Intelligence

Regional Summaries

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Raleigh Durham

Apartment
The Raleigh-Durham multifamily market was active throughout 2015 and into 2016. Vacancy fell 60 basis points in the fourth quarter to 6.1%. The rate is also down 60 basis points over the year and fell to 5.9% in January. Asking and effective rents increased by 0.9% in the fourth quarter to $969 and $884 per month, respectively. These rates were both up 4.4% over 12 months and were up 0.2% each in January.
Industrial
Vacancy inched upward in the 30.6-million-square-foot Raleigh-Durham warehouse/distribution market in the fourth quarter of 2015, Reis reports. The 13.9% rate is up 10 basis points from the prior quarter and down 30 from one year earlier. January vacancy is 13.8%. The fourth quarter average asking rent increased 0.6% to $5.07 psf, with the average effective rent up 0.7% to $4.51 psf. These rates are up 1.2% and 1.3%, respectively, over the year. Rents showed no change in January. Raleigh-Durham’s Flex/R&D vacancy rate finished the fourth quarter at 7.5%, up 30 basis points from one quarter earlier and down 120 basis points from 12 months prior. This is quite a fall. The rate was 7.5% in January. During the fourth quarter, the average asking rent and the average effective rent rose 0.6% to $10.23 psf and $9.07 psf, respectively. These rates are up 1.3% and 1.5%, respectively, over the year.
Office
Vacancy in the 39.7-million-square-foot Raleigh-Durham general purpose, multi-tenant office market decreased slightly in the fourth quarter of 2015. The rate fell 30 basis points to 14.8%, which is also down 30 basis points over the year. The rate was 14.7% in January. Reis reports fourth quarter asking and effective rents of $21.24 psf and $16.90 psf, up 2.0% and 2.1% over 12 months, and up 0.2% over the quarter. January data show a 0.1% gain for effective rents.
Retail
The 29.6-million-square-foot Raleigh-Durham community-neighborhood shopping center market saw a slight occupancy improvement in the fourth quarter of 2015, while rent gains were strong. The fourth quarter’s vacancy rate of 8.1% is 10 basis points lower than the third quarter and is down 90 basis points from 12 months earlier. The rate was up 20 basis points in January. The community-neighborhood center average asking rent was up 0.7% over the quarter to $18.71 psf, while the average effective rent, at $15.78 psf, rose 0.8%. These rates are up 2.6% and 2.9% year-over-year.

Source: Data provided by Reis, inc.

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