Raleigh-Durham industrial real estate market reports

3Q 2021

Industrial demand in Raleigh-Durham’s industrial market showed no signs of slowing in the third quarter of 2021, as leasing activity and absorption grows closer to exceeding the levels seen during 2020. This growth is driving elevated levels of construction and should continue into 2022 as the demand for industrial space has driven the overall vacancy rate to 2.2%, a record low for the Triangle market. 

4.0%

Economic conditions

Unemployment rate in the combined Raleigh-Durham MSA, down 800 bps from the height of the pandemic. 

2.7 msf

Industrial demand

YTD leasing activity in Raleigh-Durham. Demand is expected to remain solid throughout 2021 and into 2022.  

4.3 msf

Industrial supply

Amount of industrial space under construction at the end of the third quarter of 2021. Logistics and e-commerce businesses continue to expand as developers strive to meet demand.

12%

Pricing trends

Asking rents have increased by 12% since the start of the pandemic and have continued a steady upward trajectory since 2015.

$561M

Capital markets

Total industrial investment volume in Raleigh-Durham YTD 2021. Investor demand has outpaced available investment opportunities, creating a surge industrial asset pricing. 

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