CBRE|Triad has released its second quarter 2018 industrial MarketView report for the Triad market. The report highlights an overall vacancy rate of 6.3%, down 20 basis points from last quarter’s 6.5% rate. In addition, the overall market average lease rate fell from $5.41 in Q1 2018, ending at $5.32 per square foot.
The Triad industrial market continued to expand modestly during the second quarter with 112,395 square feet of positive absorption and over 2 million square feet of speculative development underway. Year to date, the Triad has experienced 512,182 square feet of positive absorption.
With over 2.0 million square feet of developments entering the market, the industrial sector continues to show steady activity. Some of these projects include: Davidson Craven Capital and Williams Development, who are constructing an 105,000 square feet building at Gallimore Dairy Road; Samet Properties, who is developing speculative buildings at Campground Road and Triad Business Park in Greensboro; and Senator Ralph Scott Parkway in Mebane.
CBRE|Triad tracks over 80 million square feet of industrial and flex space in the Triad market. The market is divided into three sections, Guilford County, Forsyth County, and Alamance County.
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.
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 in the Mid-South Region
CBRE is the only global real estate services firm with offices in Norfolk, Newport News, Richmond, Charlottesville, and Fredericksburg, VA, and Raleigh and Greensboro, NC. These offices are collectively referred to as the Mid-South region. The CBRE Mid-South offices (excluding Northern Virginia and Charlotte, NC offices) completed $4.3 billion of sales and leasing transactions in 2017.
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.