Garner Economic Development 2018-19 Annual Report 1 | Page 7

MARKET REPORT FOR
COMMERCIAL REAL ESTATE
This past year did not see much change in the vacancy rates of Garner’s commercial
real estate market. All sectors, retail, industrial, office and flex still have vacancy rates
in the low single digits. The flex market was the only market to see a lower average
lease rate from last year going from $11.62/SF to $10.98/SF. These numbers show a
healthy commercial real estate market and should continue into the next fiscal year.
ANNUAL VACANCY RATES, 2009–2019
$25 20%
$20 16%
Vacancy
QUARTERLY LEASE RATES, 2009–2019
$15
12%
$10 8%
$5 4%
$0
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
0%
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
n Retail n Office n Industrial n Flex
RETAIL INDUSTRIAL
Vacancy: 2.3%
Total market size: 4 million sq ft
Avg. lease rate: $19.18 / sq ft Vacancy: 3.8%
Total market size: 4.1 million sq ft
Avg. lease rate: $6.80 / sq ft
OFFICE FLEX
Vacancy: 1.4%
Total market size: 947,605 sq ft
Avg. lease rate: $20.86 / sq ft Vacancy: 4.4%
Total market size: 942,000 sq ft
Avg. lease rate: $10.98 / sq ft
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