Charlotte Office Market Report
Rental rates edged down 0.9% from their peak in the second quarter of 2025, settling at $34.19/SF for this quarter. With 45,499 SF of net absorption in the third quarter of 2025, vacancy edged down to 28.5%, an eight-basis-point decrease from the record high vacancy rate set in the previous quarter. The under-construction pipeline remained unchanged since the second quarter at 63,427 SF, representing just 0.1% of total inventory, as high levels of available existing product and uncertainty surrounding fiscal policy have slowed new groundbreakings. Total leasing activity in the Charlotte metro increased by 0.8% quarter over quarter and 2.0% year over year to 1.4 MSF. Overall, the quarter’s activity was 27.9% higher than average third quarter leasing volume of 1.1 MSF reported over the past 16 years.
Download Charlotte Office Market Report 3Q25