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Regional Summaries

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Charlotte, NC

Apartment
The Charlotte apartment market saw vacancy rise 10 basis points in the first quarter to 5.8%. The rate was 60 basis points lower 12 months ago. The average asking and effective rents, at $1,145 and 1,064 per month, were up 0.8% and 1.0% for the quarter. Annual gains were large at 6.3% and 6.5%. This market completed over 6,000 units in 2018, and net absorption was also aggressive, so multifamily here is strong. VIEW APARTMENT LISTINGS >
Industrial
Charlotte's 112,943,000-square-foot warehouse/distribution market finished the first quarter of 2019 with a 10.2% vacancy rate. The rate is up 10 basis points from the prior quarter and unchanged over 12 months. Vacancy did not range far from the 10.0% mark for 2018. Average asking and effective rents, at $4.69 psf and $4.21 psf, are up 0.4% and 0.5% for the quarter, and up 2.6% and 2.9%, respectively, for the year. Flex/R&D vacancy, at 9.8%, was up 30 basis points over the quarter and 20 basis points over the year. Average asking and effective were reported at $8.30 psf and $7.27 psf, up 1.0% and 0.7% for the quarter, and up 2.0% and 2.7%, respectively, over the year. VIEW INDUSTRIAL LISTINGS >
Office
The 46.8-million-square-foot general purpose, multi-tenant office market continues to post vacancy well into the double digits in Charlotte. Vacancy finished the first quarter of 2019 at 16.4%, unchanged from the prior quarter and up 50 basis points over 12 months. The average asking and effective rents are reported at $25.66 psf and $21.12 psf, up 0.7% and 1.0% over the quarter, and up 2.7% and 3.0%, respectively, over the year. VIEW OFFICE LISTINGS >
Retail
The Charlotte community/neighborhood center space opened 2019 with some tough numbers. Construction was slow, but net absorption was negative 2,000 square feet in the first quarter, after 175,000 square feet of negative demand for 2018. Vacancy, at 9.7%, was unchanged over the quarter and up 50 basis points over 12 months. The average asking and effective rents were $19,34 psf and $17.00 psf, down 0.1% and unchanged, respectively, over the quarter. These rates were up 1.7% over the year. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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