CBRE|Triad has released its third quarter 2018 industrial MarketView report for the Triad market. The market remains healthy despite an increased overall market vacancy rate to 7.0 percent and an average lease rate of $5.00 per square foot, a decrease from second quarter’s rate of $5.32 per square foot.
The third quarter was significant for the Triad market as vacancy rates increased for the first time since Q3 2017. A portion of this increase can be attributed to the major consolidations by Ralph Lauren Corp. and Mohawk Industries. However, another major factor is the continuation of speculative construction. There is currently over 1.4 million square feet of industrial construction being tracked within Piedmont Triad.
User driven construction also remained active this quarter in the Triad market. Publix Super Markets announced it intends to build a 1.8 million square foot distribution center on 350 acres.
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 $309 million in sales and leasing transactions in 2017. For more information about the Triad office, visit our website, www.cbre.us/triad.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 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.