{"id":1004117853,"date":"2015-04-21T06:27:06","date_gmt":"2015-04-21T14:27:06","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004117853"},"modified":"2022-12-08T00:28:00","modified_gmt":"2022-12-08T08:28:00","slug":"market-snapshot-industrial-picks-up-in-charlotte","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/market-snapshot-industrial-picks-up-in-charlotte\/","title":{"rendered":"Market Snapshot: Industrial Picks Up in Charlotte"},"content":{"rendered":"<p><i>By Eliza Theiss, Associate Editor<\/i><\/p>\n<p>As Charlotte\u2019s employment base continues to expand, having ended 2014 with 15,000 new jobs and looking forward to 22,000 new jobs in 2015, the city\u2019s industrial market is feeling the positive effects. The booming population, increasing job base and growing economy are pushing retail sales up, which in turn is positively affecting the area\u2019s industrial market.<\/p>\n<div id=\"attachment_100411\" style=\"width: 241px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Vacant-Space-by-Class-Q4-2014.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004117857\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-industrial-picks-up-in-charlotte\/charlott-industrial-vacant-space-by-class-q4-2014\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Vacant-Space-by-Class-Q4-2014.png\" data-orig-size=\"289,300\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Charlott Industrial Vacant Space by Class  Q4 2014\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Vacant-Space-by-Class-Q4-2014.png?w=289\" loading=\"lazy\" class=\" wp-image-1004117857\" title=\"Charlotte Industrial Market - Vacant Space by Class - Q4 2014\" alt=\"Charlotte Industrial Market - Vacant Space by Class - Q4 2014\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Vacant-Space-by-Class-Q4-2014.png\" width=\"231\" height=\"240\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Charlotte Industrial Market &#8211; Vacant Space by Class &#8211; Q4 2014<\/p><\/div>\n<p>Charlotte\u2019s industrial market closed the fourth quarter of 2014 with 133,145,101 square feet of total market inventory. The overall vacancy rate stood at 5.82 percent, while warehouse space had a 5.03 percent vacancy rate, Colliers International data shows. On a year-over-year basis, vacancy was up 71 basis points, with total inventory up 42 basis points. The lowest vacancy rate was registered in the Central submarket, which ended Q4 with a 4.14 percent vacancy rate and a 140 basis point quarter-to-quarter positive absorption. The highest rate was registered in the Northwest submarket, where vacancy stood at 9.23 percent\u2014a complete turnaround compared to the previous quarter, when the Northwest submarket sported Charlotte\u2019s lowest industrial vacancy rate at 4.98 percent.<\/p>\n<p>The Northwest submarket also posted the lowest asking rental rate within Charlotte, clocking in at $3.71 per square foot. The Central submarket, Charlotte\u2019s smallest submarket in terms of stock, posted the highest rental rate at $7.34 per square foot. Charlotte\u2019s overall average rental rate at the end of Q4 of 2014 stood at $4.89 per square foot. This breaks down to a $4.21 per square foot average warehouse rent and $8.41 per square foot average flex space rent. Lease rates for Class A bulk buildings clocked in at $4.05 per square foot, while class B warehouses averaged out at $3.25 per square foot.<\/p>\n<div id=\"attachment_100411\" style=\"width: 250px\" class=\"wp-caption alignleft\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png\"><img decoding=\"async\" aria-describedby=\"caption-attachment-100411\" data-attachment-id=\"1004117856\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/market-snapshot-industrial-picks-up-in-charlotte\/charlott-industrial-deliveries-and-absorption-q4-2014\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png\" data-orig-size=\"394,274\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Charlott Industrial Deliveries and Absorption Q4 2014\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png?w=394\" loading=\"lazy\" class=\" wp-image-1004117856\" title=\"Charlotte Industrial Market - Deliveries and Absorption - Q4 2014\" alt=\"Charlotte Industrial Market - Deliveries and Absorption - Q4 2014\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png\" width=\"240\" height=\"166\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png 394w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/04\/Charlott-Industrial-Deliveries-and-Absorption-Q4-2014.png?resize=300,209 300w\" sizes=\"auto, (max-width: 240px) 100vw, 240px\" \/><\/a><p id=\"caption-attachment-100411\" class=\"wp-caption-text\">Charlotte Industrial Market &#8211; Deliveries and Absorption &#8211; Q4 2014<\/p><\/div>\n<p>Supply for available industrial space continued to tighten in Q4 2014. As a result, developers are racing to deliver speculative projects. According to Colliers International, over 2.4 million square feet of industrial speculative space were planned at the end of Q4, with five buildings under construction. Moreover, Class A space supply was outstripped by demand.<\/p>\n<p>As capital costs hit a record low in Q4 2014, cap rates continued to slide lower.\u00a0 Well positioned general purpose industrial buildings glided into the low 6 percent cap rates and lower, reaching $55 to $60 per square foot valuations. Q4 was marked by several notable sales, such as the $28 million sale of the 310,000-square-foot <a title=\"Trinity Capital Advisors Announced 300KSF Office Tower, Sells 313KSF Perimeter Woods Business Park\" href=\"https:\/\/www.commercialsearch.com\/news\/cities\/charlotte\/trinity-capital-advisors-announced-300ksf-office-tower-sells-313ksf-perimeter-woods-business-park\/1004105034.html\" target=\"_blank\" rel=\"noopener\">Perimeter Woods<\/a> asset that fetched $90.32 per square foot, which is the highest price registered in the area. The largest sale was marked by the $44.2 million disposition of the $680,000-square-foot Lakemont Portfolio.<\/p>\n<p>&nbsp;<\/p>\n<p><i>Charts courtesy of <a title=\"Colliers International\" href=\"https:\/\/content.colliers.com\/-\/media\/Files\/United States\/MARKETS\/North Carolina\/Charlotte\/Q4 2014 Industrial Market Report.pdf\" target=\"_blank\" rel=\"noopener\">Colliers International<\/a><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As Charlotte\u2019s employment base continues to expand, the city\u2019s industrial market is seeing the positive effects.<\/p>\n","protected":false},"author":757,"featured_media":1004117857,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[37301],"tags":[39417],"class_list":["post-1004117853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-charlotte"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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