CBRE|Raleigh has released its fourth quarter 2019 Industrial MarketView for the Triangle market. The report’s highlights include a decrease in overall flex and warehouse market vacancy rates, reporting 5.67% and 5.61% respectively. As vacancy tightens throughout the market, the quarter experienced an increase in rental rates with an average asking rate for flex product at $12.37 per square foot NNN and warehouse product at $5.78 per square foot NNN.
The fourth quarter was the eighth consecutive quarter of declining vacancy for both flex and warehouse product. This decline in availability is creating demand for new development within the market. There is currently over 2.7 million square feet of industrial space under construction throughout the Triangle. Eastern Wake County remains the most active submarket with 1.6 million square feet under construction. Several projects to note include Eastgate 540, Garner Business Park, Greenfield Business Park, and Hinton Oaks.
The CBRE|Raleigh Industrial MarketView highlights flex and warehouse vacancy rates, lease rates and net absorption for the overall Triangle market, as well as individual submarkets in the Triangle. The report provides information on vacancy compared to lease rates, as well as unemployment statistics. The MarketView also highlights top sale and lease transactions from the quarter.
CBRE|Raleigh is a CBRE office serving the Triangle region and is a joint venture between local principals and CBRE Group, Inc. 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. In 2019, the Raleigh office completed $2.7 billion of sales and leasing transactions. Please visit our website at www.cbre.us/raleigh.
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 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 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.com.