CBRE|Triad has released its first quarter 2019 industrial MarketView report for the Triad market. Although the market was slower than the fourth quarter of 2018 which boasted 520,802 square feet of absorption, the first quarter of 2019 was the second consecutive quarter of positive net absorption, showing the market’s continuous strong health.
An additional 586,000 square feet of warehouse inventory was delivered in the Piedmont Triad Airport, Southeast Guilford, South Forsyth and Davie County submarkets this quarter, resulting in an average asking rates $4.90 per square foot. CBRE|Triad is reporting an additional 298,000 square feet of new construction during the first quarter, all of which is speculative, at 3875 Senator Ralph Scott Parkway in Graham, NC. This activity represents the most active development pipeline since the first quarter of 2017.
During the first quarter, the market saw two significant portfolio sales, as Pope Cos. of Kernersville sold over one million square feet to the San Francisco based private equity firm TPG and the former Kmart Distribution Center in Greensboro traded to Rake Pacer Penry Acquisition LLC.
The CBRE|Triad Industrial MarketView highlights flex and warehouse vacancy rates, lease rates and net absorption for the overall Triad market, as well as individual submarkets in the Triad. The report provides information on vacancy compared to lease rates, as well as unemployment statistics. The MarketView also highlights top lease transactions from the quarter.
CBRE|Triad releases the Industrial MarketView at the completion of each quarter throughout the year. For a copy of the full report please contact Andrew Dixon, market researcher at [email protected].
CBRE|Triad is a CBRE affiliate office serving the Triad Region. The firm assists real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing; investment management; valuation and appraisal; research and investment strategy; and consulting. The local office closed more than $296 million in sales and leasing transactions in 2018. For more information about the Triad office, visit our website, www.cbre.us/triad.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.us.