Raleigh-Durham industrial real estate market reports
Q4 2023
The Raleigh-Durham industrial market has seen stability in 2023, supported by ongoing market demand that justified the construction of much-needed new industrial spaces. Despite the delivery of nearly 4 msf of industrial space in 2023, and a large increase in direct vacancy throughout the entire year, Q4 2023 total vacancy was a very low 4.3%. Occupiers seeking large block spaces expressed interest in the market in 2023, and leasing volume has remained steady when compared to 2021 and 2022.
Decline in new construction
The market experienced a decline in new construction projects started in the second half of 2023 compared to the first half. A similar trend occurred in 2022.
Decline in year-over-year leasing volume
There was a decline in year-over-year industrial leasing volume, with Q4 2023 leasing volume down nearly 20% compared to Q4 2022.
Lease transactions exceeding 100,000 square feet
The industrial space newly occupied in 2023 consisted of spaces larger than 100,000 square feet, reflecting the sustained high demand for large block space.
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