RALEIGH – Commercial real estate firm Jones Lang LaSalle, JLL, is expanding its industrial capabilities in the Triangle market.
That expansion is occurring through the addition of Justin Booth who will join the firm as a senior vice president on the industrial team.
Justin Booth (JLL Image)
Booth will work to provide industrial real estate advisory and transaction services for corporate users of real estate, according to a statement issued by the firm.
“With the Raleigh metro recently announced as the second fastest growing metro in the U.S., it is no surprise we have seen a drastic uptick in industrial activity in our market,” said Kimarie Ankenbrand, Raleigh Office Lead at JLL. “As the sector continues to gain momentum in the market to meet the needs of the fast-paced growth, Booth will be a critical addition to our team.”
Special report: The race for industrial space is accelerating across the Triangle
Industrial demand remains high in the Triangle
Demand for industrial space, whether for warehousing, manufacturing, or life science use, continues to persist in the regional economy even as other indicators and experts believe a recession is on the way in 2023. Still, a recent report issued by JLL highlights ten factors to track in the Triangle commercial real estate market highlights how the Triangle is positioned to be resilient should a recession sweep across the economy.
For instance, the report highlights that industrial vacancy is at 1.4%, a historic low, and down from 2.5% a year ago. That’s pushing price per square foot higher, too, the report notes. With demand so high, there’s also firms that are still developing space despite a changing borrowing environment as the Federal Reserve Open Market Committee increased the federal funds rate rapidly and severely between March and December 2022. In total, 8.3 million square feet are under development across industrial, lab, and office product types, the report notes.
Another factor spurring demand, according to JLL, is that the region’s labor force is rising at more than double the national average. Year-over-year labor force growth in the Triangle was 4.25% compared to 1.99% nationally.
And the region’s industrial market saw a record year, according to JLL. That’s as there was a record number of delivered square footage, with more than 5.2 million square feet of industrial product coming operational in 2022.
“We continue to expand our capabilities in the sector,” said Ankenbrand.
JLL recently opened a life science practice in the Triangle, hiring industry veteran Eric Forshee to lead the division.
JLL taps industry vet to head new life science practice in the Triangle
