'Not Just Hot But Resilient': Colliers Utilities Director On Charlotte's Robust CRE Market

Charlotte’s commercial real estate market is showing reasons for optimism, thanks in no small part to the area’s robust job market. 

Among the 14 metropolitan areas with a population of more than 1 million people, Charlotte recorded the highest employment growth — up 2.8% — in 2025 so far. Charlotte is seeing greater stability in its office market, while net absorption of industrial space neared 1M SF in the second quarter. 

“Charlotte remains a robust growth market — not just hot but resilient,” said Robert Memory, department manager of utility engineering and coordination for Colliers Engineering & Design. “It is transitioning from a place of rapid speculative growth with very steep price increases to more moderate but still solid growth with more emphasis on sustainability, mixed-use, redevelopment and affordability.”

If advising a developer or investor, he said he would look carefully at where demand is underserved, including affordable and mid-tier housing, adaptive reuse and mixed-use infill.

Memory will speak at Bisnow’s Charlotte Construction and Development Conference on Nov. 4 on a panel titled Next Development Frontier: Site Selection, Opportunity Zones, Underdeveloped Areas and Assets to Maximize Returns.

Register here for the event. 

Bisnow spoke with Memory to learn more about the state of the Charlotte market, where he is seeing the most activity and the potential challenges that lie ahead. 

Bisnow: You said the market is not just hot but resilient. What do you think is behind that? 

Memory: I’m looking at the job numbers to start. Colliers Engineering & Design opened a Charlotte office over eight years ago, based on the growth projection and opportunities as a national company looking to expand our engineering services. When you look at what Charlotte has to offer — several professional sports teams, an incredible downtown area — these are the things that attract both companies and individuals. 

Charlotte's downtown is the nucleus that bonds the growth outward throughout Mecklenburg County and beyond. Everything funnels into Charlotte’s thriving downtown. 

Bisnow: Does your background in transportation infrastructure give you a particular perspective on this market?

Memory: I spent 30 years with the North Carolina Department of Transportation, and in my experience, improving interstates enhances the opportunity for more people to relocate. 

During those three decades, I had the opportunity to work on multiple highway improvement projects in Mecklenburg County, including the I-485 loop, I-85 widening, I-77 express lanes, NC 49 widening and the widening of Independence Boulevard. I saw significant growth throughout the area thanks to those improvements to the highway infrastructure. 

Today, they are forming teams to restructure I-77 South, and any time you improve traffic flow in a specific area, it opens up the corridor for more development. 

Bisnow: What sets Charlotte apart from other cities, and where do you see its opportunities and its challenges? 

Memory: There are several things that make Charlotte stand out, not least of which is its population growth. Charlotte saw a 7.3% population growth between 2019 and 2024, and it’s expected to continue to grow. Along with that, Charlotte is more affordable than many U.S. metros when you factor in living costs, housing and taxes. 

Charlotte is also a well-known banking hub with a diverse and growing economic base that includes advanced manufacturing, tech, research and development, biotech and more. This has piqued foreign interest, and Charlotte is drawing a significant amount of foreign investment, particularly in the manufacturing, energy and telecom sectors. 

All of this, combined with our high quality of life thanks to nearby schools, a mix of urban amenities and easy access to mountains and coastal areas, truly sets Charlotte apart. 

That being said, the area is facing several challenges, from pressures on housing affordability to material costs, labor shortages and supply chain disruptions that are delaying the delivery of much-needed housing. Additionally, there are infrastructure and transit gaps, including a limited public transit system, and risks from broader economic uncertainties surrounding interest rates, inflation and credit markets, which will influence development viability.

Bisnow: Where do you expect to see the most construction and development activity in Charlotte in 2026?

Memory: Based on multiple sources, office vacancies are high, particularly for older, Class-B and C buildings. As a result, conversion, demolition or reuse plans are increasingly likely for these assets. 

There is a strong multifamily development pipeline, particularly in the urban core, South End and the suburbs. But new supply is cooling in starts, so existing sectors may see more turnover. 

Mixed-use and public-private development projects, including for apartments, retail and office, are prominent, especially in master-planned communities. And finally, affordable housing and build-to-rent are gaining importance, given housing cost pressures.

Bisnow: What do you hope people learn from your panel at the Nov. 4 N.C. construction and development event? 

Memory: I hope attendees walk away with a clearer understanding of the key challenges and opportunities shaping North Carolina's construction and development landscape. Whether it is navigating new regulations, embracing sustainable practices or leveraging technology to streamline projects, our goal is to provide practical insights that developers, contractors and community stakeholders can apply immediately. You're looking at a thriving city, but at the same time, we’re facing real challenges, and those challenges are not going away. 

I also hope it sparks more collaboration across sectors because the future of construction in our state depends on partnerships that prioritize innovation, resilience and long-term value.

Click here for more information about the event. 

This article was produced in collaboration between Colliers Engineering & Design and Studio B. Bisnow news staff was not involved in the production of this content.

Studio B is Bisnow’s in-house content and design studio. To learn more about how Studio B can help your team, reach out to studio@bisnow.com.