Garner Economic Development Annual Report 2022 - Page 3

GARNER ’ S COMMERCIAL REAL ESTATE

DEMAND SPURS NEW OPPORTUNITIES

Throughout the pandemic , Garner ’ s commercial real estate market continues to stay steady as lease rates climb and vacancy rates stay at low levels . This year , we have seen several of our business parks be built out .
Greenfield North and South Business Parks and Garner Business Park 70 have all but been built out . While the addition of new industrial space by Al Neyer and Wigeon Capital comes
at a critical time , this has placed more attention on the need to identify new opportunities for business park development .
With the increasing cost of construction and significant demand for space , it is expected that lease rates will continue to rise , and vacancy rates will stay at reasonable levels . However , this may change as increasing interest rates begin to impact both developers and tenants .
2012-2022 QUARTERLY LEASE RATES
$ 25
$ 20
$ 15
$ 10
$ 5
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Industrial Flex Office Retail
2012-2022 QUARTERLY VACANCY RATES
20 %
15 %
10 %
5 %
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022