Rent growth continues to derive from a disconnect between growing supply in the Lifestyle segment and demand for workforce properties.
The metro is an established life science cluster and continues to attract both tech and science tenants. The office inventory encompasses more than 72 million square feet, with a relatively balanced distribution between Class A and Class B space.
Population gains and steady rent growth are luring multifamily investors and developers to the Research Triangle. Demand is outstripping supply, but with more than units scheduled for completion by year-end, that trend is likely to moderate.
The metro’s economy is strong and population is booming, but a heavy new supply of apartments is limiting rent growth.
Robust investor interest and broad employment gains are driving demand across asset classes, with population growth leading to higher multifamily occupancy rates and rents, Yardi Matrix data shows.
A healthy employment climate, an inexpensive cost of living and mild weather are attracting jobs and new residents, creating demand for apartments and bolstering rent growth, according to Yardi Matrix.