Intelligence

Regional Summaries

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Charlotte, NC

Apartment
Charlotte’s 112,425-unit apartment market saw a decrease in vacancy as 2015 ended. After finishing 2014 at 5.4%, the rate finished 2015 at 4.7%. The rate fell 10 basis points in January 2016. Reis reports average asking and effective rents of $970 and $883 per month, up 1.5% and 1.6% over the quarter and up 5.9% each over 12 months. Though down slightly from the third quarter, these are strong quarterly gains just the same. Over 12 months, these rates are up 5.6% and 5.7%, respectively. January data show 0.5% and 0.4% asking rent and effective rent gains. VIEW APARTMENT LISTINGS >
Industrial
With nearly 1.8 million square feet of new supply in 2015, the vacancy rate increased last year in Charlotte’s 106.4-million-square-foot warehouse/distribution market. The 11.2% fourth quarter vacancy rate was unchanged from the prior quarter, but up 50 basis points over the year. January data show a rate of 11.4%. Reis reports fourth quarter asking and effective rents of $4.18 psf and $3.72 psf. These rates are both up 0.5% over the quarter and up 1.5% and 1.6%, respectively, over 12 months. January data show 0.2% and 0.3% asking and effective rent increases. The Charlotte Flex/R&D market finished the fourth quarter of 2015 with a vacancy rate of 14.9%, down 20 basis points from the prior quarter and down 170 over 12 months. Asking and effective rents increased by 0.5% and 0.6% in the fourth quarter to $7.48 psf and $6.44 psf. These rates were up 1.4% and 1.7% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
The 44-million-square-foot Charlotte area general purpose, multi-tenant office market finished the fourth quarter of 2015 with a vacancy rate of 16.4%, down 30 basis points from the prior quarter and down 50 from one year earlier. January data from Reis show a decline of 10 basis points. Reis reports fourth quarter average asking and effective rents of $22.96 psf and $18.89 psf, up 1.0% and 1.1% for the quarter and up 3.1% and 3.2%, respectively, for the year. January data show 0.2% gains for both categories. VIEW OFFICE LISTINGS >
Retail
Charlotte’s 23-million-square-foot community-neighborhood shopping center market finished the fourth quarter of 2015 with a 9.8% vacancy rate, down 10 basis points from the prior quarter and down 30 basis points from 12 months earlier. January data show a 9.7% vacancy rate. For Charlotte’s community-neighborhood centers, Reis reports a fourth quarter 2015 average asking rent of $18.66 psf and an average effective rent of $16.34 psf, down 0.1% and unchanged for the quarter, but up 0.9% and 1.1% for the year. January data show a gain of 0.2% for asking and effective rents. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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