Charlotte Office Property – 2017 Market Review

Charlotte’s Office market this past year has shown to be reliably stable with office sales in the fourth quarter of 2017 exceeding $294.1 million and totaling over 1.2 million sq ft. According to a report done by Colliers, Charlotte’s commercial real estate market continues to drive a strong demand for office spaces, especially those that are Class A properties with prices reaching up to $32.46 per square foot.

2017 has shown to be a great year for office space construction, with 2017 closing out with over 1.9 million square feet of property under construction and this is only predicted to increase in 2018 with a number of new projects in the works. Including Insite Properties’ 107,000 sq ft project titled “The Refinery”.

Charlotte continues to be the prime location for newcomers as the quality of life and cost of living become more and more attractive. Driving a wide range of both individuals and companies to call Charlotte, NC home, which only drives the demand for office space and commercial real estate property higher.

Charlotte can be broken down even further by its submarkets, with the Midtown area showing a great amount of promise. Midtown Charlotte dominated the quarter with a total inventory of over 5.3 million sq ft, 228,252 sq ft of which was vacant or about 4.3%. The University area Charlotte had a total inventory of 7,101,219 sq ft , 548,548 sq ft of which were vacant or 7.7%.

To learn more, check out Colliers’ in depth analysis of Charlotte’s office market.

If you’re an investor in the Charlotte area, the time is now! You should be looking into expanding your portfolio with some new office properties, given the area’s current growth.

If you’re interested in learning more about the Charlotte commercial real estate market, in particular office properties, contact myNOI’s selected broker in Charlotte, NC, Clifford Blanquicet.