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Raleigh-Durham Q1 2025 Industrial Market Report

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MARKET TRENDS

  • Raleigh’s vacancy rate has risen by 220 basis points (bps) year over year to 6.6%, driven by weak net absorption over the past four quarters, totaling just 561,930 square feet (sf). The last quarter to record 1.0 million square feet (msf) of absorption was Q2 2023.
  • Asking rental rates in Raleigh decreased from last quarter, dipping below the Q4 figure of $10.09 per square foot (psf) to $9.43 psf in Q1 2025.
  • Under-construction inventory increased year over year to 3.5 msf, marking a 0.9 msf increase from Q1 2024. Welcome Venture Park Phase I recently delivered, while Phase II is currently underway and will total over 1.0 msf when complete.

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