Southeast Real Estate Investment Market Report: November 2020
Can you guess the volume of construction waste generated annually by construction projects worldwide? What about the U.S. alone? According to a report from Construction and Demolition Recycling in 2018, the world’s yearly volume of solid waste will nearly double to 2.2 billion tons by the end of 2025. Construction waste makes up more than half of overall waste generated annually. This includes materials such as wood, shingles, asphalt, concrete, and metal.
Keep readingMarket Activity
Atlanta’s office vacancy rate continues to climb steadily. It reached 19.2 percent in the third quarter, which was driven by a slowdown in demand and several smaller vacancies in the market. Experts believe there will continue to be an increase in vacancy due to construction completions and large move-outs later this year and throughout 2021. In recent quarters, more and more office sublease supply has hit the market, putting vacancy at 3.1 million square feet. This represents 10.9 percent of all vacant space in the metro.
Market Activity
The Charlotte metro area reported more than 2.0 million square feet of new leasing activity in 2020 year-to-date. Most of this demand occurred prior to the pandemic, yet 400,000 square feet of transactions were also signed in the third quarter. Charlotte’s Central Business District (CBD)/Uptown submarket recorded 818,000 square feet of office leasing activity in 2020, 97 percent with Class A assets, according to Cushman and Wakefield.
Market Activity
New office leasing demand increased in the third quarter with roughly 544,000 square feet of activity. This brings the year-to-date total to nearly 1.5 million square feet leased. Most of the new leases were in Class A buildings, representing 822,000 square feet, compared to 645,000 square feet in Class B buildings. Leasing in Orlando’s suburban submarkets saw 90 percent of the region’s activity, vastly outperforming the Central Business District.
