CBRE|Triad has released its Q3 2021 Industrial MarketView report for the Triad market. The industrial market continued to see the momentum from the beginning of the year with vacancy remaining stable at 5.0 percent and lease rates increasing to $4.92 per square foot NNN. With 131,357 square feet of net absorption, the third quarter marked the twelfth straight quarter of positive net absorption for the Triad industrial market.
The third quarter was another marked with low vacancy and high demand for industrial product, pushing for new construction developments in the Triad. There is currently over 6.1M square feet under construction throughout the market. Some of these major developments include Williams Development Group’s new 402,000 square foot spec building at Youngs Mill Industrial Park, Silverman Group’s 800,000 square foot build-to-suit project for LT Apparel in Reedy Fork Corporate Center, Windsor Commercial’s Alamance Ridge II speculative development totaling 297,000 square feet in Mebane, Koury Corporation’s 168,000 square foot speculative building in South Greensboro, and Front Street Capital’s build-to-suit projects in North Forsyth.
“The activity for the Triad industrial market has not slowed down since the beginning of the year,” said Managing Director of Industrial Services Dodson Schenck. “We are experiencing demand from both tenants and investors who want to enter or grow in our market. We expect to see vacancy numbers continue to tighten and rental rates increase through the end of the year.”
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.