Initial economic impacts of COVID-19 come to fruition, but Charlotte showing some signs of resiliency

The first quarter of 2020 was fueled by residual activity and market optimism from 2019. In comparison, the second quarter, which was bookended by the economic impacts of COVID-19, showed dramatically less real estate activity. The quarter’s leasing volume fell during to just 551,302 square feet (sf) down 36.8% from last quarter and a staggering 77.3% year over year. The steep decline in leasing is reflective of a slowdown in occupier demand as businesses re-evaluate workforce, capital and space needs. Many that can put real estate decisions on "pause" until there is more clarity are deferring leasing at this time. Despite the overall market slowdown, major transactions including Cadwalader Wickersham & Taft (72,000 sf), Jones Lang LaSalle (41,292 sf), and Global Payments (40,390 sf).

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