Raleigh-Durham industrial real estate market reports
Q1 2024
The Raleigh-Durham industrial market showed strong demand in Q1 2024 despite high construction costs and borrowing rates. Vacancy has remained low at 4.3% while rental rates have risen 56.7% in the past twelve months. Class C general warehouse has seen rent growth of nearly 86.1% in the past year, while in the meantime Class A and B distribution space has seen far stronger rent growth than Class C distribution space. Chatham county is experiencing very high development activity of 1.1 msf as VinFast continues to build their new facility.
Decrease in construction starts
Construction starts in Q1 2024 have decreased substantially due to high construction costs and high borrowing costs.
Positive rent growth in class C general warehouse
Demand for lower priced general warehouse space is far higher than demand for higher quality space, while Distribution shows nearly the opposite trend.
Under construction in Chatham county
Chatham county showed the largest amount of space under construction of any submarket as VinFast continues to construct their facility there.
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