Quarter 2 Average Market Lease Rates Vs. Eastern Carolinas Commercial Real Estate Lease Rates
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Eastern Carolinas Commercial Real Estate is proud to represent Grocery Anchored Centers in the Wilmington and Eastern North Carolina Marketplace.
Our product ranges from some high end strip centers, to Grocery Anchored, to Regional Power Centers. Through Quarter 2 with 19 completed transactions with 39,074 square footage leased, we have averaged $16.02 per foot. Our Market Share was 38% of transactions with 39% of square footage. Our nearest competitor logged 8 transactions for 11,500 sf at an average of 11.06 per square foot. That is just within the Wilmington Region and the Commercial MLS Metrics used.
The Wilmington Area Commercial Real Estate Market is seeing drastic improvement and rental rates are steady on the rise from a low of $10.00 per square foot in 2010 to the closed rate in 2014 of $14.39 per square foot. It is ECCRE’s anticipation that YE 2015 will close at $14.93 per foot which would be on tract with the average yearly rise of 3% per annum. This is great news for Landlords in South Eastern North Carolina who can project with confidence the ROI for their vacancies.
ECCRE market stabilization and growth, is a strong indicator of a solid return for the economy which is now allowing developers to build new product.