Q1 2024
MARKET REPORT
DOWNTOWN RALEIGH
SUMMARY AND HIGHLIGHTS: There are 19 developments under construction which when completed will deliver 2,230 residential units, 410 hotel rooms, and 116,616 square feet of retail space.1 There are 45 additional projects planned or proposed that if completed add 7,781 residential units, 1,840 hotel rooms, and 257,841 square feet of retail. Construction continues on eight apartments and four for-sale residential projects.1 Downtown’s stabilized apartment occupancy rate is 94.1%.2 The average effective rent in Downtown Raleigh is $2.18 per square foot, or $1,808 per unit.2
Photo: Downtown Raleigh skyline facing east Credit: AK Photography
2,230
RESIDENTIAL UNITS UNDER CONSTRUCTION1
Q1 2024
+75,619 SF
CLASS A OFFICE NET ABSORPTION3
Q1 2024
19
NEW STOREFRONT The Class A downtown office market absorbed +75,619 square feet BUSINESS OPENINGS1 of space in Q1.3 Class A rent per square foot is $35.25.4 The Class A office occupancy rate is 86%.3 Also, 19 new businesses opened in Q1 downtown, four relocated or expanded, while five closed, for a net gain of +14 businesses.1 Businesses have begun opening in The Signal at Seaboard Station, including The Yard, Biscuit Belly, and the recently relocated The Eye Institute. The full list of business openings, closings, and those coming soon can be found on page 11 of this report. DOWNTOWN RALEIGH Q1 2024 MARKET REPORT
Q1 2024
1 DRA CoStar 3JLL 4 CBRE *Stabilized occupancy does not include recently completed projects 2
1