Insights
North Carolina
BACK TO INSIGHTSMarket Overview
BACK TO INSIGHTSEXPLORE 6 North Carolina MARKETSToggle markets
VACANCY
Apartment
The average Vacancy Rate was 8.0% in the Charlotte metro
- Vacancy in the Charlotte metro drifted upward by 20 basis points.
- The Charlotte metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 7.6% in the Charlotte metro.
Distribution / Warehousing
The average Vacancy Rate was 9.4% in the Charlotte metro
- No vacancy change since Q3 2024 in the Charlotte metro.
- The Charlotte metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 9.0% in the Charlotte metro.
Flex / R&D
The average Vacancy Rate was 11.4% in the Charlotte metro
- Vacancy in the Charlotte metro drifted downward by 30 basis points.
- The Charlotte metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 9.9% in the Charlotte metro.
Office
The average Vacancy Rate was 22.8% in the Charlotte metro
- Vacancy in the Charlotte metro increased by 110 basis points.
- The Charlotte metro had the highest vacancy level since year-end 1993.
- Vacancy is expected to finish 2025 at 22.3% in the Charlotte metro.
Retail
The average Vacancy Rate was 9.1% in the Charlotte metro
- No vacancy change since Q3 2024 in the Charlotte metro.
- The Charlotte metro had the lowest vacancy level since Q1 2018.
- Vacancy is expected to finish 2025 at 10.2% in the Charlotte metro.
RENT
Apartment
The average Asking Rent was $1,511 in the Charlotte metro
- Rent in the Charlotte metro was down 0.2% from Q3 2024.
- Rent is expected to finish 2025 at $1,539 in the Charlotte metro.
Distribution / Warehousing
The average Asking Rent was $6.43 in the Charlotte metro
- Rent in the Charlotte metro was up 0.3% from Q3 2024.
- Rent has risen in every quarter since Q2 2020 in the Charlotte metro.
- Rent is expected to finish 2025 at $6.61 in the Charlotte metro.
Flex / R&D
The average Asking Rent was $10.19 in the Charlotte metro
- Rent in the Charlotte metro was up 0.9% from Q3 2024.
- Charlotte metro had its fastest rent rate of increase in four quarters.
- Rent has risen in every quarter since Q3 2020 in the Charlotte metro.
Office
The average Asking Rent was $30.57 in the Charlotte metro
- Rent in the Charlotte metro was up 0.5% from Q3 2024.
- Rent has risen in every quarter since Q3 2013 in the Charlotte metro.
- Rent is expected to finish 2025 at $30.97 in the Charlotte metro.
Retail
The average Asking Rent was $20.42 in the Charlotte metro
- Rent in the Charlotte metro was up 0.4% from Q3 2024.
- Rent Has risen for seven consecutive quarters in the Charlotte metro.
- Rent is expected to finish 2025 at $20.66 in the Charlotte metro.
VACANCY
Apartment
The average Vacancy Rate was 6.3% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro drifted upward by 10 basis points.
- The Greensboro/Winston-Salem metro had the highest vacancy level since Q1 2016.
- Vacancy is expected to finish 2025 at 5.9% in the Greensboro/Winston-Salem metro.
Distribution / Warehousing
The average Vacancy Rate was 7.6% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro has risen for eight consecutive quarters.
- The Greensboro/Winston-Salem metro had the highest vacancy level since Q3 2021.
- Vacancy is expected to finish 2025 at 7.4% in the Greensboro/Winston-Salem metro.
Office
The average Vacancy Rate was 23.6% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro increased by 90 basis points.
- The Greensboro/Winston-Salem metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 22.5% in the Greensboro/Winston-Salem metro.
Retail
The average Vacancy Rate was 10.3% in the Greensboro/Winston-Salem metro
- No vacancy change since Q3 2024 in the Greensboro/Winston-Salem metro.
- Vacancy is expected to finish 2025 at 10.2% in the Greensboro/Winston-Salem metro.
RENT
Apartment
The average Asking Rent was $1,234 in the Greensboro/Winston-Salem metro
- The Greensboro/Winston-Salem metro had the third fastest rent growth in the nation, and the second in the South Atlantic region, behind only Miami.
- Greensboro/Winston-Salem metro had its fastest rent rate of increase in five quarters.
- Rent is expected to finish 2025 at $1,272 in the Greensboro/Winston-Salem metro.
Distribution / Warehousing
The average Asking Rent was $6.24 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 0.5% from Q3 2024.
- Rent has risen in every quarter since Q3 2020 in the Greensboro/Winston-Salem metro.
- Rent is expected to finish 2025 at $6.47 in the Greensboro/Winston-Salem metro.
Office
The average Asking Rent was $17.98 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 0.4% from Q3 2024.
- Rent is expected to finish 2025 at $18.25 in the Greensboro/Winston-Salem metro.
Retail
The average Asking Rent was $16.06 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 0.2% from Q3 2024.
- Rent is expected to finish 2025 at $16.36 in the Greensboro/Winston-Salem metro.
VACANCY
Apartment
The average Vacancy Rate was 8.3% in the Greenville metro
- Vacancy in the Greenville metro drifted downward by 10 basis points.
- The Greenville metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 7.7% in the Greenville metro.
Distribution / Warehousing
The average Vacancy Rate was 6.6% in the Greenville metro
- Vacancy in the Greenville metro fell by 50 basis points.
- Vacancy is expected to finish 2025 at 6.8% in the Greenville metro.
Office
The average Vacancy Rate was 22.5% in the Greenville metro
- Vacancy in the Greenville metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2025 at 22.3% in the Greenville metro.
Retail
The average Vacancy Rate was 10.2% in the Greenville metro
- Vacancy in the Greenville metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2025 at 11.4% in the Greenville metro.
RENT
Apartment
The average Asking Rent was $1,223 in the Greenville metro
- Rent in the Greenville metro was down 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $1,254 in the Greenville metro.
Distribution / Warehousing
The average Asking Rent was $5.31 in the Greenville metro
- Rent in the Greenville metro was up 0.4% from Q3 2024.
- Rent is expected to finish 2025 at $5.49 in the Greenville metro.
Office
The average Asking Rent was $20.34 in the Greenville metro
- The Greenville metro remained flat rent since Q3 2024.
- Rent is expected to finish 2025 at $20.64 in the Greenville metro.
Retail
The average Asking Rent was $12.82 in the Greenville metro
- Rent in the Greenville metro was up 0.4% from Q3 2024.
- Rent is expected to finish 2025 at $12.93 in the Greenville metro.
VACANCY
Apartment
The average Vacancy Rate was 4.1% in the Knoxville metro
- Vacancy in the Knoxville metro drifted upward by 20 basis points.
- The Knoxville metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 4.0% in the Knoxville metro.
Distribution / Warehousing
The average Vacancy Rate was 1.9% in the Knoxville metro
- The Knoxville metro had the fourth lowest vacancy in the nation, and the second in the South Atlantic region, behind only Lexington.
- No vacancy change since Q3 2024 in the Knoxville metro.
- The Knoxville metro had the lowest vacancy level since Q1 2017.
Office
The average Vacancy Rate was 13.0% in the Knoxville metro
- The Knoxville metro had the second lowest vacancy in the nation, behind only Palm Beach.
- Vacancy in the Knoxville metro drifted downward by 40 basis points.
- Vacancy is expected to finish 2025 at 15.0% in the Knoxville metro.
Retail
The average Vacancy Rate was 13.5% in the Knoxville metro
- No vacancy change since Q3 2024 in the Knoxville metro.
- The Knoxville metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 12.5% in the Knoxville metro.
RENT
Apartment
The average Asking Rent was $1,147 in the Knoxville metro
- Rent in the Knoxville metro was down 0.9% from Q3 2024.
- Rent is expected to finish 2025 at $1,184 in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $5.10 in the Knoxville metro
- Rent in the Knoxville metro was up 0.8% from Q3 2024.
- Rent is expected to finish 2025 at $5.18 in the Knoxville metro.
Office
The average Asking Rent was $19.56 in the Knoxville metro
- Rent in the Knoxville metro was down 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $20.17 in the Knoxville metro.
Retail
The average Asking Rent was $15.61 in the Knoxville metro
- The Knoxville metro had the fifth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Fort Lauderdale.
- Knoxville metro had its fastest rent rate of increase in four quarters.
- Rent is expected to finish 2025 at $15.73 in the Knoxville metro.
VACANCY
Apartment
The average Vacancy Rate was 3.6% in the Norfolk/Hampton Roads metro
- The Norfolk/Hampton Roads metro had the lowest vacancy in the South Atlantic region, tenth lowest in the nation.
- No vacancy change since Q3 2024 in the Norfolk/Hampton Roads metro.
- Vacancy is expected to finish 2025 at 3.5% in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Vacancy Rate was 7.8% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 10 basis points.
- The Norfolk/Hampton Roads metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2025 at 7.4% in the Norfolk/Hampton Roads metro.
Office
The average Vacancy Rate was 17.8% in the Norfolk/Hampton Roads metro
- No vacancy change since Q3 2024 in the Norfolk/Hampton Roads metro.
- The Norfolk/Hampton Roads metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2025 at 18.3% in the Norfolk/Hampton Roads metro.
Retail
The average Vacancy Rate was 13.1% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro increased by 50 basis points.
- The Norfolk/Hampton Roads metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 12.7% in the Norfolk/Hampton Roads metro.
RENT
Apartment
The average Asking Rent was $1,403 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was down 0.3% from Q3 2024.
- Rent is expected to finish 2025 at $1,424 in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Asking Rent was $7.74 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.3% from Q3 2024.
- Rent has risen in every quarter since year-end 2020 in the Norfolk/Hampton Roads metro.
- Rent is expected to finish 2025 at $7.99 in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $21.02 in the Norfolk/Hampton Roads metro
- The Norfolk/Hampton Roads metro remained flat rent since Q3 2024.
- Rent is expected to finish 2025 at $21.26 in the Norfolk/Hampton Roads metro.
Retail
The average Asking Rent was $16.64 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.1% from Q3 2024.
- Rent is expected to finish 2025 at $16.88 in the Norfolk/Hampton Roads metro.
VACANCY
Apartment
The average Vacancy Rate was 9.1% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro has risen for nine consecutive quarters.
- The Raleigh-Durham metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 8.7% in the Raleigh-Durham metro.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro drifted downward by 40 basis points.
- Vacancy is expected to finish 2025 at 4.2% in the Raleigh-Durham metro.
Flex / R&D
The average Vacancy Rate was 5.9% in the Raleigh-Durham metro
- No vacancy change since Q3 2024 in the Raleigh-Durham metro.
- Vacancy is expected to finish 2025 at 5.6% in the Raleigh-Durham metro.
Office
The average Vacancy Rate was 23.1% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro drifted upward by 10 basis points.
- The Raleigh-Durham metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2025 at 22.1% in the Raleigh-Durham metro.
Retail
The average Vacancy Rate was 6.8% in the Raleigh-Durham metro
- The Raleigh-Durham metro had the fifth lowest vacancy in the nation, and the second in the South Atlantic region, behind only Suburban Virginia.
- Vacancy in the Raleigh-Durham metro drifted downward by 20 basis points.
- The Raleigh-Durham metro had the lowest vacancy level since Q3 2005.
RENT
Apartment
The average Asking Rent was $1,419 in the Raleigh-Durham metro
- The Raleigh-Durham metro had the second lowest rent growth in the nation, higher than only Jacksonville.
- Rent is expected to finish 2025 at $1,448 in the Raleigh-Durham metro.
Distribution / Warehousing
The average Asking Rent was $8.71 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.8% from Q3 2024.
- Rent has risen in every quarter since Q2 2020 in the Raleigh-Durham metro.
- Rent is expected to finish 2025 at $9.05 in the Raleigh-Durham metro.
Flex / R&D
The average Asking Rent was $15.79 in the Raleigh-Durham metro
- The Raleigh-Durham metro had the fastest rent growth in the South Atlantic region, fourth most rapid in the nation.
- Rent is expected to finish 2025 at $16.42 in the Raleigh-Durham metro.
Office
The average Asking Rent was $26.52 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.1% from Q3 2024.
- Rent has risen in every quarter since Q3 2013 in the Raleigh-Durham metro.
- Rent is expected to finish 2025 at $26.95 in the Raleigh-Durham metro.
Retail
The average Asking Rent was $20.74 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.2% from Q3 2024.
- Rent is expected to finish 2025 at $21.11 in the Raleigh-Durham metro.