CBRE|Triad has released its second quarter 2018 office MarketView report for the Triad market.
The report highlights vacancy rates rising for the first time since Q2 2017 to 11.6%. The Triad’s growth looks healthy as new construction is on the horizon and unemployment decreased by 40 basis point to 3.9%.
There are multiple new construction projects upcoming in the market. High Point is anticipating its catalyst project as well as the new baseball stadium located downtown, while Forward High Point has plans for 94,000 square feet of office space surrounding BB&T Point, with a proposed delivery in Spring 2021. Both Greensboro and Winston Salem are expecting similar growth patterns.
Following a strong first quarter, the Triad Office Market posed a negative 76,116 square feet absorption, which brings the YTD net absorption down to just under 102,000 square feet. Based on the current volume of activity, it is anticipated that the market will return to positive absorption in future quarters.
The CBRE|Triad Office MarketView highlights vacancy rates, lease rates and net absorption for the overall Triad office market, as well as each submarket throughout the Triad. The report provides information on net absorption compared to vacancy, average class A office asking rates, employment statistics, top transactions and more. CBRE|Triad releases the Office 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.