Raleigh-Durham industrial real estate market reports

2Q 2021

Overall vacancy in Raleigh-Durham is at a record low, totaling 2.6%, and increased construction activity should continue to push rental rates higher. Raleigh-Durham’s high-growth metrics and solid leasing fundamentals will continue to drive investment interest to the industrial sector.


Economic conditions

Reopening efforts have allowed the combined Raleigh-Durham-Chapel Hill MSA unemployment rate to rebound from a high of 11.2% at the height of the pandemic down to 3.9% as of May 2021. 


Industrial demand

Leasing activity declined in the first half of the year, totaling 1.5 msf, down 58% from this time last year. 


Industrial supply

Logistics and e-commerce businesses continue to expand as developers are working to keep up with demand. Of the 9 buildings delivered year-to-date, 52% are preleased.


Pricing trends

Despite a moderate decrease in the second quarter, asking rents increased by 4.7% since the start of the pandemic.


Capital markets

Raleigh-Durham sales volume rebounded sharply in the first half of the year. Year-to-date sales activity of $319M surpassed 2020 totals by 39%.

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