In a mixed first quarter, Charlotte, North Carolina's availability dipped 200 basis points year-over-year to 24.7 percent. That marks the lowest levels since the beginning of the pandemic, according to a market report from Savills. The lowest availability was recorded in the Randolph Rd / Cotswold submarket at seven percent, with South Carolina posting the highest, at 30.7 percent.
"The drop reflects leasing progress at major office deliveries completed last year, Legacy Union Phase IV and 110 East," Savills wrote of the overall trend for the category.
"Construction starts remain limited as developers await stronger pre-leasing activity and face uncertainty around material costs and tariffs."
Recommended For You
However, speaking of leasing, the category actually dropped by 200,000 square feet to 700,000 square feet. The biggest lease went to Compass Group thanks to its 44,269 square foot signing in the West submarket. That was followed by The PNC Financial Services Group, Inc.'s 42,3000 square feet deal in SouthPark and National Board of Examiners in Optometry, Inc.'s 31,392 square feet in the West submarket.
Asking rental rates increased by 3.2 percent to $33.82 per square foot. Class A assets drove the growth, with prices increasing by 4.8 percent to $37.19 per square foot among the property type. Class B and C rents were only up by 0.9 percent, in comparison.
Looking ahead, Savills noted that leasing activity should remain focused on Class A office properties in Charlotte. This could "reinforce landlord confidence and shape concession strategies moving forward," the CRE firm noted.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
