Raleigh-Durham industrial real estate market reports
1Q 2022
Inventory
An active pipeline is expected to provide some relief in lack of availability in the long term. There is currently 7.8 msf of industrial space currently under way in Raleigh-Durham, with 31% already spoken for.
Net abosrption
Raleigh-Durham continues to experience robust demand that is currently outpacing new deliveries. In the last twelve months, net absorption reached 3.5 msf and total leasing activity reached 1.0 msf in the first quarter of 2022.
Average asking rent
Asking rents increased by 10.5% year-over-year, bringing the overall average asking rate to a record high of $8.56 psf. Average asking rents in flex product increased by 6.1% year-over-year.
Vacancy
High tenant demand and lack of available existing space brought total vacancy to 2.7% in the first quarter, as occupiers act swiftly to expand their footprint in the market and construction levels remain elevated.
Investment sales
Investors continue capital deployment in industrial assets in Raleigh-Durham, translating to an average valuation of $148 psf in the first quarter, up 10% year-over-year.
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