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MARKET TRENDS
- In Raleigh, asking rents increased by 8.3% year over year, reaching $9.62 per square foot (psf). Even with rising vacancy, demand for high-quality space has continued to sustain pricing power.
- Since the start of 2024 3.9 million square feet (msf) of new industrial supply has delivered, 46.0% of which remains available and has helped push vacancy upward over the last six quarters.
- Despite moderating net absorption, totaling a positive 600,000 square feet (sf) through Q2, the construction pipeline has grown to 3.3 msf, up from 2.1 msf in Q2 2024.