CBRE|Triad Releases Q3 2021 Office Market Report

11 Nov 2021

Office 2021

CBRE|Triad has released its Q3 2021 Office MarketView report for the Triad market. The quarter ended with vacancy slightly increasing from 13.0 percent in the second quarter to 13.7 percent by the end of the third quarter. Rental rates increased ending the second quarter with an average full-service asking rate of $16.90 per square foot.

Leasing activity increased during the third quarter with several new signification transactions such as Key Risk signing on for 27,000 square feet at The Outfields in Downtown High Point and Javara leasing 15,000 square feet in the Bailey Power Plant building in Downtown Winston-Salem.  Despite the increase in vacancy, construction projects remained steady with 132,000 square feet underway across the market.

“Office fundamentals have fared better than anticipated in the Triad market, even though it has been the most impacted property type during the pandemic. Overall, momentum has continued to pick up largely due to increased activity in tenant renewals while occupiers are continuing to determine their office footprint as they formalize their reoccupancy strategies. We do not yet know the long-term effects of COVID-19, but we expect landlords to keep rates steady as larger deals are formalized,” said Executive Vice President Greg Wilson. 

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.

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.

About CBRE Group, Inc.
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 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend 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.