The city has over 17 million sf of multi-tenant distributionspace, nearly 700,000 of which was completed in the second quarter.However, the vacancy rate still compares favorably with the ratefor 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 leased486,769 sf by the end of June. Johnson believes one million sf ormore can be absorbed by the end of the year.
New construction responsible for the rise in vacancy ratesinclude Higgins Development Partners' 177,600-sf Nations WestBuilding 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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