2024 Q3 Charlotte Office Market Report

The flight to quality remains a key trend, with tenants increasingly drawn to areas like South End that excel in placemaking. The limited supply of new, highly amenitized buildings is driving up rents, with the average market rent for Class A properties in Charlotte at $41.29 per square foot.

Meanwhile, properties built before 2010 continue to struggle, with a 23.6% vacancy rate due to outdated amenities and functional obsolescence. Tenants remain cost conscious and opting for plug-and-play spaces that require minimal investment.

Despite these challenges, Charlotte’s economic fundamentals remain stable, though rising construction costs and a tight lending environment are prompting both landlords and tenants to get creative with deal structures.

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