Charlotte industrial real estate market reports
3Q 2024 highlights and trends
The Charlotte industrial market continued to move in a positive direction in the third quarter, with a second consecutive quarter of positive absorption coupled with an increase in leasing from Q2. The price per buildable sf of land remains elevated in Mecklenburg County, while significantly cheaper in outer-lying counties. Direct vacancy has climbed to 7.5%, the highest rate since 2014, as inventory growth continues from projects breaking ground over the last few years. New ground breakings are trending towards smaller builds, with over half falling under 200k sf.
$25.81
Price per buildable sf in Mecklenburg County
The average price per buildable sf for land in Mecklenburg County is $25.31 since 2023. In other counties of the Charlotte market, the average is under $7 per buildable sf.
7.5%
Direct vacancy in 2024
Direct vacancy in Charlotte is 7.5%. This is the highest rate since 2014 and can be attributed to large influxes of inventory to submarkets such as Gaston County.
52.7%
New constructions under 200k sf
New ground breakings are majority under 200k sf. Higher demand for local and regional operations are resulting in leases under 100k sf.
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