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4/11/2005 |
Economic Development |
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Cleveland County Leads Region in Industrial Absorption |
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FOR IMMEDIATE RELEASE: April 11, 2005
KIRCO Annual Report Reveals Unmatched Industrial Success in Cleveland County
(Cleveland County, NC) – If a “Most Improved Player” award could be given to a county in the Charlotte Region for industrial recruitment, then Cleveland County would almost certainly be this year’s recipient. According to a study of the industrial market in the Charlotte Region, Cleveland County had the highest rate of improvement in absorption of industrial inventory. In layman’s terms, that means that Cleveland filled up more than 45% of the available industrial space from 2003 to 2004. No other county in the region comes close to that kind of improvement.
The report, completed by KIRCO of Charlotte, examines the vacancy and absorption rates and analyzes available industrial inventory from 2003 to 2004. Counties included in the report are: Burke, Caldwell, Cabarrus, Catawba, Cherokee, Chester, Chesterfield, Cleveland, Davidson, Gaston, Iredell, Lancaster, Lincoln, Rowan, Rutherford, Stanly, Union, and York.
In 2003, the report states that Cleveland County had a vacancy rate of 17.95%. That percentage shrunk to 8.13% in 2004. Available industrial inventory in 2003 was over 2.8 million square feet. By 2004, the available inventory was down to less than 1.3 million square feet. In addition, the county had absorption of 95,300 square feet in 2003 but more than 1.45 million square feet was absorbed in 2004.
As a whole, the vacancy rate of industrial space in the Charlotte Region increased slightly. In 2003, the region had a vacancy of 8.7% and in 2004 the rate increased to 10.13%.
The region still absorbed more space, which indicates an improvement in attracting industrial clients to the area. In 2003, the absorption rate for the region stood at 8.36 million square feet while it increased to 9.08 million square feet in 2004.
KIRCO is based in Troy, Michigan with a Southeastern Regional office in Charlotte. The company specializes in a variety of real estate services, and has planned and developed in excess of 11 million square feet of high-demand properties of enduring economic value for investors and corporate clients. KIRCO is a major developer of build-to-suit for sale or lease office, high tech and industrial buildings, retail centers, residential communities, and various institutional facilities.
For more on the KIRCO report, contact Stuart Gilbert or Scott Darnell at the Cleveland County Chamber at (704) 487-8521.
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