Raleigh’s retail market is improving, thanks to lifted pandemic restrictions and growing consumer confidence. Vacancies have fallen to 2.9 percent, keeping landlords and owners confident in the market. As a result, rents are up 3.4 percent year-over-year and are projected to grow as the metro’s pipeline is minimal. The 540,000 square feet underway consist of single-tenant properties, shopping centers, and mixed-use developments throughout the market. A large concentration of technology and life science companies has greatly aided Raleigh’s recovery rate from the pandemic. Raleigh and the Research Triangle region are among the fastest-growing metros in the nation, reporting a 1.4 percent population increase in the last year. Given Raleigh’s fast-growing population, developers are beginning the first phases of longer-term projects.