Amy Carroll, President & Principal, TradeMark Properties

In an interview with Invest:, Amy Carroll, president of TradeMark Properties, discussed the shifting commercial real estate landscape in the Triangle, the growing role of AI in strategic planning, and the enduring value of client relationships. “Success is all about relationships and strategy.”

What changes over the past year have most shaped priorities in the Triangle’s commercial real estate market?

The Triangle has experienced a meaningful shift in priorities as it relates to commercial real estate over the past year. For several years, residential and multifamily development dominated activity, but that momentum has slowed post-COVID.

Retail has surprised many by reaching one of the lowest vacancy rates we’ve seen in decades. Demand for well-located retail and experiential concepts has surged.

Flex and industrial assets continue to perform exceptionally well, with sustained tightness and steady absorption. And although the office sector has faced its share of challenges, we’re starting to see genuine signs of recovery, which is encouraging for the broader market.

Where is the office sector now, and where is it heading over the next year?

We’re seeing clear indicators of renewed confidence. Longer-term renewals are becoming more common, which speaks volumes about tenant sentiment. Companies that previously paused or reduced their footprint are reengaging with the market.

P&L statements are stronger, hiring is picking up, and organizations are recognizing the strategic value of having a physical presence. As a result, we’re seeing more expansions and more willingness to commit to multi-year leases. The trajectory for the next year is increasingly positive.

How has TradeMark Properties pivoted its approach in response to these shifts?

The nature of opportunity has evolved. Early in the post-COVID cycle, many investors expected a wave of discounted value-add acquisitions, but the Triangle market has proven remarkably insulated. Those deep discount deals simply haven’t materialized.

Because of that, our long-standing relationships, built over more than 41 years, have become even more essential. We’re guiding clients on timing, pricing, and strategic decision-making in a market with fewer active listings and more off-market movement.

Today, success requires more than transactional brokerage. We’re deeply focused on sourcing off-market opportunities and providing consultative guidance, whether that means buying, selling, or structuring interim leasing strategies that support long-term goals.

What trends are you seeing in tenant demand for office space in Raleigh-Durham?

Across our portfolio, demand varies by sector, but several themes stand out:

Retail: Vacancy is so low that deals often rely on early intel and broker-to-broker collaboration. Second-generation space is extremely difficult to secure.

Flex: Smaller flex spaces under 5,000 square feet remain one of the fastest-moving product types. Real-time market knowledge is critical to securing these deals.

Office: We’re seeing material growth, particularly in medical office and behavioral health. That segment is expanding quickly and requires specialized space.

Overall, leasing timelines are longer simply because space is in such short supply.

What challenges has the real estate industry faced over the past year, and how have they impacted your firm?

Interest rates have been the single biggest challenge, impacting everything from underwriting to closing.

The spread between cap rates and borrowing costs has made many deals difficult to justify. When investors can earn 5% or more by holding cash, the bar for acquiring medium-risk assets becomes extremely high.

We’ve seen deals fall apart due to lending constraints, shifting rate assumptions, or payment projections. The lending environment has been inconsistent, which has slowed transaction velocity. However, recent rate improvements, even slight ones, have already made the second half of the year stronger than the first.

How are you advising clients through today’s high-interest-rate environment?

Our role has become far more strategic. There is rarely a single clear path forward anymore. Clients face multiple potential decisions, each with meaningful implications.

We’re being asked by municipalities, local businesses, and expanding organizations to help craft long-term real estate strategies that align with their operational goals. That includes evaluating current holdings, plans, financing structures, and development options.

In many cases, we’re acting as strategic advisors, not just brokers, ensuring clients have a full-picture perspective before making key decisions.

How are you incorporating technology, innovation, and AI into your services?

AI has become an invaluable tool for us. Next week, we’re actually bringing in an AI expert to help us deepen our integration across the company.

We’re already leveraging AI for marketing, research, copy refinement, professional development planning, and even property measurement workflows. One recent improvement we discovered has been a genuine game-changer.

My long-term goal is to develop a custom GPT tailored to TradeMark Properties so that we can produce consistent, on-brand, high-quality materials across all teams. It will play a major role in how we operate moving forward.

How do you maintain company culture while encouraging the use of AI tools?

We have an exceptional team of just over 30 people, and we fully embrace AI as a productivity and creativity tool.

We provide training, share examples, and help everyone understand how to use it responsibly. But we’re also clear: AI does not replace relationships. Those relationships are the reason we’ve retained clients for decades.

AI-generated content must always be reviewed, personalized, and aligned with our voice. We do not accept “copy and paste.” Instead, AI has helped our team elevate the quality of their work, without replacing anyone.

How are you seeing tenant demand from outside the region, and how is your team supporting that interest?
Demand from outside the region has grown significantly, and our team is doing exceptional work supporting that interest.

Despite being a single-office firm, we operate with national reach because of the strength of our long-standing relationships. We’re currently working on assignments across the U.S.

Clients often bring us with them as they expand, which is a tremendous vote of confidence in the quality of service we provide.

What are your top priorities for TradeMark Properties, and where do you see the industry heading?
Our top priority is continued investment in relationships — with clients, partners, and the community. When those relationships remain strong, opportunities naturally follow.

While our technology and AI capabilities continue to advance, our foundation remains the same: relationships, integrity, and strategic guidance.

Looking ahead, I believe our market will see a deeper blending of brokerage, consulting, and development advisory. Clients expect holistic support, not just completed transactions. The industry is becoming more complex, but in a way that creates tremendous opportunity for firms that embrace that evolution.