CBRE|Triad has released its Q3 2020 Industrial MarketView report for the Triad market. Despite the COVID-19 pandemic, the industrial market remained robust throughout the quarter recording its eighth consecutive quarter of positive absorption, ending at 859,975 square feet. This absorption has decreased vacancy of industrial product to 5.4 percent and created a healthy average rental rate of $4.43 per square foot.
The Triad market has experienced strong absorption throughout the year, bringing the year-to-date net absorption total to over 1.8 million square feet. This has been driven by the year’s strong investor and tenant demand across both the distribution and manufacturing sectors. The third quarter experienced several significant transactions such as LLFlex LLC occupying 73,500 square feet in the Gallimore Industrial Center project, along with Amazon who is now fully operational in its 1,016,000 square foot facility in Triad Business Park.
The Triad industrial market remains active, with continued strong demand and a healthy balance of new construction being delivered. The recent trends of tightening vacancy rates, modestly increasing asking rents, and positive net absorption are expected to continue throughout the rest of 2020 and into the first half of 2021.
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 $256 million in sales and leasing transactions in 2019. 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.