Original Article | RALEIGH, N.C., Jan. 23, 2019 /PRNewswire/ —
Most signs point to a good year ahead for the area’s overall economy and commercial real estate markets, and the U.S. will win in a volatile 2019 economy because we are a country of innovators and reliable consumers.
Those were two of the messages delivered at the 34th Annual Triangle Commercial Real Estate Conference on January 17, 2019 to 1,600 attendees, including national and regional real estate developers and investors, as well as area business leaders, and community/government officials who gathered in Raleigh’s PNC Arena. Hosted by NAI Carolantic Realty, the conference is considered the authoritative “state-of-the-market” report on the Triangle’s real estate sector, and findings presented at the conference provide an important bellwether of the region’s general economic vitality. The Conference theme was “Enriching the World Through Innovation.”
“The overall market was healthy last year and will likely remain so in 2019 despite some concerns over rising interest rates which have not affected us yet,” said Jimmy Barnes, SIOR, President of NAI Carolantic. Among statistics that Barnes cited for 2018: office rents continued an upward climb to record highs due to increased demand and construction costs. The retail market experienced negative absorption in three submarkets with only 172,000 square feet of positive absorption causing a slight uptick in the overall vacancy rate. The multipurpose (industrial/warehouse/flex) sector reported a historically low vacancy at approximately 7%. The Triangle apartment market still saw strong absorption and vacancy rates increased only slightly in 2018.
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