CBRE|Triad has released its fourth quarter 2018 office MarketView report for the Triad market. CBRE|Triad tracks over 25 million square feet of office space in the Triad market. The market is divided into two areas, Guilford County and Forsyth County, as well as 11 separate submarkets.
The quarter’s highlights include a drop in Guilford county vacancy rates for the second consecutive quarter to 12.1%, down from 12.7% in the third quarter of 2018. Forsyth county remained stable at 8.7% with no change from the third quarter of 2018. Overall vacancy decreased 120 basis points year-over-year to 10.7% in 2018.
Though vacancy rates dropped, the Triad market continued the trend of positive absorption. The overall Triad market posted 88,466 square feet of positive absorption and, similar to the third quarter of 2018, all submarkets with the exception of Northwest Forsyth reported positive absorption. Overall in 2018, the Triad market experienced 231,144 square feet of positive absorption. In addition, asking rates continued to rise, ending the year at $16.77 per square foot.
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. 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 $342 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.