MARKET TRENDS

• Raleigh’s vacancy rate has risen 230 basis points (bps) year over year to 6.3%, driven by weak year-to-date net absorption of 944,000 square feet (sf); 2024 finished with no quarter reaching the 5-year average.
• Asking rental rates in Raleigh increased again this quarter, reaching the first double digit figure ever of $10.09 per square foot. This is led by new Class A industrial buildings delivering without preleasing.
• Under-construction inventory increased this quarter to 4.4 million square feet (msf). This highlights a 0.3 msf decrease year over year in Under-construction inventory.

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