Raleigh Retail Market Report
Multi-Tenant Vacancy Thins out to Record Low,
Supporting Nationally-Low Vacancy Overall
New subdivisions draw retailers to multi-tenant centers. Despite the metro registering its fastest annual multi-tenant supply growth since 2016, vacancy within the segment fell 60 basis points over the past year to a multi-decade low of 2.9 percent in March. Demand for shopping center space has been widespread, with four submarkets — Durham County, Johnston County, North Raleigh and Raleigh — noting historically limited availability. Homebuilding has fueled this trend, with project starts over the past year equating to 3.2 percent of existing housing inventory, a share well-above every other major market. This construction has attracted retailers to nearby shopping centers, while also motivating those existing to maintain footprints long-term. East Wake County, for example, hosted 221,000 square feet of multi-tenant renewals between last November and April.