2020: Office absorption, construction, rent signal further market expansion
Organic growth and external expansions increase demand for new office space in the market, creating low vacancy and sustained rent growth.
January 08, 2020
- Organic growth and external expansions increase demand for new office space in the market, creating low vacancy and sustained rent growth.
- Over 2 million square feet under development in Charlotte’s CBD; 56% of new space is already preleased. New construction remains active in Charlotte’s CBD and prime suburban submarkets. Vantage South End, Ally Charlotte Center, FNB Tower, and Legacy Union II and III will deliver nearly 2 million square feet of new space by 2022 with minimal vacancy.
- To retain tenants and workforce, suburban submarkets fight to increase amenities and develop urban nodes in mixed-use developments. The delivery of the LYNX Light Rail into University and NoDa, as well as the opening of toll-lanes along one of Charlotte’s leading interstates, increases demand for assets in suburban submarkets. The spillover of construction, rent growth, and low vacancy will continue to reach suburban submarkets, like Northeast / I-77 who has seen increased activity in high-volume office sales and development proposals.
Source: JLL Research