Raleigh-Durham rent metrics: growth patterns and asking rates

– The I-40/RTP, Southern Wake County West, Falls of Neuse Road, and North Durham submarkets all posted positive rent growth since Q2 2024, with the Falls of Neuse Road submarket showcasing the strongest gain at 2.2%.

– The Six Forks Road submarket posted the steepest rent decline at -17.6%, driven by two timing-based factors. First, the delivery of 4000 Center at North Hills Street in Q2 2024 which entered the market with an average asking rent of $50.77/SF—well above average—and was quickly absorbed. In contrast, over 100,000 SF at 8510 Colonnade Drive hit the market in Q2 2025 at $29.50/SF, pulling the average down. Together, these events distort the data, masking otherwise strong leasing fundamentals.

– Raleigh-Durham’s overall average asking rent currently sits at $29.50 FS. While this reflects a slight dip from Q2 2024, early indicators suggest a rebound is underway as the market trends upward heading into Q3 2025.