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STWATEGY 5 <br />A- <br />Section 5: Supply Analysis <br />5.1 Introduction <br />The supply analysis was conducted by merging the observations of the site <br />reconnaissance, public input, research into the Research Triangle, and data provided by <br />Orange County and further compiled and organized by the Town of Chapel Hill <br />Economic Development Office. <br />5.2 Existing Supply <br />Key office supply characteristics include the following: <br />There are approximately 2.2 million square feet of office space within the Town <br />limits spread through approximately 100 separate properties. This includes <br />approximately 1.7 million square feet of space in blocks over 10,000 square feet <br />as typically tracked; plus 500,000 square feet of smaller space as identified <br />through County tax records by the Town of Chapel Hill Economic Development <br />Office. The latter smaller category of space therefore equals about 22% - 23% of <br />total office space located within the Town limits. <br />• The individual square footage of office properties included in this estimated total <br />range of office supply in Chapel Hill ranges from about 2,000 square feet to about <br />180,000 square feet. <br />• Most properties range from about 10,000 square feet to about 30,000 square feet. <br />The average office property therefore includes about 20,000 square feet of <br />leasable space. See Table. <br />• Properties are primarily comprised of Class A and Class B space (See definition <br />in Section 3). <br />• Current (spring 2010) vacancy rates are about 14% totaling approximately <br />300,000 square feet of untenanted space, mostly located within three projects <br />including one that has only just opened (i.e. East 54). <br />• Total office space within the Research Triangle is estimated to include <br />approximately 50 million square feet of space hosting varying uses such as <br />technology, professional, etc. This figure includes about 40 million square feet in <br />blocks over 10,000 square feet in size as typically tracked; and, an estimated 10 <br />million square feet of smaller office spaces using a modified percentage <br />extrapolated from the supply mix seen in Chapel Hill (approximately 20% as <br />opposed to 23 %) given the greater prevalence of "big box" office buildings that <br />24 <br />