Leasing volume down at year-end due to rise in uncertainty from Omicron variant

With the surge of Covid-19 at year-end 2021, the Charlotte office market saw a slowdown in leasing activity compared to the uptick seen in both Q3 and Q2. Just 550,868 square feet (sf) was leased in Q4, a significant drop from the 734,074 sf seen the quarter prior. Even though leasing activity was down in Q4, there was enough momentum to make a small decrease in overall availability. Charlotte availability dropped from 17.3% in Q3 to 16.9% in Q4. Even with the decrease in availability, it is still significantly higher than Q4 2020 at 15.3% and it will take time and a significant increase in leasing activity to return availability to pre-pandemic levels.

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