Raleigh Retail Market Report

Lower international inflows shift Triangle spending. The market’s retail vacancy held flat in 2025, though performance will likely remain split. Single-tenant vacancy rose to 2.5 percent last year, while multi-tenant vacancy posted the third largest drop among major U.S. markets, falling 70 basis points to 3.2 percent. Small-shop demand and flexible terms should keep multi-tenant space backfilling faster than single-tenant boxes that need heavier build-outs. Consumer spending in Raleigh-Cary may also hold up better than in Durham-Chapel Hill amid reduced immigration. About 35 percent of recent migration to the former area was international, about half that of the latter area, and the lowest share in the Sun Belt. This should keep fast-growing suburbs tight, where vacancy fell under 3 percent in Johnston County and East and West Wake counties last year. Big-box nodes like North Hills and Durham County have seen more move-outs, yet late-2025 leasing in North Raleigh from experiential and furniture tenants signals firmer demand aligned with a growing family and young-professional base.