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Market Report

Charlotte Retail Market Report

2024 Investment Forecast

The Queen City Maintains a High Level of In-Migration,
Prompting Investment in Growing Areas

Favorable supply and population dynamics support low vacancy in 2024. Charlotte will welcome 30,000 new residents in 2024, placing it among the top 10 major U.S. markets for net in-migration for a fourth straight year. Robust residential growth has instilled retailers with confidence that relocations will continue to drive up retail sales, prompting tenant expansions. Move-ins this year by grocers and home goods stores like Publix, Ashley and HomeSense exemplify this trend. Additional retailers intent on taking up larger floor plans will find few options among this year’s delivery slate, which is largely comprised of sub-30,000-square-foot projects. Multi-tenant vacancy will hold below 5 percent as a result, while single-tenant vacancy is likely to rank among the lowest in the country. Together, these fundamentals will enable Charlotte to record historically low overall vacancy this year.
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