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Regional Summaries

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Raleigh Durham

Apartment
The Raleigh-Durham apartment market saw increased vacancy and continued rent growth in the fourth quarter of 2017. Reis reports fourth quarter vacancy at 4.6%, up 10 basis points for the quarter and down 10 basis points over 12 months. January 2018 data show a 4.8% rate. Reis reports asking and effective rents increased by 0.6% and 1.4% in the fourth quarter of 2017 to $1,057 and $989 per month, respectively. These rates were up 3.2% and 4.3% over 12 months. Both categories posted gains over 1.0% in the third quarter, a good sign. January 2018 data show 0.4% gains in both asking and effective rents.
Industrial
Vacancy increased to 12.4% in the 32.1-million-square-foot Raleigh-Durham warehouse/distribution market in the fourth quarter of 2017, Reis reports. The rate was up 40 basis points over the quarter and up the same amount over 12 months. January 2018 data showed no change. The fourth quarter average asking rent increased 0.7% to $5.41 psf, with the average effective rent up 0.8% to $4.84 psf. These rates were up 3.4% and 3.9% over the year. Reis predicts asking and effective rents to increase by 3.7% and 4.1% in 2018, with somewhat larger gains to follow. Raleigh-DurhamÂ’s Flex/R&D vacancy rate finished the fourth quarter of 2017 at 7.5%, unchanged over quarter and up 80 basis points from 12 months prior. January 2018 data show a rebound of sorts, but the past year was not a good one for demand. Reis reports average asking and effective rents of $10.82 psf and $9.65 psf, up 0.8% and 0.9% for the quarter, and up 3.1% and 3.5%, respectively, over 12 months. January 2018 data show 0.2% and 0.4% asking and effective losses.
Office
Vacancy in the 41.2-million-square-foot Raleigh-Durham general purpose, multi-tenant office market finished the fourth quarter of 2017 at 14.5%. The rate was down 20 basis points in the quarter and up 50 over 12 months. The rate was unchanged in January 2018. Reis reports fourth quarter asking and effective rents of $22.45 psf and $17.93 psf, each up 1.1% over the quarter and up 3.6% and 3.9%, respectively, over 12 months. This was a good year for office rents in Raleigh-Durham. Asking and effective rents were flat in January 2018.
Retail
The 30-million-square-foot Raleigh-Durham community-neighborhood shopping center market saw slightly lower occupancy in the fourth quarter of 2017 and continued rent growth. The fourth quarterÂ’s vacancy rate of 7.7% was down 20 basis points from the prior quarter and down 10 basis points year-over-year. The rate was flat through January 2018. The community-neighborhood shopping center average asking rent was up 0.5% over the quarter to $19.42 psf, with the average effective rent up 0.6% to $16.43 psf. These rates were up 2.6% and 2.8% year-over-year. Asking and effective rents rose slightly through January 2018.

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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