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Charlotte, NC

Apartment
Charlotte’s 119,670-unit apartment market saw a decrease in vacancy in the first quarter of 2017. After finishing the fourth quarter of 2016 at 5.6%, the rate fell 30 basis points to 5.3%. The rate is up 50 basis points from one year earlier. April data show a rate of 5.0%. Reis reports first quarter average asking and effective rents of $1,010 and $928 per month, down 0.3% and 0.1% over the quarter, and up 2.9% and 3.1% over 12 months. The last two years have seen annual rent gains over 4.0%, so the first quarter’s dip is something of a surprise. Overall rents rose by 0.8% asking and 1.1% effective in April. VIEW APARTMENT LISTINGS >
Industrial
Occupancy improved slightly in Charlotte’s 107-million-square-foot warehouse/distribution market. The first quarter’s 10.7% rate was down 30 basis points from the fourth quarter of 2016 and down 50 over the year. The rate was 10.5% in April. Reis reports first quarter asking and effective rents of $4.30 psf and $3.84 psf, up 0.5% and 0.8% over the quarter, and up 2.4% and 2.7% over 12 months. April data show a 0.5% gain for asking rents and a 0.3% gain for effective rents. The Charlotte Flex/R&D market finished the first quarter of 2017 with a vacancy rate of 12.5%, down 50 basis points from the prior quarter and down 190 basis points over 12 months. Asking and effective rents increased by 0.5% in the first quarter to $7.69 psf and $6.63 psf. These rates were up 2.4% and 2.6% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
The 44-million-square-foot Charlotte area general purpose, multi-tenant office market finished the first quarter of 2017 with a vacancy rate of 15.1%, up 10 basis points from the prior quarter and down 60 from one year earlier. April data from Reis show an increase to 15.7%. Reis reports first quarter average asking and effective rents of $23.74 psf and $19.59 psf, up 1.0% each over the quarter, and up 2.8% and 3.0%, respectively, over 12 months. Rents increased by 0.5% asking and effective in April. VIEW OFFICE LISTINGS >
Retail
Charlotte’s 23.3-million-square-foot community-neighborhood shopping center market finished the first quarter of 2017 with an 8.6% vacancy rate, down 10 basis points from the prior quarter and down 50 basis points from 12 months earlier. April data show an 8.5% vacancy rate for community and neighborhood centers combined. For Charlotte’s community and neighborhood centers, Reis reports a first quarter 2017 average asking rent of $18.71 psf and an average effective rent of $16.42 psf, down 0.3% and 0.1% over the year and down 0.1% for the quarter. April data show a 0.4% increase for both categories, an encouraging development. Asking and effective rent gains were low at 0.4% and 0.6% in 2016. VIEW RETAIL LISTINGS >

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Source: Data provided by Reis, inc.

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