Charlotte industrial real estate market reports

4Q22 highlights and trends

As we review 2022, the year began with strong momentum in Charlotte’s industrial market and has continued to perform heading into 2023. Net leasing absorption has remained positive for the sixth consecutive quarter while direct vacancies break record lows in the fourth quarter, averaging 2.8% over twelve months. The retained industrial growth in Charlotte is driving elevated levels of new development and heightened interest from industrial occupiers and investors alike, making Charlotte a premier industrial hub for the Southeast.


A highly active pipeline, particularly in large speculative development, is expected to provide relief in terms of availability in the long term. There is 17.9 msf of industrial space currently under development, half of which is projected to deliver in 2023.

Net Absorption

Charlotte continues to experience solid demand, while new deliveries are keeping pace. Q4 saw positive net absorption for the sixth consecutive quarter, bringing the 2022 total to roughly +6 msf net absorption

Direct asking rent

Asking rents increased by 34% year-over-year, bringing the average asking rent to $7.54 in Q4 2022. Landlords will continue to hold the upper hand in lease term negotiations. 

Under Development

Charlotte’s industrial development pipeline continues to grow at record pace as Q4 saw nearly 2msf break ground, bringing the pipeline to 17.8msf under construction; 22% of which is already preleased.

Direct Vacancy

High tenant demand and limited supply accord with a very low vacancy rate for existing space, bringing total vacancy to 2.1% in the fourth quarter. Expect some relief as nearly half of Charlotte’s industrial UC pipeline is set to deliver in 2023.

Investment sales

Institutional investors continue capital deployment in industrial assets in Charlotte at a record pace. Sales volume in 2022 exceeds $1.2b in total industrial assets.

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