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Raleigh Durham

Apartment
The Raleigh-Durham apartment market had a vacancy rate increase and continued rent growth in the third quarter of 2017. Reis reports third quarter vacancy at 5.1%, up 60 basis points for the quarter and up 70 basis points over 12 months. November data show a 4.7% rate, up 30 basis points year-to-date. Reis reports asking and effective rents increased by 0.8% in the third quarter to $1,051 and $974 per month, respectively. These rates were up 3.2% and 3.3% over 12 months. Both categories posted gains well over 1.0% in the second quarter. November data show a 0.2% gain in asking rents and a 0.1% gain in effective rents.
Industrial
Vacancy was unchanged at 12.1% in the 31.6-million-square-foot Raleigh-Durham warehouse/distribution market in the third quarter of 2017, Reis reports. The rate was down 20 basis points from one year earlier. The rate was 12.0% through October and November. The third quarter average asking rent increased 0.8% to $5.32 psf, with the average effective rent up 0.6% to $4.75 psf. These rates were up 2.9% and 3.3% over the year. Effective rents rose 0.4% in November. Raleigh-Durham’s Flex/R&D vacancy rate finished the third quarter of 2017 at 7.4%, down 30 basis points from one quarter earlier and up 40 basis points from 12 months prior. Reis reports average asking and effective rents of $10.70 psf and $9.52 psf, up 0.7% and 0.6% for the quarter, and up 3.0% and 3.1%, respectively, over 12 months. November data show 0.4% and 0.3% asking and effective gains.
Office
Vacancy rose to 14.9% in the 40.9-million-square-foot Raleigh-Durham general purpose, multi-tenant office market in the third quarter of 2017. The rate was up 40 basis points for the quarter and up 40 over 12 months. The rate was 14.5% in November. Reis reports third quarter asking and effective rents of $22.21 psf and $17.73 psf, up 0.9% over the quarter, and up 3.0% and 3.3% over 12 months. Asking and effective rents rose 0.4% and 0.5%, respectively, in November.
Retail
The 30-million-square-foot Raleigh-Durham community-neighborhood shopping center market saw slightly lower occupancy in the third quarter of 2017 and another round of rent growth. The third quarter’s vacancy rate of 7.9% was up 10 basis points from the prior quarter and up 30 basis points year-over-year. The rate was 7.9% through October and November. The community-neighborhood shopping center average asking rent was up 0.5% over the quarter to $19.32 psf, with the average effective rent also up 0.5% to $16.34 psf. These rates were up 2.2% and 2.3% year-over-year. Asking and effective rents rose modestly but steadily through October and November.

Source: Data provided by Reis, inc.

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