Q3 2025 MARKET REPORT
Photo: recently completed Maeve apartmtents Credit: Capital Square
15
DOWNTOWN RALEIGH
SUMMARY AND HIGHLIGHTS: There are 15 developments under construction that will collectively deliver 1,003 residential units, 342 hotel rooms, and 60,560 square feet of storefront space upon completion. Year to date, 1,101 apartment units and 52,267 square feet of storefront space have been delivered. An additional 37 projects are currently in planning or have been proposed. The Holston at The Weld, the first of two apartment towers in phase one, has completed construction adding 283 apartment units to the southwest corner of Downtown Raleigh. Construction began on the Highline Glenwood South, which will become Raleigh’s tallest residential tower at 37 stories and add 306 luxury apartments, including 16 penthouse units. Class A office net absorption in Q3 totaled +43,785 square feet, bringing the year-to-date total to +132,659 square feet. Downtown Raleigh’s direct office vacancy rate remains the lowest among major submarkets in the Raleigh–Durham region at 13.7%. Average asking rent for Class A office space held steady at $39.72 per square foot, unchanged year over year.
DOWNTOWN RALEIGH Q3 2025 MARKET REPORT
PROJECTS UNDER CONSTRUCTION1
Q3 2025
1,101
RESIDENTIAL UNITS DELIVERED1
YEAR-TO-DATE
+132,659 SF CLASS A OFFICE NET ABSORPTION3
YEAR-TO-DATE 1 DRA CoStar 3 JLL *Stabilized occupancy does not include recently completed projects 2
1