Charlotte gap between traditional office space and creative office rents has closed significantly in recent years
Within the past decade, Charlotte’s creative office market has grown by 71.6%
June 19, 2019
- Within the past decade, Charlotte’s creative office market has grown by 71.6%. Of the existing 5,129,149 square feet, 48.9% is considered Class A. Recent new construction includes an 83,000 square foot delivery at Optimist Hall, a mixed-use site that offers creative office space, retail stalls, a food hall, and popular restaurants.
- National credit tenants are opting for creative office buildings to compete for new talent. This shift in tenancy has caused Creative Office rates to rival CBD rates, offering the same high quality product with increased amenities and office culture. The rise of creative space quality has caused rents to increase to $34.32, while traditional Class A rates are steady at $34.81.
- Creative office space is absorbed by mainly technology, energy, and architecture and construction companies. National technology firms, such as Cisco Systems and AvidXChange lease creative office space in Midtown/South End and Plaza Midwood/NoDa. In addition, Duke Energy has the largest footprint in creative office space, leasing 83,000 square feet at Optimist Hall in Plaza Midwood/NoDa.
Source: JLL Research,
You may also like
Shifts in the way people live, work and shop in a post pandemic world have forever impacted the industrial real estate sector
Chestnut and Walnut Street retail visits drop precipitously in Philadelphia during COVID-19 pandemic
Pressure from distressed New York retailers has softened landlord sentiment, allowing for lease restructurings