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Charlotte Commercial Real Estate

BAD MOON ON THE RISE

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.

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