CBRE|Triad Releases Q1 2022 Industrial Market Report

Greensboro, NC – May 2, 2022 – CBRE|Triad has released its Q1 2022 Industrial MarketView report for the Triad market. The industrial market’s fundamentals continue to remain positive with low vacancy, rising rental rates and a strong construction pipeline. The first quarter of the year ended with 4.5 percent overall market vacancy, an increase in average lease rates to $5.11 per square foot NNN, and the continued trend of positive absorption ending at 457,448 square feet.

The end of the first quarter showed over 6.9 million square feet of industrial space under construction. Despite increases in construction costs, developers are taking advantage of the high demand and low vacancy in the market to move forward on a speculative basis. North Point Development kicked off work on four new buildings at Piedmont Commerce Center in Kernersville for 1.5 million square feet. Recent deliveries include Youngs Mill Industrial Park in Southeast Guildford with 280,000 square feet and Ardagh’s 610,000 square foot building in Southeast Forsyth.

“We continue to be encouraged by the state of the Triad’s industrial market. Investment sales activity was strong during the first quarter, a sign of interest in our overall market from investors. This is largely due in part to recent economic announcements that are drawing in interest from companies and developers who are looking to be a part of this market’s future growth,” said Managing Director of Industrial Services Dodson Schenck.

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.

For a copy of the full report please contact Sam Elliott, research analyst at [email protected] or visit our website at www.cbre.us/triad.

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 $673 million in sales and leasing transactions in 2021. For more information about the Triad office, visit our website, www.cbre.us/triad.