Looking at the remainder of the year, Clutter says, "One thing that's different is that the amount of construction proposed or under way is about a million sf less than it was at this time last year." But with new construction moving down and a sublease market moving up, it's keeping the fundamentals in the marketplace at a good number, says Clutter who compiled the report.
"Markets like Atlanta operate consistently on a 10% vacancy, but that city has a much more aggressive development mindset and has much more speculative development than you have in Charlotte," the associate says.
The report notes the overall demand for office and industrial investment property has fallen off since its high point in 1998, but Charlotte may see a slight to modest strengthening of the markets as fundamentals remain strong and less new construction is planned.
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