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Scarcity Shapes Strategy: How Tight Vacancy Is Redefining Retail in Raleigh

John Nelson — Mon, 02 Mar 2026 12:32:00 +0000

If there is one defining characteristic of the Raleigh-Durham retail market today, it is scarcity. Exceptionally low vacancy — especially in high-quality, well-located centers — has become the norm rather than the exception, fundamentally reshaping leasing dynamics, rent growth and development strategy across the region. As of third-quarter 2025, overall retail vacancy in Raleigh-Durham stood at approximately 2.4 percent, marking four consecutive years below the 3 percent threshold. Even more telling, spaces under 10,000 square feet posted vacancy closer to 1.8 percent, underscoring just how competitive conditions have become for local and regional tenants. This imbalance between demand and supply has placed landlords in a position of sustained leverage, particularly in grocery-anchored centers, strong neighborhood and lifestyle shopping centers or mixed-use environments. Low vacancy matters because it drives outcomes. Lease-ups are happening faster, concessions are increasingly rare in top trade areas and rents continue to trend upward. For tenants, especially those seeking smaller footprints, waiting to engage often means missing opportunities altogether. For owners, the market rewards proactive asset management and disciplined tenant selection. A clear example of this dynamic is Olde Raleigh Village, a grocery-anchored community shopping center that is currently 100 percent leased. With no vacancy to contend…

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Kane Realty Breaks Ground on 332-Unit Tributary Apartments in Raleigh’s North Hills District

John Nelson — Wed, 25 Feb 2026 15:19:00 +0000

RALEIGH, N.C. — Kane Realty Corp. has broken on Tributary, a multifamily community located within the North Hills Innovation District (NHID) in Raleigh’s North Hills neighborhood. Set to open in spring 2028, the mid-rise property will include 332 apartments, 6,000 square feet of ground-level retail space, two courtyards, a digital content creation studio, wellness center and new greenway connections. The design-build team includes architect Hickok Cole, general contractor John Moriarty & Associates and civil engineer McAdams. Kane Realty is working with the City of Raleigh for Tributary and future phases of NHID to integrate into the city’s road and greenway infrastructure. Additionally, Kane Realty has acquired 28 acres to expand NHID and recently brought in Los Angeles-based McCourt Partners as a development partner. Future projects within NHID will include a residential high-rise and a mixed-use building next to Tributary, as well as mixed-use development along I-440 and pop-up retail and programming. Hush Salon recently opened below Tower 5 at NHID, and upcoming openings include Benchwarmers Bagels and Standard Beer + Food.

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Walker & Dunlop Provides $50.5M Agency Refinancing for Apartment Community in Metro Raleigh

John Nelson — Tue, 24 Feb 2026 15:48:52 +0000

KNIGHTDALE, N.C. — Walker & Dunlop has provided a $50.5 million Freddie Mac loan for the refinancing of Parkstone at Knightdale, a 350-unit apartment community located at 1001 Park Commons Drive in Knightdale, an eastern suburb of Raleigh. Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Sean Reimer and Jackson Irwin of Walker & Dunlop originated the loan on behalf of the borrower, The Widewaters Group Inc. Apprise, Walker & Dunlop’s independent third-party appraisal platform, appraised the transaction. Parkstone at Knightdale features one-, two- and three-bedroom units, as well as a fitness center, resort-style pool, playground, pet wash station, resident storage units and an outdoor lounge with a grilling station.

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Avison Young Brokers $16M Sale of Midtown North Office Park in Raleigh

John Nelson — Mon, 23 Feb 2026 15:28:29 +0000

RALEIGH, N.C. — Avison Young has brokered the sale of Midtown North, an 81,901-square-foot office park located at 5910-6040 Six Forks Road in Raleigh. Stephens Enterprises LLC purchased the five-building property for $16 million. Bill Aucoin and Gary Lyons of Avison Young represented the seller, Frank Csapo with Commonwealth Partners LLC. In 2015, Aucoin represented Commonwealth Partners in its acquisition of the park, which at the time was known as Twin Forks Office Park. Situated on 8.8 acres, Midtown North was 79 percent leased at the time of sale to a mix of tenants including several healthcare users.

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Has the Raleigh-Durham Office Market Hit Rock Bottom?

John Nelson — Mon, 23 Feb 2026 12:49:00 +0000

The Raleigh/Durham office market is not yet in full recovery mode; however, the latest data suggests something just as important: stabilization. Compared to many U.S. office markets still experiencing significant stress, Raleigh-Durham is holding its ground — and in several respects, outperforming national trends. Currently, the combined Raleigh-Durham office market totals approximately 118.7 million square feet, with Raleigh making up roughly two-thirds of the inventory and Durham the remainder. Together, they form one of the Southeast’s most dynamic and resilient office regions. Vacancy elevated, improving While higher than pre-pandemic norms, vacancy is trending better than many peer markets. Raleigh’s vacancy rate currently sits around 11.1 percent, while Durham’s vacancy rate is approximately 9.8 percent, according to research from CoStar Group. Combined, this market boasts a blended office vacancy rate of roughly 10.7 percent, well below the 14.1 percent national average. Over the past 12 months, Raleigh recorded positive net absorption of approximately 574,000 square feet, while Durham experienced negative absorption of about 480,000 square feet. Combined, the market landed near equilibrium, which sends an encouraging signal that the market is no longer sliding backward, even if growth remains uneven. The area’s post-pandemic growth is shaped by hybrid work models, changing…

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Drawbridge Realty Signs Law Firm to 30,905 SF Office Lease at Imperial Tower in Durham

Abby Cox — Thu, 19 Feb 2026 14:03:53 +0000

DURHAM, N.C. — Drawbridge Realty has signed its third major tenant at Imperial Tower, a 259,000-square-foot office property in Durham. Regional law firm Robinson, Bradshaw & Hinson will consolidate two Raleigh-area locations to the office building and occupy the entire third floor (approximately 30,905 square feet). Greg Sanchez, Ryan Gaylord and Robin Anders of NAI Tri Properties represented Drawbridge in the lease negotiations, while Ben Litke of Cushman & Wakefield represented the tenant. Drawbridge and NAI Tri Properties have signed almost 165,000 square feet in leases at Imperial Tower in the past three months. In December, Aspida Financial Services signed a lease for three floors for its new headquarters, while earlier this month, Victra, the largest authorized Verizon Wireless retailer in the country, signed a lease for one-and-a-half floors. Imperial Tower is also undergoing a $10 million renovation that will include upgrades to the lobby and conference rooms. The renovation also features amenity upgrades, including a café/bakery/coffee shop, golf simulator, fitness center with locker room and shower facilities, tenant lounge and game room, wellness room, waterside patio, athletic fields and a pickleball/sports court.

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Equus Capital Purchases Industrial Complex in Butner, North Carolina for $46.8M

Abby Cox — Mon, 16 Feb 2026 15:55:34 +0000

BUTNER, N.C. — Equus Capital Partners has acquired Falls Lake Commerce Center, a 341,867-square-foot industrial complex in Butner, approximately 20 miles south of Durham, for $46.8 million. The transaction was completed on behalf of Sweet Grass II, a programmatic joint venture between an affiliate of Equus and a U.S.-based public pension plan. Falls Lake Commerce Center comprises three modern, tilt-wall logistics facilities developed between 2009 and 2015. The buildings feature 30-foot clear heights, ESFR sprinkler systems, shared truck courts, 53 dock-high doors and six drive-in doors. The property also includes a 1.2-acre industrial outdoor storage (IOS) lot with 65 trailer stalls. Falls Lake was fully leased at the time of sale to three tenants including UPS, Nugget Comfort LLC and RiceWrap Foods.

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Jamestown Joins Ownership Group at 76-Acre Camp North End Campus in Charlotte

Abby Cox — Mon, 16 Feb 2026 15:49:27 +0000

CHARLOTTE, N.C. — Jamestown has partnered with existing ownership to recapitalize Camp North End, a 76-acre mixed-use redevelopment project located in Charlotte, just north of the city’s Uptown district. The Atlanta-based developer and operator will serve as general partner and lead asset management, leasing, marketing, architecture and development firm for the new joint venture ownership structure. ATCO Properties & Management will remain a partner in the overall development, while Shorenstein Investment Advisors will continue as a partner with Jamestown and ATCO in a portion of the project. Jared Londry of PointBlank Ventures represented ATCO in the joint venture transaction and led the structuring of the partnership. PointBlank Ventures has also been retained by Jamestown to raise joint-venture equity for the next phases of development at Camp North End. Damon Hemmerdinger of ATCO will serve in an advisory role as non-executive chairman of the joint venture, as ATCO continues to own and operate Kinship, the multifamily development completed at Camp North End in 2025. The site was originally constructed in 1924 as a Ford Model T plant and later repurposed as the Charlotte Area Missile Plant. ATCO acquired the property in 2016, and Shorenstein became a capital partner in 2018. To…

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Strong Industrial Fundamentals, Smart Supply Fuel Momentum in the Triangle

John Nelson — Mon, 16 Feb 2026 12:56:00 +0000

The Triangle’s industrial market continues to hold strong fundamentals heading into the new year. A disciplined construction pipeline, low vacancy and high absorption fuel the market’s steady success. Disciplined constructionIndustrial developers have been incredibly disciplined when delivering new product to the Raleigh-Durham market, which has kept vacancy below 7 percent — a significantly stronger rate than peer Sun Belt markets as a result of record levels of development in recent years. With absorption rates in the Triangle averaging nearly 3 million square feet per year in the past five years, this healthy rate of delivery and absorption has propped up the region’s industrial market. That being said, the Raleigh-Durham market infill land supply has its limitations. Industrial-zoned land is difficult to find and acquisition costs are pushing $500,000 per acre in some submarkets, and rezoning is a lengthy 12-month or longer process. For these projects to be financially viable, developers have been increasing rents year-over-year to an average of over $12 per square foot across all submarkets, up from roughly $6 just five years ago. Many institutional occupiers have been willing to pay a premium to be in new, Class A space in these infill areas, but other occupiers are…

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CBRE Arranges $178M Refinancing for 110 East Office Tower in Charlotte’s South End

Abby Cox — Fri, 13 Feb 2026 14:13:02 +0000

CHARLOTTE, N.C. — CBRE has arranged nearly $178 million in refinancing for 110 East, a 23-story office tower located in Charlotte’s South End district. J.P. Cordeiro, Mike Ryan, Richard Henry and Blake Cohen of CBRE arranged the loan through AllianceBernstein on behalf of the ownership group, Shorenstein and Stiles. Delivered in 2024, the 389,954-square-foot office property has direct access to the LYNX Blue Line’s East/West light rail station and features an 11th floor sky lobby, outdoor terrace and a fitness center. 110 East is currently 92.6 percent leased to various tenants such as Coinbase and First Horizon Corp.

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Beacon Partners Buys 119 Acres for Phase I of Durham Gateway Development

John Nelson — Thu, 12 Feb 2026 15:49:48 +0000

DURHAM, N.C. — Beacon Partners has purchased 119 acres of industrial-zoned land at the intersection of U.S. Highway 70 and Leesville Road in south Durham. Situated two miles south of Raleigh-Durham International Airport and near Research Triangle Park, the site will support the development of approximately 1.3 million square feet of Class A distribution, manufacturing and life sciences space. The project represents Phase I of Durham Gateway, a 308-acre master-planned campus that will also include 1,750 residential units, offices, shops and restaurants. The City of Durham granted Beacon entitlements for the full 308 acres in September. Durham Gateway is a joint venture between Beacon, HM Partners and SFRE Holdings. The project team includes Advanced Civil Design (civil engineer) and Merriman Schmitt (architect). Ann-Stewart Patterson, Austin Nagy and John Hogan of CBRE will lead leasing and marketing efforts for the industrial space at Durham Gateway.

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Swinerton Breaks Ground on $5.5M Medical Office Building in Pineville, North Carolina

John Nelson — Wed, 11 Feb 2026 14:11:37 +0000

PINEVILLE, N.C. — Swinerton Builders’ Carolinas division has broken ground on a $5.5 million medical office building located at 10425 Good Sell Court in Pineville, about 14 miles south of Charlotte. Locally based Metrolina Dermatology will occupy the 8,000-square-foot property upon completion, which is expected in early spring. Situated on 1.2 acres, the medical office building will feature 11 exam rooms, two aesthetic rooms, four Mohs exam rooms, one Mohs lab, a sterilization room, four offices and up to five medical assistant/nursing stations, as well as a welcoming lobby/waiting area and an employee breakroom. (Mohs is a specialized technique used to remove skin cancers.) Outside, the property will feature an asphalt parking lot for 40 to 50 cars. The design-build team includes Nelson Worldwide Architects, Cornerstone Architecture, LJB Engineering and Kimley-Horn.

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Cousins Acquires 300 South Tryon Office Building in Uptown Charlotte for $317.5M

John Nelson — Tue, 10 Feb 2026 15:15:44 +0000

CHARLOTTE, N.C. — Cousins Properties has purchased 300 South Tryon, a 638,000-square-foot office building in Uptown Charlotte, for $317.5 million. Barings, a global asset management firm and subsidiary of MassMutual, sold the 25-story tower to the Atlanta-based REIT. The Spectrum Cos. developed the office building in 2017 as the global headquarters for Barings. Cousins is funding the acquisition with proceeds from non-core asset sales, debt financing and the settlement of common shares. 300 South Tryon was fully leased at the time of sale with a weighted average lease term (WALT) of six years.

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Northmarq Negotiates $41M Sale of Build-to-Rent Community in Monroe, North Carolina

Abby Cox — Mon, 09 Feb 2026 15:00:45 +0000

MONROE, N.C. — Northmarq has negotiated the sale of Yardly Monroe, a 151-unit build-to-rent (BTR) community located in Monroe, roughly 30 miles outside Charlotte. Trevor Koskovich, John Currin, Jesse Hudson and Austin Jackson of Northmarq represented the seller, a joint venture between developer Taylor Morrison and equity partner Värde Partners. Faron Thompson and Grant Harris, also with Northmarq, originated $24.8 million in Freddie Mac acquisition financing on behalf of the buyer, FCP. The five-year, interest-only loan features a 35-year amortization schedule. Yardly Monroe, which has been rebranded as the Cottages of Monroe, is situated on nearly 25 acres and features one- and two-bedroom homes ranging in size from 717 to 1,030 square feet, according to Apartments.com. Each home features a private backyard with a pet door, full-sized washer/dryer, stainless steel appliances, high-speed internet, smart thermostat, doorbell camera, 10-foot ceilings, pantry, walk-in closet, vinyl plank flooring and a kitchen island. Community amenities include a swimming pool, dog park and a fitness center.

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Crescent Communities, AEW Capital Sell 247,000 SF Industrial Building in Metro Charlotte

Abby Cox — Mon, 09 Feb 2026 14:58:18 +0000

CONCORD, N.C. — Crescent Communities and AEW Capital Management have sold one of three rear-load industrial buildings within AXIAL Bonds Farm, a newly constructed, 810,000-square-foot industrial campus located in Concord, a northeast suburb of Charlotte. Brian Crutcher and Anne Johnson of CBRE represented the sellers in the transaction. Thomas Hipp of Whiteside Properties represented the buyer, National Kitchen & Bath Cabinetry Inc., which will fully occupy the building. The sales price was not disclosed. The project team for AXIAL Bonds Farm included Merriman Schmitt Architects (architect), Oak Engineering (civil engineer), Landmark Builders (general contractor), AEW Capital Management (equity), Canadian Imperial Bank of Commerce (lender) and CBRE (leasing). AXIAL Bonds Farm spans 70 acres and contains three buildings that measure 414,000, 247,000 and 148,720 square feet. The campus also includes 36-foot clear heights, rear-load configuration, 1,099 car parking spaces and 199 trailer parking spaces.

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Supply Drought: Why Triangle’s Multifamily Market Is About to Turn the Corner

John Nelson — Mon, 09 Feb 2026 12:23:00 +0000

After nearly three years of wrestling with oversupply, Raleigh-Durham’s multifamily market stands at an inflection point that informed investors have been quietly anticipating. The numbers tell a compelling story: construction starts plummeted from around 15,000 units in 2022 to roughly 2,000 in 2024, a staggering 86 percent decline that’s creating the supply drought the market desperately needed. The timing couldn’t be more critical. With an 18-month construction timeline followed by 12 to 16 months of lease-up process, the wave of deliveries from those record 2022 starts peaked in early-to-mid-2025. What comes next is perhaps the most interesting chapter in the Triangle’s multifamily story since our record rent jumps of 2021. Mathematics of recovery The construction cycle’s predictable timeline creates a unique visibility into market dynamics that astute capital allocators are already pricing in. The minimal 2024 starts are translating directly into minimal deliveries stretching from late 2025 through 2028 and beyond, which is essentially a three-year window of supply constraint that stands in stark contrast to the flood of new inventory and increased concessions that plagued 2023 to 2025. Meanwhile, demand fundamentals remain exceptionally strong. Gross absorption hit approximately 11,000 units in 2024 and is tracking toward another 10,000 (estimated)…

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Cleeman Realty Brokers Sale of Food Lion-Anchored Shopping Center in King, North Carolina

John Nelson — Wed, 04 Feb 2026 14:53:07 +0000

KING, N.C. — Miami-based Cleeman Realty Group has brokered the sale of Mountain View Plaza, a 44,000-square-foot shopping center in King, about 16 miles northwest of Winston-Salem, N.C. Food Lion has anchored the 9.9-acre property since 2005. Other tenants include a Mexican restaurant, hibachi restaurant, barbershop, nail salon and a pet groomer. The seller, an unnamed family ownership group, sold the property to a group of private investors completing a 1031 exchange. Jeremy Scheer and Sara Shulman of Cleeman Realty represented both the buyer and the seller in the transaction. The sales price was not disclosed.

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CBRE Negotiates Sale of 198,424 SF Office Building in Morrisville, North Carolina

John Nelson — Tue, 03 Feb 2026 15:44:26 +0000

MORRISVILLE, N.C. — CBRE has negotiated the sale of Forty540 II, a 198,424-square-foot, five-story office building located at 710 Slater Road in Morrisville, about 14 miles northwest of Raleigh. Patrick Gildea, Matt Smith, Ben Kilgore and Chandler Hawkins of CBRE represented the seller, FCP, in the transaction. The buyer and sales price were not disclosed. Delivered in 2021 near the intersection of I-40 and I-540, Forty540 II was 94.6 percent leased at the time of sale to tenants including Renesas, N-Able and Synopsys. Amenities include a rooftop sky lounge, fitness center, conference and collaboration areas and outdoor patio space. CBRE’s Brad Corsmeier and Ed Pulliam were the property’s previous leasing agents. The duo signed Renesas to a nearly 90,000-square-foot lease at Forty540 II in May 2023.

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Raleigh-Durham’s Multifamily Market Is Normalizing Following Several Quarters of Softness

John Nelson — Mon, 02 Feb 2026 12:18:00 +0000

The Raleigh-Durham region continues to be one of the premier pockets of growth in the Southeast, thanks to robust employment opportunities and a steady pipeline of renters graduating from area schools including Duke University, University of North Carolina-Chapel Hill and North Carolina State University. Multifamily developers have been more than eager to help satiate the demand for housing in the area in recent years. According to Yardi Matrix, the Raleigh-Durham region had nearly 14,500 apartments deliver in 2024. The research platform also reported that approximately 8,600 more units came on line in the first three quarters of 2025, which represents a 4.2 percent growth rate compared to the market’s existing inventory. Like many of its peer markets in the Sun Belt, the Raleigh-Durham region is working its way through the excess supply, which is extending the lease-up period for newer properties. “For projects delivered in late 2023 into early 2024, absorption has slowed compared to historical norms,” says Lisa Narducci-Nix, director of business and property development at Drucker + Falk. Southeast Real Estate Business recently caught up with Narducci-Nix to discuss the health of the Raleigh-Durham apartment market, as well as larger operational trends. The following is an edited interview:…

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K&L Gates Relocates Research Triangle Park Office to Horseshoe at Hub RTP

Abby Cox — Fri, 30 Jan 2026 15:42:04 +0000

DURHAM, N.C. — Global law firm K&L Gates LLP has relocated its newest Durham office in Research Triangle Park to Horseshoe at Hub RTP, a 157,500-square-foot mixed-use development located at 3151 Elion Drive. In late 2026, the firm will move into a 20,000-square-foot office on the fourth floor at Horseshoe. Don Shupe of CBRE represented K&L Gates, while Patti Autry and Hillman Duncan of JLL represented the landlord, Charlotte-based White Point Partners, in the lease negotiations. Horseshoe at Hub, which serves at the central gathering point for the 100-acre Hub RTP development, features a five-story office building with two single-story retail/restaurant pavilions, along with 16 acres of greenspace and trails. Horseshoe currently has 78,000 square feet of office space and 10,000 square feet of retail space available for lease.

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