CBRE|Triad has released its Q1 2021 Office MarketView report for the Triad market. The quarter ended with vacancy slightly increasing from 11.8 percent in the fourth quarter of 2020 to 12.5 percent by the end of the first quarter in 2021. Rental rates continued to increase for office space ending the first quarter with an average full-service asking rate of $17.17 per square foot.
Despite an increase in vacancy, several significant office transactions were completed during the first quarter. The Fresh Market moved out of the 47,000 square feet they were occupying in Northwest Guilford into 70,000 square feet at the Wells Fargo Tower in downtown Greensboro. In West Forsyth, 11,500 square feet was absorbed in Stratford Executive Park.
“It is not a secret that the office market has been impacted over the last year by the pandemic,” said Executive Vice President Greg Wilson. “We are still determining the long-term shifts of demand from this disruption, but activity has increased since the start of 2021. As the vaccine continues to be distributed nation-wide, we are optimistic this trend will continue with the office market bouncing back by the end of the year.”
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 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 $501 million in sales and leasing transactions in 2019. 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 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.