The city has over 17 million sf of multi-tenant distribution space, nearly 700,000 of which was completed in the second quarter. However, the vacancy rate still compares favorably with the rate for the same period last year when it was 11.17%.
Anne Johnson, senior vice president at Commercial Carolina, predicts the space will be absorbed quickly. The market had leased 486,769 sf by the end of June. Johnson believes one million sf or more can be absorbed by the end of the year.
New construction responsible for the rise in vacancy rates include Higgins Development Partners' 177,600-sf Nations West Building Two; Childress Klein Properties' 160,000-sf Brookwood XII; Trammell Crow's 152,190-sf Crossroads Building Three; and Prologis' Charlotte Distribution Center X and XI, 84,000 and 94,000 sf, respectively.
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