The future might be a little uncertain for the Charlotte office market, but right now the fundamentals are strong. Here are five facts about the market ahead of our Charlotte Office Development Forum, which is tomorrow (Oct. 25) at the Hilton Charlotte City Center.
The Market's One Of The Tightest
Charlotte has one of the lowest vacancy rates in the country: 7.9%. Only a few other markets, such as Nashville, San Mateo County, CA, and San Francisco, have lower rates.
Source: Cushman & Wakefield Q3 16 Snapshot
Absorption Paused In Q3
Net absorption for the Charlotte market totaled about 105k SF during the third quarter, down from a whopping 701k SF during the second quarter and 595k SF in the first. For the last 12 months, the market has seen more than 1.4M SF absorbed.
Source: Cushman & Wakefield Q3 16 Snapshot
Most Coming Space Is BTS
2.3M SF of office development is underway across Charlotte. Most of the product delivering over the next couple of months is build-to-suit in suburban submarkets.
Source: JLL
There's One Completely Spec Office Building Under Construction
The Brigham Building in Ballantyne Corporate Park is the only project underway in Charlotte that's fully spec. The 287k SF building will deliver in Q4.
Source: JLL
Charlotte A Top Market For Tech Company Growth
Between 2013 and '15, the top 18 markets saw 13.7% tech job growth. It's been a major spur for office absorption, including in Charlotte, which came in fourth for tech hiring behind San Francisco, Phoenix and Austin.
Source: CBRE, via World Property Journal
Hear more about the market at our Charlotte Office Development Forum, which begins at 7:30am tomorrow (Oct. 25) at the Hilton Charlotte City Center.
