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Market Report

Charlotte Industrial Market Report

Midyear 2023

Logistics Operations Target Southwestern Beltway;
Supply Wave Returns Vacancy to Historical Norms

South Charlotte observes widespread built-to-suit development. Southern Mecklenburg County has been a magnet for warehouse and logistics development as of late, with a 6.1 percent stock expansion expected here in 2023. While dramatic, this supply transformation is anticipated to have little impact on the local vacancy rate, as more than 90 percent of space underway in the submarket was accounted for as of late June. A one-million-square-foot Amazon distribution center slated for a July opening exemplifies construction trends in the area. Developers favor parcels proximate to the intersection of the Interstate 485 Beltway and Interstate 77, the latter of which connects the metro to the ports of Charleston and Savannah. These gateways have received notable upgrades to throughput capacity in recent years, enhancing the importance of corridors between these nodes and Sun Belt consumer hubs. 
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