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2019 Q4 Industrial Charlotte Report

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The Charlotte industrial market continues to build momentum as new construction forges ahead and we expect to see absorption to rise as we move into Q1 2020.

Key Takeaways

  • Ground up construction hit a fever pitch in Q4 2019 as new product continues to be delivered at a record pace in the Charlotte Region.
  • The Charlotte market ended Q4 2019 with 1,030,834 SF absorbed, while year to date absorption totaled over 3.5 Million square feet. Overall vacancy rate for Q4 2019 hovered around 6.60%.
  • Top industrial leases during Q4 2019 included Pactiv’s lease of 441,444 SF at RiverOaks Corporate Center in the Iredell County Submarket and Reynolds’ lease of 360,000 SF at Afton Ridge in the Cabarrus County Submarket. Other leases to note include BestCo’s build to suit lease of 233,000 SF at Mooresville Business Park East in the Iredell County Submarket, and DIRTT Environmental Solutions build to suit lease of 129,600 SF at LegacyPark East in the York County Submarket.

Summary Statistics

Q4 2019 Charlotte Industrial Market Warehouse Flex
# of Existing Buildings 3,082 714
Total Inventory SF 201,627,697 SF 25,701,539 SF
Vacancy Rate 6.60% 6.60%
Absorption SF 1,211,691 SF (180,857) SF
New Construction 5,164,242 SF 12,000 SF
Under Construction 6,874,065 SF 206,100 SF
 Asking Rents $5.08 PSF $11.69 PSF

Q4 2019 Industrial

2019 Q4 Industrial Charlotte Report

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Related Experts

Greg Copps

Managing Director

Charlotte

Mr. Copps specializes in industrial lease/sale transactions and investment sales.  He has over 30 years of real estate experience with extensive experience in dispositions, development services, land sales, investment sales, build-to-suits and tenant representation. Mr. Copps continues to rank in the top five industrial producers year after year for the Charlotte Metropolitan Area.

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