 million in value.

Prior to joining Colliers, Eric started his career in Charlotte with The Spectrum Companies and aided in the leasing of their approximately 1.1 million square feet of high-rise office towers in Charlotte’s CBD, and approximately 1.2 million square feet of suburban property consisting of both office and flex product. Relocating to The Triangle in 2014, Eric led the leasing of The Spectrum Companies Triangle portfolio, consisting of over 2.5 million square feet.

A native of Hickory, NC, Eric has lived in Raleigh for six years. He and his wife, Andrea, have a dog (Bearn) and cat (Winnie), and enjoy traveling the world together. Additionally, Eric is a big sports fan, especially the Tar Heels.

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