Charlotte office market reports

2022 Q3 highlights and trends

The Charlotte office sector is holding steady as overall leasing activity and investor demand continued to accelerate through the second quarter. The increasingly diverse range of industries that make up Charlotte’s office market are staying in town, even as asking rents are on the rise. Net positive absorption in Q3 is a good indicator that employees are heading back to the office, whether in a full time or hybrid setting, while vacancies have flattened out after a sizeable increase in inventory in 2021.
4.2 MSF

Under development

At the end of the third quarter, Charlotte had 4.2 msf of office product under development, of which 74% is preleased. Second quarter deliveries added only 355k sf to inventory, with an additional 2.6 msf expected to complete by year-end.
3 MSF

Leasing activity

In the last 12 months, office leasing activity totaled 3 msf, up 10% year-over-year. Charlotte’s suburban submarkets account for most of the total positive absorption in the third quarter, indicating office demand for the city’s neighborhoods.
$34.21

Direct asking rent

Interest rate hikes and a steady influx of office demand are commanding record-high asking rents in Charlotte. Class A asking rates remain elevated, reaching up to $42 psf in the third quarter.
10 MSF

Availability

Charlotte’s total volume of Class A available square feet at the end of the third quarter, up 10% year-over-year.
14.6%

Vacancy

We’re seeing vacancy rates level out as the return-to-work continues to trend upwards. However, vacancy is projected to tick upwards again with the anticipation of an additional 2.6 msf that is expected to deliver by year end.
$676M

Investment sales

The average price per sf for office space in Charlotte has risen to $406, up $42/sf from last quarter. Third quarter office investment sales volume totaled $405m, bringing the trailing twelve-month total to $2B in sales.
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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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