Industrial Submarket Reports

Q1 2022

OVERVIEW

20 million square feet of industrial product make up the Union County submarket, which is comparatively larger than national avg’s. Well over half (60%) of this 20 million square feet is categorized logistics facilities. Specialized manufacturing and flex space then comprise the balance of inventory in Union County.

DATA, TRENDS AND CONSIDERATIONS

Vacancies (1%) essentially do not exist, and unfortunately for users, nor does a development pipeline which would even modestly sway this atypical supply demand dynamic. This, of course, has netted significant rental rate growth in Union County. Which at 10% in 2021, doubles national avg’s. amongst one of the healthiest runs in industrial RE history. However, this is simply a backdrop to ultimate rental rates only slightly above the Charlotte metro average. Union County Capital markets activity was healthy in 2021 and investors, landlords and tenants alike will monitor the delivery of new spec, build to suit and owner-occupied developments.