Charlotte Office Market Report
Annual full-service class rental rates recorded a record high of $34.40/SF, a 3.3% increase year over year. Occupancy declined, causing overall vacancy rates to increase by 250 basis points year over year, to a record high of 25.7%. The under-construction pipeline continued to decline from the recent peak of 2.0 MSF recorded in the third quarter of 2022 and ended the second quarter of 2024 with 560,880 SF currently in progress. Total leasing activity closed the quarter at 648,679 SF, below the 16-year second-quarter average of 1.0 MSF.
Download Charlotte Office Market Report 2Q24