Charlotte office market reports

Q4 2023 highlights and trends

In the fourth quarter of 2023, office sales volume continues to decline, recording the lowest year in terms of office investment in two decades; however, this was to be expected given structural changes in the office environment and heightened interest rates. 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, catering to the needs of an increasingly remote and hybrid workforce.

1.98 msf

Leasing activity

Leasing activity in 2023 fell shy of 2022 levels but surpassed leasing in 2020 & 2021, while the average deal size has leveled out to around 20k sf.

24.5 %

Office availability

Direct and sublease availability has risen 30 bps since last quarter, as nearly 100k sf of available sublease space has come to market in Q4.

$327m

Sales volume

The convergence of the heightened cost of debt and the adoption of remote work models continues to stifle office investment volumes.

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