This content first appeared in Economy & Business 2026. Click here to view the full publication.

By Jane Doggett, CCIM, Foundry Commercial

Wake County enters 2026 carrying forward the momentum built while navigating uncertainty.
The region’s distinctive blend of collaboration continues to define its success, fostering innovation and adaptability through shifting economic conditions. That interconnected foundation along with our Sun Belt
location has helped maintain the area as one of the most resilient and desirable markets for growth and
investment.

After years of slowed development and limited investment, commercial real estate is rebounding.
Recent Federal Reserve rate cuts and improved capital conditions are restoring investor confidence and fueling new development cycles. Multifamily demand remains strong, with absorption well above historical averages and supply still tight—creating opportunities for new projects. Industrial real estate continues to attract significant institutional capital, supported by healthy fundamentals, population growth, expanding trade routes, and North Carolina’s pro-business climate. The pipeline is robust, with over 3.4M SF under construction as tenants seek modern, efficient facilities that enable automation and strengthen supply chain resilience.

Office market conditions are improving, with rental rates steady and vacancies trending toward equilibrium.
Demand for high-quality, amenity-rich spaces remains strong, and as top-tier availability declines, secondary
offices are gaining traction. No new office deliveries are expected until 2029, tightening supply further.
Older, non-amenitized buildings are being upgraded or converted to multifamily and industrial uses. Meanwhile, owner-occupants continue buying smaller buildings under 50,000 SF at prices well below replacement cost.

Retail vacancies remain among the lowest in the nation, driving rent growth and rapid backfilling in prime
corridors. New grocery-anchored centers and experiential concepts are expanding, while mixed-use, live-work-play environments are extending beyond urban cores.

The life sciences sector is entering a more balanced phase. Over the past five years, the region has seen some of the nation’s largest biopharma announcements. After a surge in sublease lab and R&D space and a pause in demand, the market is showing renewed strength. These trends reinforce the region’s global reputation for biotech excellence, driven by top talent from local universities and colleges.

“Across the Research Triangle, transformative developments like RDU’s runway expansion, Dix Park and the expanded Raleigh Convention Center + Omni Hotel impact on Downtown Raleigh, Lenovo Sports and Entertainment $1B transformation for West Raleigh, and the RTP 3.0 vision are reshaping the region’s fabric. Together, they reflect an evolving market headed into 2026 continuing to lead with ingenuity and vision.”

– Jane Doggett, CCIM, Market Leader, Partner, Foundry Commercial