CBRE|Triad has released its Q1 2021 Industrial MarketView report for the Triad market. The industrial market continued to see the momentum from the end of 2020 with first quarter reporting 246,000 square feet of net absorption with the completion of speculative construction and strong tenant activity contributing. As demand increased, vacancy declined to 4.5 percent, a record low for the market since CBRE|Triad started tracking the Triad industrial market in 2007.
Tightening vacancy continued to be the trend in the Triad market during the first quarter, pushing asking rates to $4.67 per square foot, compared to $4.50 per square foot at the end of 2020. There is currently over 4 million square feet of new industrial product under construction to add to the scarce product type currently available across the market, with over 1.7 million square feet being developed speculatively.
“Industrial continues to be an area of strength for the Triad market,” said Managing Director of Industrial Services Dodson Schenck. “Tenant activity has remained strong since the beginning of the year with vacancy tightening market-wide. With over 4 million square feet of industrial construction underway, we expect to see companies continue to grow and enter our market for their e-commerce, manufacturing and distribution needs.”
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 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.
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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.