Market Trends
- Vacancy continues to decline as quarterly leasing activity almost doubled year-over-year. With demand for larger spaces and company relocations, pre-leasing activity has trended upward across the market.
- Deal terms prove to be favorable for landlords with average overall asking rates rising to $4.60, which can be substantially higher for new Class A buildings.
- Construction has reached a record high of 14.4 million square feet, even with increasing material and manufacturing operating costs. Developers continue to seek land opportunities in Charlotte’s outer corridors to satisfy the growing demand for industrial space.