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Market Report

Raleigh Retail Market Report

2024 Investment Forecast

Transformative Job Growth Prospects Help
Raleigh’s Retail Sector Absorb Supply Wave

Metro retains nationally-low vacancy, despite robust stock expansion. After recording its third straight decrease, Raleigh entered this year with the lowest vacancy among any major market. While the delivery of 1.1 million square feet in 2024 challenges this historic performance, above-average tenant demand will help preserve Raleigh’s status as one of the nation’s tightest retail metros. Much of this supply is headed to areas with standout job growth prospects, positioning these builds to generate strong interest from retailers over the medium-term. Chatham County’s pipeline, for example, swelled to 27 percent of local stock as of January, in advance of Vinfast and Wolfspeed hiring a combined 9,000 personnel here by 2025. The Research Triangle contrasts this trend as local construction is nominal, despite its notable lineup of private sector investments. Apple will start construction on a new corporate campus here in 2026, with plans to employ over 3,000 by 2030. While this expansion will take some time to impact the area’s retail sector, local net absorption already reached a 15-year high in 2023, suggesting that some retailers are looking to get ahead on the Research Triangle’s growth.  
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