Charlotte’s office rent growth: Why are some submarkets much better than others?

– The Midtown/South End submarket has led the market in rent growth over the past five years, climbing an impressive 40.4%, driven largely by the delivery of more than 1.2 million square feet of new Trophy and Class A office space during that time.

– Over the past five years, Charlotte’s submarkets have recorded average rent growth of 14.7%, or roughly 2.9% annually.

– If current rent growth trends continue, Charlotte’s average office asking rate is projected to reach $40.78 per square foot by 2030, with several submarkets approaching $60 per square foot annually.