Office Space For Rent Charlotte
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Jeff Taylor, CXO Jeff Taylor Team.com & Licensed NC Real Estate Broker with WilkinsonERA Commercial 5970 Fairview Road Suite 110, Charlotte, NC 28210 Phone: 704-277-5333
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Office Space For Rent Charlotte – Market Report
Office space for rent Charlotte. The Charlotte office space market has emerged as a top performer this cycle, posting annual rent growth close to 7% each year since 2015. And, with the move of BB&T-SunTrust’s headquarters to the metro, Charlotte will become the second-largest financial hub in the U.S. Strong demand for office space, especially from financial tenants, has contributed to tightening fundamentals. Office-using firms have contributed to the majority of jobs added this cycle.
Despite an uptick in deliveries, office vacancies have generally compressed throughout the cycle due to strong absorption and preleasing trends. The strongest Charlotte office rent performance has been observed in the metro’s premium stock, which has also posted stronger absorption than other classes of office space recently. In fact, much of the space recently delivered or underway has already been spoken for by large financial tenants such as Ally Bank, Deloitte, Bank of America, and First National Bank. And there is still more to come. Executives of the SunTrust-BB&T merger, now known as Truist Financial, announced that the bank’s headquarters will be located in more than 560,000 SF in Hearst Tower in Uptown.
With the booming office market, it is no surprise that institutional investors remain active here. And, with multiple skyline-changing buildings underway in the CBD, this trend is likely to continue as developers decide to sell. Thanks and credit for this awesome report goes to my amazing Costar analyst Jesse McConnico. Thanks Jesse! You rock!office space for rent charlotte
Charlotte Office Space For Rent
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Charlotte Office Space For Rent In The Ballantyne Area
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Charlotte Office Space – Ballantyne Area
The Fountains
Ardrey Kell Road,
Charlotte, NC 28277
Stonecrest Professional Center
Ballantyne Commons
Charlotte, NC 28277
Bannington Office Park
Bannington Rd
Charlotte, NC 28226
Blakeney Professional Center
Blakeney Professional Drive
Charlotte, NC 28277
Streets Of Toringdon
Charlotte, NC 28277
The Forum at Ballantyne
Elm Lane,
Charlotte, NC 28277
Hunters Crossing
Highway 521 & Old Lancaster Highway
Charlotte, NC 28277
Fox Run Business Park
Lancaster Hwy
Charlotte, NC 28277
Office Space For Rent Charlotte – Ballantyne & South Charlotte Area Report
Office space for rent Charlotte. The vast majority of the submarket’s 4 & 5 Star office spaces larger than 50,000 SF are located in Ballantyne. Much of this high-end stock was built by the same developer and is under the control of a single owner. Therefore, every class of property has benefited from a well-controlled delivery pipeline and robust demand so far this cycle. The combination of big block leases and regular spec development means vacancy expansion is likely to occur during troubled times. Vacancies are well below the submarket’s historical average at roughly 11.8%, but due to elevated construction levels, that rate is among highest of the metro’s submarkets.
Ballantyne office space should thrive as long as the North Carolina Job Development Incentive Grant is around. Much of Ballantyne’s success has been tied to the program, which has attracted major employers to the state and helped Bissell to lure them to Ballantyne. Furthermore, a lack of new, high-end product within the CBD and a pipeline of companies moving into Charlotte have benefited the submarket. Things will eventually become more interesting, with Ballantyne under new ownership, Uptown offering new high-end development alternatives again, and potential new master plans in their early stages in Southpark and Airport.
South Charlotte | Ballantyne Area Leasing Summary
Strong absorption has allowed for strong rent growth, particularly in the submarket’s premium office buildings. Although it accounts for less than 10% of the metro’s total office inventory, the South/485 Submarket contains the metro’s premier suburban office complex: Ballantyne Corporate Park. Developed by The Bissell Co. and acquired by Northwood Investors, Ballantyne is a 2,000-acre master-planned community with a sprawling office park surrounded by country clubs, abundant new retail, plenty of dining options, and neighborhoods with homes that include multimillion-dollar estates. In fact, MetLife moved its new corporate location into more than 400,000 SF in the Ballantyne Corporate Park which now houses roughly 1,400 employees. Other tenants include Selective Insurance Co. of America, SPX, and Carolinas HealthCare. Such companies tend to prefer the premier suburban office area in Ballantyne, which offers a less dense environment and proximity to executive housing.
Straddling the southern stretch of the metro’s beltway (I-485), this submarket is bound by the Mecklenburg County line on the west and south, Providence Road to the east, and Pineville-Matthews Boulevard on the north. No wonder it is home to the most successful master-planned office park in the metro: It is ideally situated in the favored quarter of growth and sandwiched among some of the most established affluent neighborhoods in Charlotte. Thanks and credit for this awesome report goes to my amazing Costar analyst Jesse McConnico. Thanks Jesse! You rock!
Office Space For Rent Charlotte – Matthews Area Overview
Plantation Professional Center
Plantation Center Dr
Matthews, NC 28105
Matthews Township Office Park
Matthews-Mint Hill Road
Matthews, NC 28105
McKee Farms Professional Center
Siskey Pkwy.
Matthews, NC 28105
Matthews Row
West Matthews St,
Matthews, NC 28105
Matthews Township Pkwy
Matthews, NC 28105
Charlotte Office Space For Rent – Matthews Report
Matthew’s office fundamentals are different from many of the Charlotte metro’s larger submarkets, partially due to a larger share of lower- and mid-end assets in the submarket. Most of the office inventory here is along East Independence Boulevard (Route 74), a major thoroughfare that runs east from the CBD. The General Services Administration is among the largest tenants and occupies roughly 41,000 SF at One Crown Point Center. With little construction planned, the submarket’s consistent absorption trend should continue to push vacancies downward, assuming no major move-outs occur.
Matthews Office Space Leasing Summary
The Matthews office market has had higher vacancies than most of the Charlotte metro throughout the expansion. Though construction has been limited, the renovation of the 165,000-SF INQ building resulted in a spike in vacancies when it delivered in late 2016. Despite this, rents have climbed considerably over the past year, increasing by roughly 5.5%. Investment in Matthews is also limited, with less than $20 million in trades posted in most years. Thanks and credit for this awesome report goes to my amazing Costar analyst Jesse McConnico. Thanks Jesse! You rock!
Office Space For Rent Charlotte – SouthPark & Park Road Overview
Colony On Fairview
Fairview Road,
Charlotte, NC 28211
Seneca Park
Park Road
Charlotte, NC 28209
Graham Office Park
Park Road
Charlotte, NC 28209
Seneca Commons
Park Road
Charlotte, NC 28209
Charlotte Office Space For Rent – SouthPark & Park Road Report
Park Road’s office submarket has experienced relatively strong recent absorption and rent growth. Vacancies have compressed below the metro-wide average, while rents have risen by roughly 5.9% over the past year. Construction has been limited throughout the cycle, and demolitions have outnumbered deliveries. Investment has been volatile in Park Road, but assets in the submarket have appreciated well, increasing in value from less than $125/SF in 2010 to more than $235/SF in 2018.
Office Space For Rent Charlotte – South End & Dilworth Area Overview
Atherton Lofts
South Boulevard
Charlotte, NC 28203
Hawkins Street Design Center
Hawkins Street
Charlotte, NC 28203
Treemont
West Treemont Avenue
Charlotte, NC 28203
SouthEnd
SouthEnd Office Space
Charlotte, NC 28203
Office Space For Rent Charlotte – South End & Dilworth Market Report
A recent construction boom has made South End an up-and-coming area for office-using tenants. Vacancies in Midtown/South End typically trend below the metro average, thanks to consistent demand but limited new construction. However, with the arrival of the LYNX Blue Line, developers are now working hard to change South End from a commuter neighborhood to its own live/work/play district.
Construction activity has picked up significantly in recent quarters, and demand for this new, high-end space is coming from major corporations. For instance, Lowe’s recently announced plans to build their own 24-story office tower here to house up to 2,000 tech employees by 2021. Additionally, EY agreed to take 30,000 SF in Beacon Partner’s RailYard South End upon completion in late 2019, and LendingTree announced it will be relocating from Ballantyne to Spectrum Companies’ Spectrum South End West Tower.
Strong fundamentals and a promising market outlook has also contributed to an uptick investment activity. Sales volume reached new heights in 2018, and as new projects continue to deliver and lease up, investment trends are likely to remain elevated if developers decide to sell.
Office Space For Rent Charlotte – Lake Norman Area Overview
Greentree Financial Center
Jetton Road
Cornelius, NC 28031
This could be your view! I took this photo just steps outside an office condo at Lake Norman.
Rosedale
Hickorywood Hill Ave
Huntersville, NC 28078
WaterStreet Seaport
West Catawba Avenue
Cornelius, NC 28021
Office Space For Rent Charlotte – Lake Norman Market Report
Fundamentals are on solid ground in Charlotte’s Northeast/I-77 corridor. Vacancies have generally compressed following the recession as the result of a favorable absorption trend. Construction has also slowed in recent quarters, allowing for further compression. Rents have appreciated by roughly 5.6% over the past year and currently average around $25.00/SF. Investment has increased, as well, climbing from less than $25 million in most years prior to this cycle to more than $110 million in 2018. The bulk of office space in Northeast Charlotte is mid-end space, and most buildings are smaller. Assets in the market have appreciated well according to transaction data, and value per SF has doubled this cycle.
Office Space For Rent Charlotte – Uptown & Central Business District Overview
North Church
North Church St.
Charlotte, NC 28202
Barrister Place
North McDowell St
Charlotte, NC 28204
North Long Street
Charlotte, NC 28204
101 North Mcdowell St.
Charlotte, NC 28204
Office Space For Rent Charlotte – Uptown & Central Business District Market Report
Charlotte’s office market has been among the top performers across the nation this cycle, which has fueled strong demand in the CBD area throughout the expansion. And, at more than triple the submarket’s norm, annual rent growth is some of the strongest in the metro, despite already expensive rents here. Even with a large amount of inventory underway, strong preleasing trends should help minimize vacancy fluctuations here.
The CBD is at the center of the action in Charlotte. With high-rise trophy buildings, it is the area most likely to draw national and international investors. As the premier office submarket, the CBD has a long list of large credit tenants such as Bank of America, Wells Fargo, Duke Energy, and Hearst Corporation and numerous heavy-hitting professional and business services like accounting and consulting firm Deloitte and law firm Alston & Bird.
As the resizing of the financial industry fades into the past, the Charlotte CBD’s employment base continues to diversify. Variety—including local stalwart Duke Energy, a roster of law and real estate firms, and consultants that have recently arrived—provides protection for the city.
Office Space For Rent Charlotte – Cotswold Overview
Sharon Office Park
South Sharon Amity
Charlotte, NC 28211
South Sharon Amity Road
Charlotte, NC 28211
Colwick Road
Charlotte, NC 28211
Colwick Road
Charlotte, NC 28211
Office Space For Rent Charlotte – Cotswold Market Report
Limited construction and minimal tenant movement have contributed to low vacancies and strong rent growth in the Cotswold office space submarket. Vacancies are extremely tight and well below the submarket’s historical average. Cotswold is among Charlotte’s smallest submarkets and is home to less than half a million SF of space. Due to a limited construction pipeline, this is expected to remain the case in the near term. Therefore, investment in the submarket is also limited, and trendlines from closed transactions can be difficult to find. However, according to CoStar’s Same Store Market Pricing Trends Index, Cotswold’s office assets have appreciated from less than $120/SF earlier in the cycle to more than $240/SF currently.
Please Note: It is my (and this blog’s) goal to 1) personally track the asking lease rate range, 2) personally track the asking sales price range and 3) personally view & critique every office condo complex in Mecklenburg County. The data shown on this blog is the result of my ongoing research and is provided to serve and educate my readers. While I may or may not have listings for lease or for sale within these office condo complexes, the information shown below should not be interpreted as properties I have for lease or sale. My goal is to serve and educate potential buyers, sellers, tenants and investors on market conditions in the Mecklenburg County Office Condo market.
