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Market Report

Charlotte Industrial Market Report

2024 Investment Forecast

Leasing from Notable Firms Keeps Vacancy Below
Historical Norms, Despite a Recent Supply Influx

Companies focus on space in outer suburbs. Vacancy in Charlotte will stay slightly above the national level. More than 59 million square feet of space was added here between 2014 and 2023, contributing to this upward pressure. This year, more than 1.3 million square feet opening in Huntersville could continue to elevate near-term vacancy in North Charlotte, the metro’s largest submarket by inventory. Still, total occupied stock in Charlotte will reach a record high this year, and vacancy will be 30 basis points below the trailing 10-year average. Move-ins by companies like Home Depot, Liquid Death, Grainger and DHL Supply Chain will help offset some of the impact from elevated supply additions over the last decade. Space in outer areas like York, Rowan and Union counties will likely continue to be sought after this year as companies seek distribution and warehouse properties along Interstates 77 and 85. These roadways link Charlotte to other major metros, like Cleveland and Richmond.
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