York County Real Estate Round Up | Industrial Market
The York County industrial market has seen flood of new construction in recent years, primarily at Legacy Park, Lakemont and Riverwalk business parks, adding more than 3 million square feet of space since 2018.
The latest, Stateline Logistics Center, added an additional 104k square feet in July. With excess inventory, the county was poised to have a big year in 2020, however, economic uncertainties surrounding the pandemic stalled business decisions and demand has lagged construction. New supply caused the vacancy rate to spike up to 10.5% by the end of second quarter of this year.
Despite rising vacancies, York County continued to record rent growth at 4.7% in the past twelve months, aligning closely with the Charlotte region as a whole. The average rent is currently $6.02 per square foot per month and at a $0.28 discount to the region as a whole.