Which local county is now the top submarket for industrial spec space, deliveries?
Cabarrus County has emerged as the top submarket in the Charlotte region for industrial speculative construction as well as new deliveries.
That's according to a recent report by the local office of Avison Young, which says 2.4 million square feet of new construction is underway, accounting for about 30% of the market right now — approximately 6.4% of that is preleased. About half of new construction projects there are also being funded by equity from outside the local market, speaking to the submarket's strength and desirability.
"Once the remaining spaces are occupied in Beacon (Partners') Metrolina Park, tenants looking for modern space will be driven to the Cabarrus submarket, thus bolstering their absorption forecast for 2019," the report says. "The meager go-forward pipeline will limit growth in the submarket while potentially driving up rates."Continue Reading