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Q3 2021 Downtown Durham Office Report

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Overall, the market remained steady during Q3 2021, with rental rates holding strong. The most notable announcement in the submarket during the third quarter was GlaxoSmithKline announcing their plan to leave their campus in Research Triangle Park for a 60,000 SF footprint in American Tobacco Campus. In the middle of the third quarter, Longfellow announced their plans for Phase 2 of the Class A Durham I.D project, calling for a 196,000, seven story building adjacent to the existing Durham Imperial Building at 215 Morris Street. The project, which will comprise of office and lab space, is currently scheduled to deliver break ground in early 2022 and delivery by the end of the same year. The singular project currently underway, the 203,000 SF The Roxboro at Venable Center, is set to deliver by the end of the year, with no ground breaks scheduled for the remainder of 2021.


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Q3 2021 Downtown Durham Office Report

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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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Ryan Toland

Executive Vice President, Occupier Services

Raleigh

As Executive Vice President, Ryan leads the Occupier Services team for Colliers Raleigh.  Ryan focuses on advising and representing corporations and office space users in their strategic real estate initiatives.  Ryan’s diverse client base spans a variety of industry sectors including: pharmaceutical, life science, software and technology, manufacturing, and professional services. Throughout his career, Ryan has been known for his methodical and analytical approach where he has been involved in hundreds of transactions of varying size and complexity.  In 2020 alone, Ryan negotiated over 400,000 square feet of lease transactions valued at approximately $50 million.

Prior to joining Colliers in 2021, Ryan was a Managing Director for Cushman & Wakefield for 7 years.  Previously, he served as Partner and Executive Director of Corporate Services at Synergy Commercial Advisors prior to their sale to Cassidy Turley. Additionally, Ryan opened and managed the Raleigh-Durham office of UGL Equis where he oversaw an office that ranked third nationally in overall profitability before merging with DTZ.

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