2023 Q1 Charlotte Industrial Market Report

Industrial vacancy remained fairly flat and rent growth has slowed, indicating a degree of balance being restored to the Charlotte industrial market. Over 7 million square feet of new industrial product delivered over the last 12 months, combined with an additional 22 million square feet of product planned or under construction is expected to raise vacancy and continue to slow rate escalations over the next 9 months. Despite the easing of some supply side pressures, the Charlotte industrial market continues to experience robust demand and will remain a challenging environment for occupiers as they battle a historically high rate environment and landlords with strong negotiating leverage.