In Q1 2025, the Charlotte industrial market recorded a vacancy rate of 11.8%, the highest level in five years and a 350-basis-point (bps) increase year over year. This rise corresponds with sustained levels of new supply. Over the past four quarters, more than 14.0 million square feet (msf) of industrial product has delivered to the Charlotte MSA. An additional 11.3 msf remains under construction, with expected completions over the next 24 months. The majority of recent and upcoming deliveries are speculative and not pre-leased, contributing to rising vacancy. Despite the increased availability, asking rents have shown relative stability, averaging $7.66 per square foot (psf) in Q1 2025, down slightly from $7.72 psf in Q4 2024. These figures suggest that rising supply may be exerting modest downward pressure on rents, even as the market continues to absorb new product.