Charlotte Office Market Report
Annual full-service class rental rates remain elevated but have decreased slightly from the record high reported last quarter to $34.00/SF, a 0.9% decrease quarter-over-quarter. Occupancy declined, leading to a year-over-year increase in overall vacancy rates by 330 basis points to a record high of 26.8%. The under-construction pipeline continued its six-quarter decline from the recent peak of 2.1 MSF recorded in the first quarter of 2023 and ended the third quarter of 2024 with 252,643 SF currently in progress. Total leasing activity closed the quarter at 1.1 MSF, slightly above the 16-year third-quarter average of 1.0 MSF.
Download Charlotte Office Market Report 3Q24