Charlotte Office Market Report
Annual full-service rental rates increased by 0.1% on a yearly basis to $34.16/SF, just 0.1% shy of the record set during the previous quarter. Net absorption was negative 295,304 SF, pushing the vacancy rate to increase by 52 basis points quarter over quarter to a record high of 27.8%. The under-construction pipeline remained unchanged at 223,427 SF as the impacts of tightened fiscal policy and higher construction costs curbed new groundbreakings. There is currently 0.4% of total inventory under construction. Total leasing activity increased by 10.0% quarter over quarter to 1.3 MSF. Overall, the quarter’s leasing volume was 7.1% higher than the second quarter activity reported over the past 16 years at 1.2 MSF.
Download Charlotte Office Market Report 2Q25