Q1 2021 Charlotte Industrial Market Report
Charlotte Industrial Q1 2021 Market Overview
In Q1 2021, Charlotte's industrial market echoed other markets around the country with growth in e-commerce driving demand for bulk industrial space in the region. Speculative industrial development continues to keep up with strong demand, resulting in a slight uptick in vacancy from the previous quarter (6.5% to 6.9%).
483,000 SF of new construction was delivered in Q1 with an additional 10.8 million SF currently under construction. The demand continues to drive up rental rates with an average rate of $6.42, a year-over-year growth of 4%.