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North Carolina
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VACANCY
Apartment
The average Vacancy Rate was 7.1% in the Charlotte metro
- Vacancy in the Charlotte metro drifted upward by 20 basis points.
- The Charlotte metro had the highest vacancy level since Q1 2011.
- Vacancy is expected to finish 2024 at 7.4% in the Charlotte metro.
Distribution / Warehousing
The average Vacancy Rate was 7.1% in the Charlotte metro
- Vacancy in the Charlotte metro drifted upward by 20 basis points.
- The Charlotte metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 7.2% in the Charlotte metro.
Flex / R&D
The average Vacancy Rate was 10.5% in the Charlotte metro
- Vacancy in the Charlotte metro fell by 80 basis points.
- Vacancy is expected to finish 2024 at 9.8% in the Charlotte metro.
Office
The average Vacancy Rate was 21.5% in the Charlotte metro
- Vacancy in the Charlotte metro rose by 70 basis points.
- The Charlotte metro had the highest vacancy level since year-end 1993.
- Vacancy is expected to finish 2024 at 21.5% in the Charlotte metro.
Retail
The average Vacancy Rate was 9.3% in the Charlotte metro
- Vacancy in the Charlotte metro drifted downward by 20 basis points.
- The Charlotte metro had the lowest vacancy level since Q1 2018.
- Vacancy is expected to finish 2024 at 9.9% in the Charlotte metro.
RENT
Apartment
The average Asking Rent was $1,507 in the Charlotte metro
- Rent in the Charlotte metro was down 0.7% from year-end 2023.
- Rent is expected to finish 2024 at $1,538 in the Charlotte metro.
Distribution / Warehousing
The average Asking Rent was $6.27 in the Charlotte metro
- Rent in the Charlotte metro was up 0.3% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Charlotte metro.
- Rent is expected to finish 2024 at $6.52 in the Charlotte metro.
Flex / R&D
The average Asking Rent was $9.97 in the Charlotte metro
- Rent in the Charlotte metro was up 0.4% from year-end 2023.
- Rent has risen in every quarter since Q3 2020 in the Charlotte metro.
- Rent is expected to finish 2024 at $10.32 in the Charlotte metro.
Office
The average Asking Rent was $30.21 in the Charlotte metro
- Rent in the Charlotte metro was up 0.6% from year-end 2023.
- Charlotte metro had its fastest rent rate of increase in six quarters.
- Rent has risen in every quarter since Q3 2013 in the Charlotte metro.
Retail
The average Asking Rent was $20.20 in the Charlotte metro
- Rent in the Charlotte metro was up 0.3% from year-end 2023.
- Rent is expected to finish 2024 at $20.36 in the Charlotte metro.
VACANCY
Apartment
The average Vacancy Rate was 6.2% in the Greensboro/Winston-Salem metro
- No vacancy change since year-end 2023 in the Greensboro/Winston-Salem metro.
- The Greensboro/Winston-Salem metro had the highest vacancy level since Q2 2016.
- Vacancy is expected to finish 2024 at 6.0% in the Greensboro/Winston-Salem metro.
Distribution / Warehousing
The average Vacancy Rate was 6.9% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro drifted upward by 40 basis points.
- Vacancy is expected to finish 2024 at 6.6% in the Greensboro/Winston-Salem metro.
Office
The average Vacancy Rate was 20.2% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro fell by 150 basis points.
- The Greensboro/Winston-Salem metro had the lowest vacancy level since year-end 2020.
- Vacancy is expected to finish 2024 at 20.8% in the Greensboro/Winston-Salem metro.
Retail
The average Vacancy Rate was 10.0% in the Greensboro/Winston-Salem metro
- Vacancy in the Greensboro/Winston-Salem metro drifted downward by 20 basis points.
- The Greensboro/Winston-Salem metro had the lowest vacancy level since Q3 2019.
- Vacancy is expected to finish 2024 at 9.8% in the Greensboro/Winston-Salem metro.
RENT
Apartment
The average Asking Rent was $1,164 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was down 1.1% from year-end 2023.
- Rent is expected to finish 2024 at $1,184 in the Greensboro/Winston-Salem metro.
Distribution / Warehousing
The average Asking Rent was $6.12 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 0.3% from year-end 2023.
- Rent has risen in every quarter since Q3 2020 in the Greensboro/Winston-Salem metro.
- Rent is expected to finish 2024 at $6.29 in the Greensboro/Winston-Salem metro.
Office
The average Asking Rent was $17.84 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 1.1% from year-end 2023.
- Greensboro/Winston-Salem metro had its fastest rent rate of increase since year-end 2000.
- Rent is expected to finish 2024 at $17.84 in the Greensboro/Winston-Salem metro.
Retail
The average Asking Rent was $15.86 in the Greensboro/Winston-Salem metro
- Rent in the Greensboro/Winston-Salem metro was up 0.6% from year-end 2023.
- Greensboro/Winston-Salem metro had its fastest rent rate of increase in seven quarters.
- Rent is expected to finish 2024 at $16.03 in the Greensboro/Winston-Salem metro.
VACANCY
Apartment
The average Vacancy Rate was 6.3% in the Greenville metro
- Vacancy in the Greenville metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2024 at 6.5% in the Greenville metro.
Distribution / Warehousing
The average Vacancy Rate was 6.0% in the Greenville metro
- Vacancy in the Greenville metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 6.7% in the Greenville metro.
Office
The average Vacancy Rate was 21.7% in the Greenville metro
- Vacancy in the Greenville metro drifted upward by 20 basis points.
- Vacancy is expected to finish 2024 at 22.2% in the Greenville metro.
Retail
The average Vacancy Rate was 10.6% in the Greenville metro
- No vacancy change since year-end 2023 in the Greenville metro.
- The Greenville metro had the lowest vacancy level since year-end 2008.
- Vacancy is expected to finish 2024 at 11.4% in the Greenville metro.
RENT
Apartment
The average Asking Rent was $1,230 in the Greenville metro
- Rent in the Greenville metro was up 0.8% from year-end 2023.
- Rent is expected to finish 2024 at $1,261 in the Greenville metro.
Distribution / Warehousing
The average Asking Rent was $5.19 in the Greenville metro
- Rent in the Greenville metro was up 0.4% from year-end 2023.
- Rent has risen in every quarter for the past three years in the Greenville metro.
- Rent is expected to finish 2024 at $5.33 in the Greenville metro.
Office
The average Asking Rent was $20.19 in the Greenville metro
- Rent in the Greenville metro was up 0.7% from year-end 2023.
- Greenville metro had its fastest rent rate of increase in four quarters.
- Rent Has risen for seven consecutive quarters in the Greenville metro.
Retail
The average Asking Rent was $12.74 in the Greenville metro
- Rent in the Greenville metro was up 0.3% from year-end 2023.
- Rent is expected to finish 2024 at $12.79 in the Greenville metro.
VACANCY
Apartment
The average Vacancy Rate was 3.4% in the Knoxville metro
- The Knoxville metro had the fifth lowest vacancy in the nation and the sixth lowest in the South Atlantic.
- Vacancy in the Knoxville metro drifted upward by 40 basis points.
- The Knoxville metro had the highest vacancy level since Q2 2021.
Distribution / Warehousing
The average Vacancy Rate was 3.4% in the Knoxville metro
- Vacancy in the Knoxville metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2024 at 3.6% in the Knoxville metro.
Office
The average Vacancy Rate was 12.8% in the Knoxville metro
- The Knoxville metro had the lowest vacancy in the nation.
- Vacancy in the Knoxville metro declined by 220 basis points.
- The Knoxville metro had the lowest vacancy level since Q2 2002.
Retail
The average Vacancy Rate was 13.2% in the Knoxville metro
- No vacancy change since year-end 2023 in the Knoxville metro.
- The Knoxville metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.8% in the Knoxville metro.
RENT
Apartment
The average Asking Rent was $1,090 in the Knoxville metro
- Rent in the Knoxville metro was down 0.4% from year-end 2023.
- Rent is expected to finish 2024 at $1,117 in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $4.95 in the Knoxville metro
- Rent in the Knoxville metro was up 0.6% from year-end 2023.
- Rent has risen in every quarter for the past three years in the Knoxville metro.
- Rent is expected to finish 2024 at $5.00 in the Knoxville metro.
Office
The average Asking Rent was $18.80 in the Knoxville metro
- The Knoxville metro had the fastest rent growth in the South Atlantic region, third most rapid in the nation.
- Knoxville metro had its fastest rent rate of increase since Q3 1999.
- Rent Has risen for six consecutive quarters in the Knoxville metro.
Retail
The average Asking Rent was $15.36 in the Knoxville metro
- Rent in the Knoxville metro was down 0.9% from year-end 2023.
- Rent is expected to finish 2024 at $15.56 in the Knoxville metro.
VACANCY
Apartment
The average Vacancy Rate was 3.4% in the Norfolk/Hampton Roads metro
- The Norfolk/Hampton Roads metro had the lowest vacancy in the nation.
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 20 basis points.
- The Norfolk/Hampton Roads metro had the highest vacancy level since year-end 2021.
Distribution / Warehousing
The average Vacancy Rate was 6.0% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted downward by 30 basis points.
- Vacancy is expected to finish 2024 at 6.5% in the Norfolk/Hampton Roads metro.
Office
The average Vacancy Rate was 18.6% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 40 basis points.
- The Norfolk/Hampton Roads metro had the highest vacancy level since year-end 2015.
- Vacancy is expected to finish 2024 at 18.7% 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 drifted upward by 20 basis points.
- The Norfolk/Hampton Roads metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.6% in the Norfolk/Hampton Roads metro.
RENT
Apartment
The average Asking Rent was $1,388 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was down 0.7% from year-end 2023.
- Rent is expected to finish 2024 at $1,405 in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Asking Rent was $7.66 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.3% from year-end 2023.
- Rent has risen in every quarter since year-end 2020 in the Norfolk/Hampton Roads metro.
- Rent is expected to finish 2024 at $7.82 in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $20.99 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.2% from year-end 2023.
- Rent is expected to finish 2024 at $21.14 in the Norfolk/Hampton Roads metro.
Retail
The average Asking Rent was $16.56 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was down 0.1% from year-end 2023.
- Rent is expected to finish 2024 at $16.79 in the Norfolk/Hampton Roads metro.
VACANCY
Apartment
The average Vacancy Rate was 8.1% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro has risen for six consecutive quarters.
- The Raleigh-Durham metro had the highest vacancy level since Q1 2010.
- Vacancy is expected to finish 2024 at 8.0% in the Raleigh-Durham metro.
Distribution / Warehousing
The average Vacancy Rate was 5.0% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro drifted downward by 40 basis points.
- Vacancy is expected to finish 2024 at 4.8% in the Raleigh-Durham metro.
Flex / R&D
The average Vacancy Rate was 6.6% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 6.4% in the Raleigh-Durham metro.
Office
The average Vacancy Rate was 21.9% in the Raleigh-Durham metro
- Vacancy in the Raleigh-Durham metro rose by 170 basis points.
- The Raleigh-Durham metro had the highest vacancy level since Q1 1996.
- Vacancy is expected to finish 2024 at 20.5% in the Raleigh-Durham metro.
Retail
The average Vacancy Rate was 7.4% in the Raleigh-Durham metro
- The Raleigh-Durham metro had the eighth lowest vacancy in the nation and the seventh lowest in the South Atlantic.
- No vacancy change since year-end 2023 in the Raleigh-Durham metro.
- The Raleigh-Durham metro had the lowest vacancy level since year-end 2020.
RENT
Apartment
The average Asking Rent was $1,449 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.1% from year-end 2023.
- Rent is expected to finish 2024 at $1,481 in the Raleigh-Durham metro.
Distribution / Warehousing
The average Asking Rent was $8.48 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.1% from year-end 2023.
- Rent has risen in every quarter since Q2 2020 in the Raleigh-Durham metro.
- Rent is expected to finish 2024 at $8.73 in the Raleigh-Durham metro.
Flex / R&D
The average Asking Rent was $15.17 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was down 0.1% from year-end 2023.
- Rent is expected to finish 2024 at $15.73 in the Raleigh-Durham metro.
Office
The average Asking Rent was $26.17 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.3% from year-end 2023.
- Rent has risen in every quarter since Q3 2013 in the Raleigh-Durham metro.
- Rent is expected to finish 2024 at $26.42 in the Raleigh-Durham metro.
Retail
The average Asking Rent was $20.60 in the Raleigh-Durham metro
- Rent in the Raleigh-Durham metro was up 0.4% from year-end 2023.
- Rent is expected to finish 2024 at $20.84 in the Raleigh-Durham metro.