NOWHERE TO GO BUT UP
During Q1 2011, one Charlotte office building (5,337 SF) was completed, a drop of more than 99% from Q1 2010, according to The CoStar Group. In Q1 2010, four buildings totaling 1.3M SF were completed. But, with less space, absorption soared, CoStar's Chris Macke tells us. Almost 658k SF was absorbed in Q1 ?11, up nearly 10 times over Q1 of last year. Citywide vacancy dropped to 13.2% in Q1 ?11, compared to 14.1% in Q1 '10. About 325k SF of space was under construction at the end of Q1 2011, including the 171k SF US General Services Administration Building (fully pre-leased), and the Calhoun Building, a 143k SF spec office in Ballantyne Corporate Park.