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INDUSTRIAL OVERVIEW RECORD LOW SUPPLY, RENT GROWTH Demand for industrial space eased slightly from its record-setting growth of last year but remained strong through for the first half of 2022 as annualized rent growth moved into double digits and the overall vacancy rate fell to 3.9%, a record low. Net absorption through June totaled 192.2 million SF. It was the second highest two-quarter total on record and more than the 170 million SF of tenant…

RALEIGH, NC – July 19, 2022 – Lee & Associates Raleigh-Durham, the regional office of the national commercial real estate firm Lee & Associates, announced today that Daniel Cheng has joined the commercial brokerage firm as Vice President. In his new role, Cheng will focus on capital markets and industrial properties. Cheng joins Lee & Associates with more than ten years of experience in commercial real estate, including sales and purchase of investment deals, occupier…

RALEIGH, NC – July 12, 2022 – Brian Farmer, Vice President and Managing Director of Lee & Associates Raleigh-Durham, achieved the SIOR office designation awarded by the Society of Industrial and Office REALTORS, a professional association with more than 3,600 members across the globe. Farmer received the designation after demonstrating a robust transaction and production history; meeting rigorous education requirements; and demonstrating professional ability, competency, ethical conduct, and personal integrity. “We’re very proud of Brian’s…

In the words of Ben Franklin, “In this world nothing can be said to be certain, except death and taxes.” While neither can be avoided, both can be delayed and, with regard to taxes, can be minimized. In preparation for the next tax season, this report will explain how property owners, whether commercial or residential, can mitigate and reduce their tax liability by using a little-known IRS-approved accounting technique called cost segregation. It’s widely known…

GDP GROWTH The U.S. gross domestic product contracted at a 1.4% annual rate in the first quarter. It was the weakest quarterly showing in the nation’s economy since 2020 and was blamed chiefly on supply disruptions, reduced exports and fading fiscal stimulus. But solid consumer spending and business investment suggest that growth will resume. Nevertheless, the decline was unexpected and in stark contrast to the strong 6.9% GDP reading in the fourth quarter of 2021….

INDUSTRIAL OVERVIEW RENTS PUSHED ON STRONG DEMAND Strong demand for industrial space throughout North America continued in the first quarter. Vacancies fell to record lows and rent growth hit double digits. First-quarter net absorption in the U.S. totaled 92.8 million SF, up 25% year over year but down 35% from the last three quarters of 2021. Annualized rents rose 10.1% in the U.S. and the average vacancy rate fell to 4.1%. Part of that was…

Life science real estate, along with data centers and industrial real estate, has thrived enormously over the past two years of the pandemic. As the world economies transition to a new phase, where COVID-19 is understood to be in an endemic state, there are no signs that demand for this fast-growing niche in commercial real estate is diminishing. In fact, the demand for lab space is only intensifying. This report will identify and explain the…

By Caleb Harshberger Staff Writer, Triangle Business Journal April 12, 2022 A newly launched local development firm has unveiled plans for an industrial and life sciences project in Cary, joining a recent string of industrial developments in the town. Raleigh-based Wilson | Blount Development and partnering firm FCP have unveiled plans for Park Overlook, calling for a 162,000-square-foot industrial project with flex, life sciences and R&D space. The development is situated on 16.7 acres at…

RALEIGH, NC – April 5, 2022 – The Triangle Commercial Association of REALTORS (TCAR) recognized Lee & Associates Raleigh-Durham vice president Scott Hadley as REALTOR of the Year at its annual Elite Broker Awards held at Briar Creek Country Club on March 30, 2022. The REALTOR of the Year is the highest honor given by the association and recognizes individuals that exhibit exceptional business conduct, service within the industry, and consistent professional performance. Mr. Hadley…

  By Evan Hoopfer Staff Writer, Triangle Business Journal March 28, 2022 One of the developers behind Chatham Park recently turned his gaze southward to Lee County. 1715 Carthage Street LLC – a business addressed to Cary-based Preston Development – purchased about 48 acres in Lee County for $1.9 million, according to a deed filed March 17. The land sits along Carthage Road about five minutes south of downtown Sanford. The purchase signifies how hot…