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Regional Summaries

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Charlotte, NC

Apartment
Charlotte’s 124,029-unit apartment market saw an increase in vacancy in the third quarter of 2017. After finishing the second quarter at 5.2%, the third quarter followed with 5.6%, up 40 basis points for the quarter and up 50 over 12 months. The rate ticked up in October. Reis reports third quarter average asking and effective rents of $1,058 and $978 per month, up 2.1% and 1.8% over the quarter, and up 4.5% and 5.4% over 12 months. Both rent categories posted gains in October. VIEW APARTMENT LISTINGS >
Industrial
Occupancy is stable in Charlotte’s 108.9-million-square-foot warehouse/distribution market. The third quarter of 2017’s 9.7% vacancy rate was unchanged from the second quarter and up 10 basis points from the first. The rate is down 60 basis points year-over-year. Reis reports third quarter asking and effective rents of $4.43 psf and $3.96 psf, up 1.1% and 1.3% over the quarter, and up 3.7% and 3.9% over 12 months. October data show slight asking rents and effective rent gains. The Charlotte Flex/R&D market finished the third quarter of 2017 with a vacancy rate of 10.0%, down 70 basis points from the prior quarter and down 200 basis points over 12 months. Asking and effective rents increased by 0.8% and 1.0% in the third quarter to $7.89 psf and $6.83 psf. These rates were up 3.1% and 3.6% over 12 months. VIEW INDUSTRIAL LISTINGS >
Office
The 46.3-million-square-foot Charlotte area general purpose, multi-tenant office market finished the third quarter of 2017 with a vacancy rate of 17.2%, up 10 basis points from the prior quarter and up 120 from one year earlier. October data from Reis show no change. Reis reports third quarter average asking and effective rents of $24.28 psf and $20.03 psf, up 1.0% and 1.1% over the quarter, and up 3.9% and 4.1% over 12 months. Rents increased slightly in October. VIEW OFFICE LISTINGS >
Retail
Charlotte’s 23.5-million-square-foot community-neighborhood shopping center market finished the third quarter of 2017 with a 9.3% vacancy rate, up 40 basis points from the prior quarter and up 30 basis points from 12 months earlier. October data show a slight decline for community-neighborhood center vacancy. For Charlotte’s community-neighborhood centers, Reis reports a third quarter 2017 average asking rent of $18.91 psf and an average effective rent of $16.60 psf, up 0.1% over the quarter, and up 0.9% and 1.0% for the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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