Growth report highlights booming downtown Raleigh [Video]

Downtown Raleigh is growing quickly, particularly for apartments and renters.

A third quarter market report released Thursday by Downtown Raleigh Alliance lists 16 developments currently under construction downtown. When the projects are complete, they will yield:

• 1,772 residential units
• 261 hotel rooms
• 82,944 square feet of retail space

Additionally, 41 planned developments will bring 7,820 residential units, 1,590 hotel rooms, 368,300 sq. ft. of office space and 243,507 square feet of retail in the coming years, the report shows. The residential units will have an average rent of about $1,750 per month.

Apartments and leasing: People want to live in downtown Raleigh, where the stabilized occupancy rate is 88.7%, according to the report. A total of 2,482 residential units are either under construction or have been delivered so far this year.

Office space:Vacancy increased to 15.2% in the third quarter of 2024, but downtown Raleigh remains the lowest vacancy submarket in the Triangle market, according to the report. 301 Hillsborough, …