CBRE|Triad has released its H2 2020 Retail MarketView report for the Triad market. The retail market closed out the second half of 2020 with stable fundamentals after experiencing negative absorption in the first half of 2020. The year ended with vacancy declining to 6.3 percent and lease rates increasing 6.8 percent to $11.79 per square foot.
The market had a steady amount of new product under construction at the end of 2020 with over 101,000 square feet underway. Some of the upcoming developments include the Publix-anchored Church Street Commons shopping center in Burlington and the Lidl-anchored Shoppes at Sedgefield Crossing in Greensboro.
“After seeing some stabilization at the end of 2020 and increased activity in the beginning of 2021, we are hopeful the retail market will bounce back aggressively in 2021 and continue in 2022,” said Vice President Matt King.
The CBRE|Triad Retail MarketView highlights 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 significant lease transactions.
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 $671 million in sales and leasing transactions in 2020. 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 Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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.