Charlotte records significant industrial deliveries
In Q4 2024, the Charlotte industrial market experienced substantial growth, with deliveries adding 4.9 million square feet (msf) to the market. Total deliveries for 2024 reached 13.2 msf, demonstrating the market's dynamic development cycle. Notable projects included the Axial Rapid Commerce at 500 Rhyne Road, totaling 449,072 square feet (sf), and Northcross Center Phase II, totaling 254,000 sf. This peak in deliveries reflects developers’ confidence, which has remained strong post-pandemic. Despite the increase in supply, net absorption improved significantly, rising by 1.5 msf compared to Q4 2023. This positive trend signals that the market is effectively balancing the influx of new space as industrial businesses expand their footprints and absorb surplus inventory. However, sustained higher absorption will be critical to reducing vacancy rates and maintaining long-term market health.