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….
Q1 2022 North America Market Reports
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: Thriving as Never Before
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…
Raleigh real estate veterans launch new firm, plot Cary development
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…
Triangle Association of REALTORS names Scott Hadley REALTOR of the Year
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…
Chatham Park developer snaps up nearly 50 acres in Lee County
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…
No, Retail is Not Dead
There is a widespread myth that needs to be questioned and confronted, and it goes something like this: First came Amazon, and then came COVID-19, and both killed retail. However widespread, this view of the retail market is inaccurate and incomplete. To be sure, parts of the retail sector are experiencing challenging disruptions, but other aspects of the industry are expanding and thriving. The state of the retail market is a mixed picture of disruption,…
Lee & Associates Raleigh-Durham COO receives prestigious Women in Business award
RALEIGH, NC – March 28, 2022 – Michelle Rhino, Chief Operating Officer of Lee & Associates Raleigh-Durham, was honored as a recipient of the Triangle Business Journal’s 2022 Women in Business Awards at a ceremony held on March 24, 2022. The Women in Business Awards program recognizes Triangle women who have proven to be dynamic and outstanding leaders with established track records of significant accomplishments in business and community service. More than 200 women were…
As Apple prepares for RTP buildout, it seeks more Triangle office space
By Caleb Harshberger Staff Writer, Triangle Business Journal March 2, 2022 Nearly a year after announcing its massive Triangle hub, Apple is looking for as much as 150,000 square feet of additional temporary space in Cary, according to some executives in the commercial real estate industry in the Triangle. That’s on top of the MetLife space in Cary the tech giant is already planning to renovate. Apple (Nasdaq: AAPL) declined to comment for this story….
Downtown Cary project comes into view after years of planning
By Caleb Harshberger Staff Writer, Triangle Business Journal February 23, 2022 For years, longtime Cary developers George Jordan III and his nephew Jordan Gussenhoven have been eyeing the corner of W. Chatham Street and S. Harrison Ave. with plans for something big. Now plans for a new mixed-use development in the heart of downtown Cary appear to be moving forward. Earlier this year, Northwoods Associates LLC and NorthView Partners filed site plans for the Northwoods…