Charlotte office market reports

4Q21 highlights and trends

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Charlotte office market conditions are showing positive recovery trends despite elevated vacancies across the market at year-end. Increased leasing and investment sales activity seen during 2021 have helped sustain asking rents. The market anticipates confident momentum heading into 2022. 

3.3%

Economic conditions

Unemployment in Charlotte is now at 3.3% percent, after recovering from a pandemic high of 13.0%.

3.9%

Recovery rate

The amount of growth the office workforce has seen February 2020. Professional and Business Services employment has seen the most growth, up 4.5%.

2.8 msf

Office demand

Office leasing activity totaled 2.8 msf in 2021, with a notable increase in demand in the second half of the year.

17.5%

Office supply

Developers remain active in the Charlotte with 2.9 msf currently under construction. Office vacancy increased by 510 bps year-over-year and is not only attributed to tenant retraction, but a record level of new product that delivered in 2021 (4.1 msf).

$31.42 psf

Pricing trends

Tightening leasing fundamentals have kept free rent concessions stable, but tenant improvement allowances have been more generous. New construction and recent delivery of Class A product continues to support rent growth.

$2.7B

Capital markets

Total office sales volume in 2021. Asset pricing is expected to remain solid based on increased economic momentum and strong investor confidence. Institutional investors continue to dominate, representing 45% of total buyer composition.

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Your source for the latest Charlotte office market reports

Get in-depth office market reports and insights from commercial real estate experts in the Greater Charlotte area. Avison Young advisors look at Charlotte commercial real estate activities and the latest Charlotte statistics to provide you expert market research on Charlotte's office properties.

Explore different topics like the latest office market pricing trends and analysis of Charlotte's current office real estate market conditions. Gain a better understanding of Charlotte’s office real estate outlook and stay ahead of current office space trends. Make smart decisions when it comes to investing in office properties in Charlotte's competitive office real estate market. Avison Young is your trusted source for commercial real estate office market insights in Charlotte.

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