Q4 2024 MARKET REPORT
Photo: Raleigh Convention Center and skyline Credit: Raleigh Drone Bros
DOWNTOWN RALEIGH
SUMMARY AND HIGHLIGHTS: There are 14 developments under construction and when completed they will deliver 1,772 residential units, 11,200 square feet of renovated office space, and 56,134 square feet of retail space.1 An additional 41 projects are either working their way through the planning process or have been proposed.1 Six residential developments delivered 710 units in 2024, increasing the total number of residential units downtown to 9,607 units.1 2025 is poised to add even more, with 1,520 units expected to deliver.1 Average asking rent per unit for Q4 2024 is $1,767 and the stabilized apartment occupancy rate* is 88.4%.2 Downtown Raleigh absorbed 477 apartment units through 2024.2 The fourth quarter saw 27 new storefront businesses open and 16 close for a net gain of 11 storefront businesses.1 An additional 22 storefront businesses have announced they will be opening in the near future.1 The fourth quarter also saw five new storefront businesses open along Fayetteville Street.1
DOWNTOWN RALEIGH Q4 2024 MARKET REPORT
14
PROJECTS UNDER CONSTRUCTION1
Q4 2024
1,772
RESIDENTIAL UNITS UNDER CONSTRUCTION1
Q4 2024
27
NEW STOREFRONT BUSINESS OPENINGS1
Q4 2024
1 DRA CoStar *Stabilized occupancy does not include recently completed projects 2
1