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Charlotte's Office Vacancies Rise to 17.3%

CHARLOTTE-The 30.6 million-sf market saw vacancies rise for the fifth straight quarter at year end 2001, with 1.14 million sf of sublease space added to the availability roll, according to a new report from CB Richard Ellis Inc.

By Alex Finkelstein | Updated on February 28, 2002

CHARLOTTE-This 30.6 million-sf office market has seen better days than the last five quarters when vacancies continued to climb to new heights.

Charlotte finished 2001 with an overall vacancy level of 17.3%, up from 15.5% in the third period, according to a new report from CB Richard Ellis Inc.

Net absorption was a negative 37,996 sf in the fourth quarter, making the annual total 500,668 sf or an 80% drop in overall leasing activity compared to 2,527,859 sf leased in all of 2000.

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