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Charlotte, NC

Apartment
Charlotte’s 118,764-unit apartment market saw an increase in vacancy in the fourth quarter of 2016. After finishing the third quarter at 5.4%, the rate rose 50 basis points to 5.9%. The rate was up 160 basis points from one year earlier. January 2017 data, however, show a decrease of 20 basis points. Reis reports fourth quarter average asking and effective rents of $1,016 and $921 per month, up 0.4% and 0.5% over the quarter, and up 4.6% and 4.3% over 12 months. Rents fell by 0.3% asking and 0.2% effective in January 2017. VIEW APARTMENT LISTINGS >
Industrial
Occupancy remained steady in Charlotte’s 107-million-square-foot warehouse/distribution market. The rate was unchanged in the fourth quarter of 2016, at 11.2%, from the third quarter and unchanged over the year. The rate was 10.8% in January 2017. Reis reports fourth quarter asking and effective rents of $4.28 psf and $3.81 psf, up 0.9% and 0.8% over the quarter, and both up 2.4% over 12 months. January data show a 0.2% gain for asking rents and a 0.3% gain for effective rents. The Charlotte Flex/R&D market finished the fourth quarter of 2016 with a vacancy rate of 13.0%, unchanged from the prior quarter and down 190 basis points over 12 months. Asking and effective rents increased by 0.7% and 0.8% in the fourth quarter to $7.65 psf and $6.60 psf. These rates were up 2.3% and 2.5% over 12 months. January 2017 saw a 60-basis-points drop in the vacancy rate to 12.4%, and average and effective rents edged up 0.1% and 0.2%, respectively. VIEW INDUSTRIAL LISTINGS >
Office
The 44-million-square-foot Charlotte area general purpose, multi-tenant office market finished the fourth quarter of 2016 with a vacancy rate of 15.0%, down 50 basis points from the prior quarter and down 140 from one year earlier. January 2017 data from Reis show an increase of 10 basis points. Reis reports fourth quarter average asking and effective rents of $23.52 psf and $19.40 psf, up 0.6% each over the quarter, and up 2.4% and 2.6%, respectively, over 12 months. Rents increased by 0.3% asking and 0.2% effective in January 2017. VIEW OFFICE LISTINGS >
Retail
Charlotte’s 23.3-million-square-foot community-neighborhood shopping center market finished the fourth quarter of 2016 with an 8.7% vacancy rate, down 30 basis points from the prior quarter and down 70 basis points from 12 months earlier. January 2017 data show an 8.6% vacancy rate. For Charlotte’s community and neighborhood centers, Reis reports a fourth quarter 2016 average asking rent of $18.71 psf and an average effective rent of $16.41 psf, up 0.3% and 0.4% over the year but down slightly for the quarter alone. January 2017 data show no change. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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