The commercial real estate industry has undergone some dramatic changes since the pandemic, particularly in the office building sector. Industry experts say the Triad is persevering.
In large cities like New York, Chicago and Los Angeles, plummeting property values for aging buildings, and decreasing demand coupled with increasing work-from-home options have created what’s been called a perfect storm.
While office buildings in the Triad have not been immune to these national trends, many brokers are optimistic that the worst is behind them. One reason: location, says Cushman & Wakefield Executive Managing Director Bobby Finch.
"I really feel fortunate to be positioned where we are," says Finch. "And I think that over the next five to ten years I think we’ll see some exciting growth in all the office and industrial and residential segments of the market."
Finch says his optimism stems from a combination of organic economic growth with companies that are based in the Triad, and the arrivals of corporations such as Toyota Battery and large manufacturers moving to the area generating hundreds of jobs.
He says the remaining concerns include interest rates and the high costs of new construction.