Market development moving full steam ahead
With over 3 million square feet under development in Charlotte’s CBD, 56% of new space is already preleased.
January 22, 2020
- With over 3 million square feet under development in Charlotte’s CBD, 56% of new space is already preleased. New construction remains active in Charlotte’s CBD and prime suburban submarkets. Vantage South End, Ally Charlotte Center, FNB Tower, and Legacy Union II and III will deliver nearly 2 million square feet of new space by 2022 with minimal vacancy. In addition to this, multiple proposed projects hint at a coming wave of suburban development in a placemaking attempt to attract tenants with high-class amenities and livability.
- Industrial development in 2019 reached levels previously unseen in the Charlotte market. 2017, 2018, and 2019 all set records for industrial development. Of the 10.2m sf of industrial development across the region the Eastern Counties submarket led with 2.7m sf, followed by the South Carolina submarket with 1.3m sf, and the Airport submarket with 1.2m sf. Development is following two tracks. In the Eastern Counties and South Carolina submarkets, industrial development is composed of larger footprints pushing further away from Central Charlotte chasing large land tracts. Airport submarket development is composed of more compact developments where airport and multi-modal rail access is a necessity.
Source: JLL Research