X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHARLOTTE-The countywide multi-tenant warehouse vacancy rate has leveled off. Tenants occupied almost 486,000 sf of new space during the third quarter compared with over 411,000 sf in the second quarter.

With seven warehouses totaling over one million sf under construction, the current 10% vacancy rate could increase to the 12% range by the end of the year, according to Karnes Research Co.’s newest market study.

Another researcher, Real Estate Research Corp., notes strong demand from telecom and Internet firms for distribution space. For example, Muzak has a new high-tech headquarters in a 100,000-sf warehouse in Lakemont Business Park in York County, SC. Britax Child Safety Inc. plans to lease a 123,00-sf manufacturing/office building in South Point Business Park at NC 49 and Carowinds Boulevard. Arizona-based Encore Products moved into 80,000 sf of renovated warehouse space on North Tryon Street.

The researchers feel the 10 to 12% vacancy rate in the warehouse market is not alarming since this percentage is considered healthy and indicates there is room in the market for expansion and relocation. The vacancy rate for office/warehouse flex space declined for the third straight quarter to almost 10%. It soared to 15% in fourth quarter 1999.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.