Fundamentals Stay Strong in the Charlotte Regional Industrial Market
- Q2 2019 was another positive quarter for the greater Charlotte Industrial market. Absorption continue to be positive with 695,328 SF leased and demand is staying strong. Overall vacancy rates are still hovering around historic lows at 7.40%. The Charlotte industrial market looks to remain solid as we expect sustained growth in the upcoming quarter.
- New construction projects in the Charlotte market and surrounding counties are in full swing. To date there is 7.7 Million square feet under construction in the Charlotte Region. 2.1 Million square feet of which is located in the Airport/West submarket, and 1.3 million square feet going up in Cabarrus County.
- Top industrial leases during the second quarter include DHL’s lease of 102,600 SF at Chemway Industrial Park and Mavis Tire lease of 69,818 SF at Concord Airport Business Park. Other leases of note were Transrobotics’s lease of 56,556 SF at WestPark85 and Mobile Canning Systems’ lease of 23,605 SF in Lakemont West.
|Q2 2019 Charlotte Industrial Market||Warehouse||Flex|
|# of Existing Buildings||3,053||705|
|Total Inventory SF||199,927,076 SF||25,365,525 SF|
|Absorption SF||695,328 SF||(169,704) SF|
|New Construction||709,298 SF||-|
|Under Construction||7,708,942 SF||114,000 SF|
|Asking Rents||$4.98 PSF||$11.83 PSF|