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North Carolina

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Market Overview

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EXPLORE 6 North Carolina MARKETSToggle markets

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

Charlotte

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VACANCY

Apartment

Average Vacancy Rate 6.3%

Drifted upward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 5.8%.

Distribution / Warehousing

Average Vacancy Rate 10.9%

Declined by 70 basis points.
Lowest level since year-end 2018.
Expected to finish 2021 at 10.4%.

Flex / R&D

Average Vacancy Rate 11.1%

Drifted upward by 30 basis points.
Highest level since Q1 2017.
Expected to finish 2021 at 11.1%.

Office

Average Vacancy Rate 15.6%

Drifted downward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 17.7%.

Retail

Average Vacancy Rate 9.7%

Drifted downward by 10 basis points.
Expected to finish 2021 at 11.6%.

RENT

Apartment

Average Asking Rent $1,206

Up 0.3% from year-end 2020.
Expected to finish 2021 at $1,233.

Distribution / Warehousing

Average Asking Rent $5.07

Up 0.8% from year-end 2020.
Fastest rate of increase in four quarters.
Expected to finish 2021 at $5.18.

Flex / R&D

Average Asking Rent $8.55

Up 0.1% from year-end 2020.
Expected to finish 2021 at $8.57.

Office

Average Asking Rent $27.43

Up 0.1% from year-end 2020.
Has risen in every quarter since Q3 2013.
Expected to finish 2021 at $27.10.

Retail

Average Asking Rent $19.83

Up 0.2% from year-end 2020.
Expected to finish 2021 at $19.09.

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

Greensboro/Winston-Salem

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VACANCY

Apartment

Average Vacancy Rate 5.4%

No change since year-end 2020.
Highest level since Q2 2018.
Expected to finish 2021 at 5.1%.

Distribution / Warehousing

Average Vacancy Rate 8.7%

Drifted downward by 30 basis points.
Expected to finish 2021 at 8.9%.

Office

Average Vacancy Rate 20.7%

Increased by 60 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 21.9%.

Retail

Average Vacancy Rate 10.5%

Drifted upward by 40 basis points.
Highest level since Q3 2016.
Expected to finish 2021 at 12.1%.

RENT

Apartment

Average Asking Rent $878

Up 0.1% from year-end 2020.
Expected to finish 2021 at $899.

Distribution / Warehousing

Average Asking Rent $4.95

Up 0.8% from year-end 2020.
Fastest rate of increase since Q2 2017.
Expected to finish 2021 at $5.01.

Office

Average Asking Rent $17.32

Down 0.2% from year-end 2020.
Expected to finish 2021 at $16.79.

Retail

Average Asking Rent $15.50

Up 0.1% from year-end 2020.
Expected to finish 2021 at $15.05.

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

Greenville

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VACANCY

Apartment

Average Vacancy Rate 6.2%

Drifted upward by 10 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 5.6%.

Distribution / Warehousing

Average Vacancy Rate 15.8%

Declined by 90 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 14.8%.

Office

Average Vacancy Rate 20.6%

Drifted upward by 20 basis points.
Highest level since Q3 2011.
Expected to finish 2021 at 22.1%.

Retail

Average Vacancy Rate 12.0%

Declined by 50 basis points.
Expected to finish 2021 at 14.1%.

RENT

Apartment

Average Asking Rent $937

Up 0.1% from year-end 2020.
Expected to finish 2021 at $965.

Distribution / Warehousing

Average Asking Rent $4.12

Down 0.5% from year-end 2020.
Expected to finish 2021 at $4.19.

Office

Average Asking Rent $19.02

Fifth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Memphis.
Fastest rate of increase in ten quarters.
Expected to finish 2021 at $18.42.

Retail

Average Asking Rent $12.50

Up 0.1% from year-end 2020.
Expected to finish 2021 at $12.10.

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

Knoxville

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VACANCY

Apartment

Average Vacancy Rate 3.7%

Lowest in the South Atlantic region, tenth lowest in the nation.
Drifted upward by 20 basis points.
Expected to finish 2021 at 3.8%.

Distribution / Warehousing

Average Vacancy Rate 8.5%

Rose by 250 basis points.
Highest level since Q2 2018.
Expected to finish 2021 at 6.7%.

Office

Average Vacancy Rate 17.6%

Declined by 50 basis points.
Expected to finish 2021 at 19.8%.

Retail

Average Vacancy Rate 12.1%

Rose by 80 basis points.
Highest level since Q3 1999.
Expected to finish 2021 at 13.5%.

RENT

Apartment

Average Asking Rent $857

Up 0.4% from year-end 2020.
Expected to finish 2021 at $881.

Distribution / Warehousing

Average Asking Rent $4.35

Down 0.5% from year-end 2020.
Expected to finish 2021 at $4.42.

Office

Average Asking Rent $17.24

Up 0.8% from year-end 2020.
Fastest rate of increase in six quarters.
Has risen for seven consecutive quarters.

Retail

Average Asking Rent $15.03

Down 0.1% from year-end 2020.
Expected to finish 2021 at $14.46.

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

Norfolk/Hampton Roads

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VACANCY

Apartment

Average Vacancy Rate 3.7%

Drifted upward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 3.7%.

Distribution / Warehousing

Average Vacancy Rate 8.4%

No change since year-end 2020.
Expected to finish 2021 at 8.3%.

Office

Average Vacancy Rate 17.8%

Rose by 50 basis points.
Highest level since year-end 2015.
Expected to finish 2021 at 19.0%.

Retail

Average Vacancy Rate 13.5%

Drifted upward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 15.3%.

RENT

Apartment

Average Asking Rent $1,120

Up 0.3% from year-end 2020.
Has risen in every quarter since year-end 2017.
Expected to finish 2021 at $1,135.

Distribution / Warehousing

Average Asking Rent $6.36

Up 0.8% from year-end 2020.
Fastest rate of increase since Q2 2017.
Expected to finish 2021 at $6.40.

Office

Average Asking Rent $20.32

Up 0.1% from year-end 2020.
Expected to finish 2021 at $19.88.

Retail

Average Asking Rent $16.19

Up 0.3% from year-end 2020.
Expected to finish 2021 at $15.25.

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

Raleigh-Durham

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VACANCY

Apartment

Average Vacancy Rate 7.2%

Drifted downward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 6.6%.

Distribution / Warehousing

Average Vacancy Rate 11.3%

Fell by 80 basis points.
Expected to finish 2021 at 11.7%.

Flex / R&D

Average Vacancy Rate 9.1%

Increased by 60 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 9.0%.

Office

Average Vacancy Rate 14.6%

Lowest in the South Atlantic region, ninth lowest in the nation.
Drifted upward by 40 basis points.
Expected to finish 2021 at 16.2%.

Retail

Average Vacancy Rate 7.6%

Drifted upward by 40 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 9.1%.

RENT

Apartment

Average Asking Rent $1,183

Up 0.2% from year-end 2020.
Expected to finish 2021 at $1,207.

Distribution / Warehousing

Average Asking Rent $5.72

Up 0.2% from year-end 2020.
Expected to finish 2021 at $5.85.

Flex / R&D

Average Asking Rent $11.60

Up 0.3% from year-end 2020.
Expected to finish 2021 at $11.64.

Office

Average Asking Rent $24.75

Up 0.4% from year-end 2020.
Has risen in every quarter since Q3 2013.
Expected to finish 2021 at $24.28.

Retail

Average Asking Rent $19.93

Down 0.6% from year-end 2020.
Expected to finish 2021 at $19.06.

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

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