Charlotte Office Market Report
Annual full-service class rental rates remain elevated at $33.64/SF, a 0.8% increase year over year. Occupancy declined, causing overall vacancy rates to increase by 170 basis points year over year, to 25.3%. 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 first quarter of 2024 at 1.0 MSF currently in progress. Total leasing activity closed the quarter at 901,680 SF, below the 16-year fourth-quarter average of 1.0 MSF.
Download Charlotte Office Market Report 1Q24