Q4 2023 Raleigh-Durham Industrial MarketView

January 24, 2024 15 Minute Read


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‒ Net absorption of warehouse and flex space combined totaled 283,056 sq. ft. in Q4 2023, bringing the annual total to 2.3 million sq. ft.
‒ Overall vacancy rose to 5.7%, up 50 basis points for the quarter and 250 bps year-over-year. Warehouse vacancy rose 10 bps to 4.8%, and flex vacancy rose 230 bps to 9.8%.
‒ The average warehouse asking rental rate rose 9.3% year-over-year to $9.08 per sq. ft., and the average flex asking rate rose 6.1% to $17.01 in the same period.
‒ Industrial deliveries totaled 957,837 sq. ft. in Q4, bringing total 2023 completions to5 million sq. ft.
‒ Of the 3.8 million sq. ft. underway in Q4, 32% has been reported as leased.