Sublease supply surges – up over 25% from Q4 – pushing availability up to record high rate

In Q1, Charlotte’s overall availability hit the highest rate on record at 16.1%, up 420 basis points year over year. The jump in availability was bolstered by the 1.9 million square feet (msf) of sublease space on the market. This is the most sublease space that Charlotte has had on record and is a significant increase from the 1.4 msf seen a quarter prior. Tenants active in the market will find plentiful options and discounted sublet space competing heavily with direct space. Tenants are taking advantage of current circumstances with several sizeable leases completed, Chicago Mortgage Solutions LLC subleased 44,269 sf at LakePointe Corporate Center, Grant Thornton LLP downsized from 56,000 sf and relocated to the new Vantage South End West Tower where they took 31,600 sf and Child Care Resources signed on for 21,038 sf at 200 Regency Executive Park Drive.

Read the full report