Charlotte Office Market Report
Annual full-service rental rates inched 1.9% higher on a yearly basis to $33.99/SF but remain below the record high reached during the second quarter of 2024. Occupancy declined, pushing overall vacancy rates up by 280 basis points year over year to a record high of 28.3%. The under-construction pipeline inched higher for the first time since the fourth quarter of 2022 to 247,977 SF of office space currently in progress. However, under-construction activity remains significantly below the peak of 2.1 MSF recorded in the first quarter of 2023. Total leasing activity closed the quarter at 780,958 SF, falling short of the 16-year fourth-quarter average of 1.1 MSF.
Download Charlotte Office Market Report 4Q24