Mar
02

Triad Brokers Bullish on Commercial Real Estate Market

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CCIM_logoLed by growth in the industrial and multifamily sectors, the Triad real estate market continues its rebound from the dark days of the recession, a panel of local brokers said Wednesday.
“We’re finally at the point in the market where landlords are having a choice as to who their tenants are,” said Tom Townes, partner with Triad Commercial Properties, talking about the industrial sector.

They shared their insights across the commercial real estate spectrum with hundreds of members of the Triad real estate industry during CCIM North Carolina’s Triad Market Forecast at the Greensboro Marriott Downtown.
In general, vacancies are down and the number of new construction projects is picking up to keep up with demand, with some upward pressure on lease rates across the sectors.

Chester Brown, president of Brown Investment Properties, said improvements in employment numbers are a key driver in the multifamily residential market in the Triad, which has about 63,000 units and a vacancy rate of about 6.7 percent.
Last year, the Triad absorbed about 1,900 new units, ahead of the annual average for the previous five years of about 1,500 units.

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