Charlotte 2020: new decade, continued industrial growth
Constant tenant activity in Q4 2019 causes net absorption to remain steady.
January 15, 2020
- Constant tenant activity in Q4 2019 causes net absorption to remain steady. Among all leases signed during Q4, 26% were with companies that were new to the market, 30% were relocations, and 44% were renewals in place. The Westinghouse submarket was the most active region with more than 740,000 sf leased. Campbell Soup moved into their 525,000 sf facility, West Logistics expanded into 217,000 sf and Averitt Express leased 122,000 sf in the Westinghouse submarket.
- Development pushes further into exurban submarkets to the South, West, and East. Nearly 3.5m sf of prime industrial space came online in 2019, further shaping Charlotte into a major warehousing and distribution hub in the Southeast.
- Industrial absorption is driving job creation across the Charlotte region. During 2019 the logistics industry created 109,000 jobs while the manufacturing industry created 70,000 jobs. High levels of absorption will continue as vacancy stays low, and asking rents rise.
Source: JLL Research