Insights

North Carolina

BACK TO INSIGHTS

Market Overview

BACK TO INSIGHTS

EXPLORE 6 North Carolina MARKETSToggle markets

Charlotte
Greensboro/Winston-Salem
Greenville
Knoxville
Norfolk/Hampton Roads
Raleigh-Durham

Charlotte

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 6.5%

Drifted upward by 40 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 9.0%.

Distribution / Warehousing

Average Vacancy Rate 11.7%

Declined by 70 basis points.
Expected to finish 2020 at 12.6%.

Flex / R&D

Average Vacancy Rate 7.2%

Eighth lowest in the nation and the third lowest in the South Atlantic.
Fell by 50 basis points.
Lowest level since year-end 2009.

Office

Average Vacancy Rate 15.3%

Drifted upward by 30 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 18.5%.

Retail

Average Vacancy Rate 9.9%

No change since Q1 2020.
Highest level since Q2 2014.
Expected to finish 2020 at 12.2%.

RENT

Apartment

Average Asking Rent $1,202

Flat since Q1 2020.
Expected to finish 2020 at $1,155.

Distribution / Warehousing

Average Asking Rent $4.94

Down 0.2% from Q1 2020.
Expected to finish 2020 at $4.73.

Flex / R&D

Average Asking Rent $8.49

Up 0.2% from Q1 2020.
Expected to finish 2020 at $7.99.

Office

Average Asking Rent $27.01

Up 0.4% from Q1 2020.
Has risen in every quarter since Q3 2013.
Expected to finish 2020 at $26.17.

Retail

Average Asking Rent $19.67

Down 0.6% from Q1 2020.
Expected to finish 2020 at $18.80.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.

Greensboro/Winston-Salem

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 5.0%

Drifted downward by 10 basis points.
Expected to finish 2020 at 6.7%.

Distribution / Warehousing

Average Vacancy Rate 9.1%

Fell by 90 basis points.
Expected to finish 2019 at 8.8%.

Office

Average Vacancy Rate 24.2%

Drifted downward by 30 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 26.1%.

Retail

Average Vacancy Rate 10.0%

Drifted downward by 20 basis points.
Expected to finish 2020 at 11.9%.

RENT

Apartment

Average Asking Rent $875

Up 0.1% from Q1 2020.
Has risen in every quarter since Q1 2012.
Expected to finish 2020 at $851.

Distribution / Warehousing

Average Asking Rent $4.83

Up 0.2% from year-end 2018.
Has risen for six consecutive quarters.
Expected to finish 2019 at $4.95.

Office

Average Asking Rent $17.18

Down 0.5% from Q1 2020.
Expected to finish 2020 at $16.67.

Retail

Average Asking Rent $15.47

Down 0.5% from Q1 2020.
Expected to finish 2020 at $14.78.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.

Greenville

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 6.5%

Drifted downward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2020 at 9.3%.

Distribution / Warehousing

Average Vacancy Rate 12.2%

Rose by 60 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2019 at 12.0%.

Office

Average Vacancy Rate 19.2%

Drifted upward by 20 basis points.
Highest level since Q2 2018.
Expected to finish 2020 at 22.0%.

Retail

Average Vacancy Rate 12.2%

Rose by 60 basis points.
Expected to finish 2020 at 15.0%.

RENT

Apartment

Average Asking Rent $936

Down 1.5% from Q1 2020.
Expected to finish 2020 at $900.

Distribution / Warehousing

Average Asking Rent $4.00

Up 0.3% from year-end 2018.
Has risen for six consecutive quarters.
Expected to finish 2019 at $4.10.

Office

Average Asking Rent $18.59

Down 0.7% from Q1 2020.
Expected to finish 2020 at $18.24.

Retail

Average Asking Rent $12.64

Down 0.5% from Q1 2020.
Expected to finish 2020 at $12.02.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.

Knoxville

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 3.8%

No change since Q1 2020.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 5.9%.

Distribution / Warehousing

Average Vacancy Rate 6.4%

Declined by 70 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2019 at 6.4%.

Office

Average Vacancy Rate 16.8%

Increased by 80 basis points.
Highest level since year-end 2014.
Expected to finish 2020 at 20.0%.

Retail

Average Vacancy Rate 10.3%

Drifted downward by 10 basis points.
Expected to finish 2020 at 12.7%.

RENT

Apartment

Average Asking Rent $840

Down 0.1% from Q1 2020.
Expected to finish 2020 at $820.

Distribution / Warehousing

Average Asking Rent $4.37

Up 0.2% from year-end 2018.
Expected to finish 2019 at $4.49.

Office

Average Asking Rent $16.97

Up 0.2% from Q1 2020.
Expected to finish 2020 at $16.68.

Retail

Average Asking Rent $15.24

Second fastest rent growth in the nation, behind only Omaha.
Expected to finish 2020 at $14.30.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.

Norfolk/Hampton Roads

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 3.9%

Drifted downward by 10 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 4.6%.

Distribution / Warehousing

Average Vacancy Rate 9.1%

Drifted downward by 20 basis points.
Expected to finish 2019 at 8.6%.

Office

Average Vacancy Rate 16.3%

Drifted upward by 10 basis points.
Expected to finish 2020 at 19.1%.

Retail

Average Vacancy Rate 13.1%

Drifted upward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 15.3%.

RENT

Apartment

Average Asking Rent $1,106

Up 0.2% from Q1 2020.
Has risen for ten consecutive quarters.
Expected to finish 2020 at $1,083.

Distribution / Warehousing

Average Asking Rent $6.23

Up 0.5% from year-end 2018.
Expected to finish 2019 at $6.35.

Office

Average Asking Rent $20.28

Down 0.2% from Q1 2020.
Expected to finish 2020 at $19.83.

Retail

Average Asking Rent $16.22

Down 0.4% from Q1 2020.
Expected to finish 2020 at $14.93.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.

Raleigh-Durham

Learn more about the North Carolina markets from one of our professionals

VACANCY

Apartment

Average Vacancy Rate 5.9%

Drifted upward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2020 at 7.5%.

Distribution / Warehousing

Average Vacancy Rate 13.3%

Rose by 220 basis points.
Highest level since Q2 2015.
Expected to finish 2020 at 13.9%.

Flex / R&D

Average Vacancy Rate 8.2%

Rose by 90 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 9.0%.

Office

Average Vacancy Rate 14.6%

No change since Q1 2020.
Among the 20 lowest vacancies nationally.
Expected to finish 2020 at 16.8%.

Retail

Average Vacancy Rate 7.1%

Ninth lowest in the nation and the third lowest in the South Atlantic.
Drifted downward by 10 basis points.
Lowest level since Q1 2006.

RENT

Apartment

Average Asking Rent $1,178

Down 0.4% from Q1 2020.
Expected to finish 2020 at $1,137.

Distribution / Warehousing

Average Asking Rent $5.63

Down 0.4% from Q1 2020.
Expected to finish 2020 at $5.41.

Flex / R&D

Average Asking Rent $11.37

Up 0.1% from Q1 2020.
Expected to finish 2020 at $10.83.

Office

Average Asking Rent $24.36

Up 0.2% from Q1 2020.
Has risen in every quarter since Q3 2013.
Expected to finish 2020 at $24.03.

Retail

Average Asking Rent $20.38

Down 0.4% from Q1 2020.
Expected to finish 2020 at $18.85.

Learn more about the North Carolina markets from one of our professionals

Learn more about the North Carolina markets from one of our professionals.