Charlotte office market reports

Q1 2023 highlights and trends

In the first quarter of 2023, the office real estate market in Charlotte experienced a productive leasing period driven by a surge in demand for flexible workspaces and tech-sector expansion. Capital markets took a sharp downturn, recording the slowest three-month stretch in two decades, however, this was to be expected given current market uncertainties The city's diversified economy and affordable cost of living attracted businesses, resulting in increased job openings and higher rental prices. Despite concerns of potential oversupply and work from home trends, the market demonstrated resilience, with new construction projects catering to the needs of an increasingly remote and hybrid workforce.

In-office job postings

2023 opened with a +5% increase in job postings from 4Q22. Additionally, 98% of 1Q23 advertised jobs were for in-office roles, up 16% from last year. 

Vacancy rate

The first quarter of 2023 marked the slowest 12-month velocity in vacancies since March 2020, indicating a slight stabilization. 

Investment sales volume

2023 opened with the lowest Charlotte office sales volume in ten years, bringing the trailing 12-month investment total to $1.4B.
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