Southeast Industrial Labor Report_Q1 2024

GREENSBORO/WINSTON-SALEM, NC

ABSORPTION, NEW SUPPLY, & VACANCY RATES

6

5%

5 MSF

4%

4

3%

3

ABSORPTION, NEW SUPPLY & VACANCY RATES

2%

2

1%

Overall Net Absorption Construction Completions Overall Vacancy Rate

1

0

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

1,721,282

Projected Population Change (5-Year)

3.8%

Working Age Population (Ages 18-64)

1,040,211

• Demand tapered off in 2023 after a strong Q1 with multiple large deals signed. Vacant supply ticked up with speculative deliveries and soft positive absorption.

Labor Force

867,113

Median Household Income

$57,614

• Tenant space requirements contracted in size throughout 2023. A large occupier vacated multiple locations across the Triad, adding vintage supply to the available space options.

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

49.4%

Target Blue Collar Demographic Volume

251,237

• The Triad’s interconnectivity along the I-85 and I-40 Corridors will maintain the market’s importance as an industrial hub for the Carolinas, with more than 10.3 msf of new product delivered in 2022-2023 and 2.3 msf currently underway. • Greensboro/Winston-Salem has one of the lowest median household incomes in the region at $57,614—significantly lower than the other major North Carolina markets—making it an attractive option for employers.

Target Blue Collar Demographic Concentration

1.3

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

33,207

77,539

Worker Concentration

1.3

1.6

Projected 5-Year Employment Growth

2.2%

-0.1%

Average Wages

$21.41

$21.00

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

96

95

Demographics include Winston-Salem Metro, Greensboro-High Point Metro, Burlington Metro, and Mount Airy Micro

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Cushman & Wakefield | Southeast Industrial Labor Report