Insights
North Carolina
BACK TO INSIGHTSMarket Overview
BACK TO INSIGHTSEXPLORE 6 North Carolina MARKETSToggle markets
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.
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.
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.
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.
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.
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.