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Market Report

Charlotte Office Market Report

4Q 2023

Charlotte’s Transforming Commuter Environment is
Shaping the Nature of Local Office Needs

Demand in transit-oriented areas remains strong. A preference for newer builds is underscoring leasing activity in Charlotte’s office sector. Through September, nearly one-third of the year’s 25 move-ins over 10,000 square feet were to spaces delivered after 2017. Charlotte’s lack of amenities outside the Interstate 277 loop has challenged managers of office-using companies in retaining in-person attendance. Some firms are addressing this by committing to newer, highly-amenitized spaces — many of which are transit-oriented. This shift fueled demand in Midtown, where over 60 percent of the submarket’s Class A stock was delivered after the Blue Line extension was completed here in 2018. Companies absorbed more than 700,000 square feet on net here in each of the prior four years, aside from 2020. This trend is also on pace to repeat in 2023, outstripping the 539,000 square feet opening here this year. 
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