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Market Report

Charlotte Retail Market Report

2019 Outlook

Grocery Stores and Fitness Centers Drive Retail Demand; Transit-Oriented Assets Lure New Investors

Steady employment growth fuels demand for Charlotte retail.
More than 280,000 jobs have been created since 2010 as the metro has been a hub of corporate relocations and expansions. Recent announcements were made by Honeywell and LendingTree, which combined will add close to 1,000 positions over the next few years. The increase in employment opportunities is attracting new residents and nearly 50,000 additional people are expected to call the region home in 2019. The market ranks among the top 10 nationally in terms of percentage of growth, generating demand for goods and services. Grocery stores and fitness centers have been large occupiers of space in recent years and this trend will continue in 2019, with Harris Teeter among the grocers adding locations. The largest development due this year is Riverbend Village in Northwest Charlotte at 200,000 square feet. The mixed-use project will also house the headquarters of Corning Optical Communications and 370 residential units in 2019, with a hotel and additional office space due next year. Metrowide, the vacancy rate will remain below 5 percent for a third consecutive year, inching the average asking rent higher.

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