Q3 2023 Raleigh-Durham Industrial MarketView

November 6, 2023 15 Minute Read


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‒ Net absorption of warehouse and flex space combined totaled 493,395 sq. ft. in Q3 2023, 
bringing the year-to-date total to 2.1 million sq. ft.
‒ Another wave of construction deliveries drove vacancy to its highest level since 2015. 
Overall vacancy ended Q3 at 5.3%, up 100 basis points for the quarter and 280 bps yearover-year.
‒ The average warehouse asking rental rate rose 10.5% year-over-year to $8.92 per sq. ft., and 
the average flex asking rate rose 6.6% to $16.69 in the same period.
‒ Industrial deliveries totaled 1.3 million sq. ft. in Q3, bringing year-to-date completions to
4.1 million sq. ft. 
‒ Of the 4.6 million sq. ft. underway in Q3, 28% has been reported as leased