A Pennsylvania-based developer has broken ground on a speculative industrial building in Pineville, as Charlotte’s market for industrial space remains tight.
Gateway Distribution Center, on Rodney Street just off East Westinghouse Boulevard, has one fully leased building on the site already. Gateway Distribution Center II will be 110,000 square feet, and Exeter Property Group expects it to be ready for occupancy in October.
Two Colliers International executives, Lawrence Shaw and Rob Speir, are in charge of leasing the new building.
“With vacancy decreasing, the need for quality industrial space continues to rise. We have seen a demand for Class A distribution space increase,” Speir said in a statement.
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Charlotte’s industrial market has been tight since the end of the recession. The industrial vacancy rate for warehouse space was 5.9 percent in Charlotte in the fourth quarter, according to research firm Karnes, down from 14.4 percent in 2010. That’s lower than both apartment and office vacancy rates.