Raleigh retail rents surge despite little change in employment

Graph of Raleigh retail space rental rates and retail employment from 2020 to 2023
  • The total number of retail trade employees in Raleigh has remained significantly lower (just under 15,000) than the peak it reached in Q1 of 2021 at nearly 16,000 employees.  
  • Asking rental rates have climbed substantially during the same period — while they were below $20 sf in Q1 of 2021, they reached $22.43 in Q2 of 2023.  
  • These differences suggest that although retail hiring may be gaining momentum slowly, demand for retail space remains very strong in Raleigh.

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