Raleigh-Durham industrial real estate market reports
Q4 2024
The Raleigh industrial market remains steady, with average asking rents rising despite elevated vacancy. Average asking rents are $13.11 for class A product, up 5% YoY, while under construction inventory is at a 4 year low of 823K square feet. YoY change in total vacancy is 1.4%, as the market continues to absorb the large quantity of supply delivered over the previous 3 years.
$13.11
Average Class A asking rent
Class A asking rents averaged $13.11 in Q4, up 5% YoY as tenant demand remains steady. Softening demand for legacy product has led to increased occupier demand for newer space, leading to average rent increases YoY.
823K
Under construction inventory
Under 1 msf of inventory is under construction. A large amount of deliveries from the previous 3 years has yet to be fully absorbed, resulting in the lowest under construction inventory in 4 years.
1.4%
Total vacancy
Total vacancy increased as the market shifts towards newer product. As a result of new construction delivering vacant, the market has seen an uptick in vacancy to 5.7%, up 1.4% YoY.
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