Market Highlights

• Overall vacancy increased modestly to 22.2% from 20.4% in Q4 2022, while sublease vacancy rose by 120 basis points (bps) year over year to 3.6% from 2.4%.
• FUJIFILM opened the first phase of its $3.2 billion manufacturing facility in Holly Springs, one of the largest end-to-end cell culture biopharmaceutical CDMO facilities in North America.
• Following funding cuts for FY2026 announced earlier in the year, NIH funding in Raleigh-Durham declined by 18.4% year over year to $1.6 billion in FY2025 and may continue to trend lower into the next fiscal year.

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