| Lack of job growth in greater Charlotte during Q4 stifled office demand, leading to an increase in overall market vacancy. Citywide office vacancy now is up to almost 16%, according to the latest figures from Cushman & Wakefield | Thalhimer. Pending job cuts in the financial services sector could result in additional space coming on the market soon. The latest figures peg unemployment in the Charlotte MSA at 10.7%, which (thankfully) is down from high of 11.4% reported in Q3 '10. But it's still above the national average of 8.6%. Consequently, the market remains tenant-friendly, with prospects looking for shorter terms and higher-than-normal leasing concessions. This theme will be commonplace well into ?12, CW|T predicts. |
BAD MOON ON THE RISE
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Charlotte MSA
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