Industrial is Booming…and Why it Matters to Everyone
Submitted by Kim Marks, Progressive AE
During our CREW Charlotte April virtual lunch on April 20th, we heard from representatives focused on our local Industrial market that Charlotte’s secret was out. With our proximity to multiple expressways, healthy population growth, and workforce training initiatives, we are prime for manufacturing companies looking to relocate or expand. Our local representatives included Sloan Kormelink, Edifice; Anne Johnson, CBRE; Massie Flippin, Trinity; and Dianne Jones, Maxis Advisors.
The type of industrial building is changing particularly for large e-commerce companies that are focusing on our area. The wish list continues to evolve, from super flat floors and thicker floor slabs, 40’ or more clearance height to extra power requirements. One of the more aggressive changes is the amount of square footage Clients are looking for which is now 600,000 square feet or more. This is hard to find in an existing building footprint. E-commerce has put as much importance on the exterior of a facility requiring parking for cars and vans, charging stations, as well as access to the highway, and proximity to the population.
They spoke briefly about incentives and how NC stacks up against our neighbors, specifically South Carolina. When you are in the heat of the competition it seems like a valley between the two offers but when you boil it down, they come in very close to each other. One of the biggest differences is that SC can provide cash on the front side and NC has a larger talent pool to draw from.
So, what’s next on the industrial horizon, you might be asking. Our panelists had a lot to say on this front! It was suggested that we should be on the lookout for 3rd party logistic companies, increased technology requirements, more employee amenities, higher rent rates, and new developments continuing to move up 1-85 North and 1-77 North.