Raleigh-Durham industrial real estate market reports
Q3 2024
Class A space has seen decreases in availability over the past 3 years, while available class B has increased. The Raleigh-Durham industrial market has experienced a sharp increase in overall vacancy over the past 2 years reaching nearly 5.7%. Direct asking rental rates have seen a slight decline from Q2 2024, but an overall increase since 2023 as tenants favor smaller, more expensive class A space over larger and cheaper, class B space.
44.1%
Decrease in class A availability
Class A availability has decreased substantially since its high at the start of 2023, more class B space is now available on the market than class A in the first time in the past 8 years.
64.2%
Less construction starts in 2024 compared to 2023 so far in the year
The higher interest rate environment and construction costs have caused starts to decline each year since 2021.
3.8%
Increase in direct vacancy since Q4 2022
Changes in occupier demand and delivery of some notable large block spaces have caused vacancy to increase in the past two years.
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