Q3 Review: Charlotte Industrial
On pace to surpass leasing activity of previous years, Charlotte submarkets attracted large tenants in Q3.
October 16, 2019
- On pace to surpass leasing activity of previous years, Charlotte submarkets attracted large tenants in Q3. MSS Solutions leased 298,000 s.f., FedEx leased 113,000 s.f., and CBDMD leased 80,000 s.f., all in Westinghouse. Other activity came from Charlotte’s Northern Counties by companies like Masco Retail Sales Support, Hitachi America, and Kathon Enterprises.
- Construction activity remains active as developers continue to scour the market for land to build warehouses, led by 1.6M s.f. under construction in Westinghouse and 607,785 s.f. in South Carolina. Development is accelerating in the close-in Airport submarket. The submarket’s 1.0M s.f. of construction is driven by highway and intermodal rail access.
- Charlotte’s industrial expansion is rooted in the market’s advantageous location and labor pool. Charlotte has a population of more than 30M people within a five hour drive. The Charlotte metro area also boasts a workforce of 100,000 professionals in warehouse related occupations, which is expected to grow by 3.2% annually (double the national average).
- As projects deliver, leasing activity is expected to increase even more as tenants are drawn to Charlotte’s Industrial market following the announcements of notable companies like Empire Distributors and Carvana.
Source: JLL Research