Garner Economic Development Annual Report 2022 | Page 3

GARNER ’ S COMMERCIAL REAL ESTATE

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

Industrial Flex Office Retail

2012-2022 QUARTERLY VACANCY RATES

20 %

15 %

10 %

5 %