Charlotte industrial real estate market reports
2Q22 highlights and trends
After a strong start to 2022, the momentum in Charlotte’s industrial market is not slowing, as leasing activity reached record highs and vacancies record lows in the second quarter. This growth is driving elevated levels of construction and the demand for industrial space has driven the overall vacancy rate to 2.7%
A highly active pipeline, particularly in large speculative development, is expected to provide some relief in terms of availability in the long term. There is 13.6msf of industrial space currently under development.
Charlotte continues to experience solid demand that is outpacing new deliveries. Total leasing activity reached a record-setting 16 msf in the last twelve months.
Direct asking rent
Asking rentsincreased by 17.3% year-over-year, bringing the weighted average asking rate to $6.24psf. Landlords will continue to hold the upper hand in lease term negotiations.
High tenant demand and an active development pipeline accordwith a very low vacancy rate for existing space, bringing total vacancy to 2.7% in the second quarter.
Investors continue capital deployment in industrial assets in Charlotte at a record pace. Sales volume trailing twelve months from 2Q22 exceeds $2.5 billion in total industrial assets.
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