Charlotte industrial real estate market reports
1Q22 highlights and trends
After a banner year in 2021, the momentum in Charlotte’s industrial market is not slowing, as leasing activity reached record highs in the first quarter. This growth is driving elevated levels of construction and the demand for industrial space has driven the overall vacancy rate to 4.7%.
Inventory
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 currently 13.1 msf of industrial space currently under way.
Net absorption
Charlotte continues to experience solid demand that is currently outpacing new deliveries. Total leasing activity reached a record-setting 16 msf in the last twelve months.
Direct asking rent
Asking rents increased by 5.5% year-over-year, bringing the average asking rate to $5.63 psf. Landlords will continue to hold the upper hand in lease term negotiations.
Vacancy
High tenant demand and an active development pipeline accord with a very low vacancy rate for existing space, bringing total vacancy to 4.7% in the first quarter.
Capital markets
Investors continue capital deployment in industrial assets in Charlotte at a record pace, translating to a record-setting average valuation of $170 psf.
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