Investment in the Charlotte industrial market continues at a record pace, and this quarter was no exception.
- Q3 2019 proved that the fundamentals in the Charlotte industrial market remain very strong. Through Q3 2019, absorption remained positive as vacancy fell. 1,964,853 SF was absorbed over the quarter and the overall vacancy rate hovered around 6.50%.
- Investment in the Charlotte industrial market continues at a record pace, and this quarter was no exception. One deal of note was Zurich’s purchase of 345,600 SF in York County for $28,800,000 or $83.00 per square foot.
- Top industrial leases during the third quarter of 2019 included MSS Solution’s lease of 298,000 SF at 11524 Wilmar Blvd. in the South submarket and Reagent Holdings’ lease of 57,500 SF at Wilkinson Commerce Center in the Airport/West submarket. Other leases of note was Walmart’s lease of 184,266 SF at Concord Airport Business Park in the Cabarrus County submarket.
|Q3 2019 Charlotte Industrial Market||Warehouse||Flex|
|# of Existing Buildings||3,071||708|
|Total Inventory SF||201,092,393 SF||25,539,323 SF|
|Absorption SF||1,964,853 SF||(171,115) SF|
|New Construction||3,038,443 SF||-|
|Under Construction||4,984,616 SF||114,000 SF|
|Asking Rents||$5.04 PSF||$11.69 PSF|