Charlotte Industrial Market 10.7% Vacant and Heading Higher

CHARLOTTE-There is nine million sf of vacant premises in this city’s 110.7 million-sf industrial space inventory and the vacancies are growing, according to a new study by CB Richard Ellis Inc.

The overall vacancy mark in fourth quarter 2001 was at 10.7%, up from 9.4% in the third quarter. Flex product (office and warehouse combination) is suffering the most at a 22.9% vacancy level. Next comes warehouse/distribution, 7.5% vacant, followed by manufacturing, 4.8%.

Sluggish local and national economic conditions contributed largely to the vacancies, the report indicates. Charlotte’s manufacturing sector lost 5,900 jobs from November 2000 to November 2001. The government employment sector grew by 3.8%; wholesale and retail by 3.2%. Unemployment rose from 4.7% in August 2001 to 5.3% in November.