Low availability pushing average asking rents in Charlotte, NC

graph of direct vacancy of industrial space in Charlotte, North Carolina decreasing as average asking rent rate increases from 2016 to 2023
As direct vacancy of industrial space in Charlotte goes down, the average asking rent goes up.
  • Charlotte’s industrial vacancy rate has seen a continuous decline over the last three years.
  • The increase in average asking rents is being supported by low availability and tight vacancy. However, the roughly 20 million square feet of inventory currently under construction should provide relief for tenants entering the Charlotte market.
  • Developers are using trended rents in their proformas, rather than anticipating historic rent velocity.

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