Southeast Industrial Labor Report_Q1 2024

CHARLOTTE, NC

ABSORPTION, NEW SUPPLY, & VACANCY RATES

10 12 14 16 18

7%

6%

MSF

5%

4%

0 2 4 6 8

3%

ABSORPTION, NEW SUPPLY & VACANCY RATES

2%

Overall Net Absorption Construction Completions Overall Vacancy Rate

1%

0%

2018

2019

2020

2021

2022

2023

DEMOGRAPHICS

Population

3,075,467

Projected Population Change (5-Year)

7.2%

Working Age Population (Ages 18-64)

1,914,053

• A record delivery total (16.5 msf) in 2023 pushed the vacancy rate higher by 200 bps to 4.5% at year-end. Despite this, demand for industrial space remained strong with 9.1 msf of direct absorption and 8.2 msf of new leasing activity recorded throughout the year. • Charlotte’s superior access to interstates I-77 and I-85 along with a strong industrial labor force helped drive new construction and demand activity in 2023. A new emphasis was placed on electric vehicle related users due to the region’s proximity to lithium mining in Gaston and Cleveland County. • With a projected population increase of 7.2% by 2028 and employment projections in both industrial occupations far exceeding the national rate, Charlotte is poised for continued industrial growth

Labor Force

1,644,700

Median Household Income

$69,498

Educational Attainment: % of Total Pop. Age 25+ with High School to Associates Degree

45.1%

Target Blue Collar Demographic Volume

323,524

Target Blue Collar Demographic Concentration

1.0

MATERIAL MOVING OCCUPATIONS

PRODUCTION OCCUPATIONS

INDUSTRIAL LABOR

2024 Employment Volume

55,045

116,365

Worker Concentration

1.1

1.4

Projected 5-Year Employment Growth

6.5%

3.0%

Average Wages

$22.01

$22.26

Source: Cushman & Wakefield Research, Economic Research Institute, Experian

Wage Index

103

101

Demographics include Charlotte-Concord-Gastonia Metro, Shelby Micro, Albermarle Micro, and Catawba County

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Cushman & Wakefield | Southeast Industrial Labor Report