Q2 2023 Raleigh-Durham Industrial MarketView

Market Report Highlights

- Net absorption of warehouse and flex space combined totaled 773,382 sq. ft. in Q2 2023, bringing the year-to-date total to 1.6 million sq. ft. 

- Overall vacancy ended Q2 at 4.3% down 20 basis points for the quarter but still up 170 bps year-over-year

- The average warehouse asking rental rate rose 11.9% year-over-year to $8.75 per sq. ft., and the average flex asking rates rose 7.7% to $16.45 in the same period. 

- Projects totaling 679,770 sq. ft. were delivered in Q2, while space under construction rose to 5.7 million sq. ft.