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Charlotte Commercial Real Estate

DARKEST BEFORE THE DAWN?

Office construction in the Charlotte CBD nosedived in the past year, plummeting to zero SF under construction in 4Q 2010 from more than 2M SF in 4Q 2009. There was one 150k SF suburban building delivered in 4Q '10, and there are several other suburban offices under way.  

Office vacancy in the CBD was 9.5%, up from 8.2% at year end 2009, according to the local CBRE office. Citywide vacancy rose to 17.7% from 17.3%. Lease rates slumped from $24 at year end compared to $27 at year end 2009. Citywide lease rates for the same period dipped to $18 from $22 at year end '09.

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