Wake County’s Commercial Real Estate Market in 2025

Real Estate: Commercial 

Tom Fritsch 

Senior Managing Director, CBRE 

Wake County’s commercial real estate market is entering 2025 with signs of stabilization. Wake County’s reputation as a place to live and do business will keep it high on the list for companies looking to relocate or expand. With the construction pipeline relatively empty and no new starts expected in the near term, availability of prime space will likely tighten, pushing tenant demand to the next tier.  

The industrial sector continues to perform well despite economic headwinds. A slowdown in deliveries in 2024 set the stage for vacancy to tighten in 2025. With strong demand for newly delivered products, more developers are likely to break ground on new projects in the coming year, creating additional high-quality occupancy options. Wake County’s robust population growth will continue to support long-term demand for industrial space as tenants increasingly prioritize last-mile logistics and advanced manufacturing serves as a growing demand driver.  

Wake County’s demographics will also support demand for medical office and retail space. The region will continue to draw new brands, keeping retail availability tight as vacancies in high-demand locations are readily backfilled. Live-work-play destinations will continue to expand, not only in urban locations, but also in smaller communities and historically suburban areas.  

Life Science real estate should see renewed demand in 2025 as capital becomes more widely available. Major biomanufacturers with owned facilities in Wake County have already announced plans for billions in new investment, bolstering the region’s reputation as a premier life science ecosystem.  

All aspects of Wake County’s real estate market will benefit from generational projects such as Dix Park, the Lenovo Center sports and entertainment district, the Raleigh Convention Center expansion with the new Omni Hotel, the RDU International Airport expansion and RTP 3.0. 

“As we move into 2025, the commercial real estate market is showing promising signs of stabilization, particularly in the office sector, where tenant demand for in-person attendance is driving leasing activity. With strong population growth supporting long-term demand across industrial, medical office, and retail spaces, I anticipate tightening availability of prime locations.”  -Tom Fritsch, CBRE

This content first appeared in Economy & Business 2025. Click here to view the entire publication.