Q4 2023 Market Reports
INDUSTRIAL
Regulatory Entitlements in the U.S.: What Brokers Should Know Brokers can better serve their clients by making a concerted effort to understand the regulatory entitlements process in their markets. The deal was nearing the finish line, recalls Robbie Perkins, SIOR, market president of NAI Piedmont Triad in Greensboro, North Carolina. He and his partner had been negotiating a 50,000-square-foot lease for a company that was an important contractor for the area’s new Toyota battery plant. Everything was smooth sailing until the developer told the brokers that regulatory entitlements would require the tenant to wait at least seven months before moving in.
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OFFICE
Will Triad dodge the office-space bullet? TBJ’s CRE panelists weigh in on office, industrial, retail, land markets “Location is everything” goes the saying about real estate. These days, add to that: Use is everything. Industrial property in the Triad is seeing strong demand and rising prices even if the pace of transactions has slowed. Office space is in less demand because of work-from-home technology — though there’s some significant fine print regarding prime and amenity-rich properties. Retail is somewhere in the middle, but again, it depends: Good sites are doing well, especially when used creatively.
RETAIL
Construction outlook for 2024 a mixed bag as contractors struggle to attract, retain labor Labor has been consistently cited as a top challenge for general contractors, an issue that long predates the Covid-19 pandemic. In December, the construction industry added 17,000 net jobs, part of what was a stronger-than-expected jobs report released late last week by the U.S. Bureau of Labor Statistics. Between December 2022 and December 2023, industry employment grew 2.5%, to 197,000 new jobs, according to an analysis of BLS data by industry trade group the Associated Builders and Contractors.