Leasing volume in the Queen City remains well below average

Leasing volume remains muted in Charlotte, as 0.6 million square feet (msf) was leased in the fourth quarter of 2024. The past six quarters have all totaled less than the five-year average of 776,000 square feet (sf) and has remained far less active than pre-pandemic levels. Despite lower leasing averages, Charlotte continues to attract company relocations. The large rail transportation company originally based in Chicago, TTX, relocated their headquarters to Charlotte's fastest growing submarket, the South End. TTX leased 70,000 sf at the new Class A office, The Line, which offers tenants a multitude of amenities and is situated in the most walkable part of town. Looking ahead, expect Charlotte to continue to pose as a premier Sunbelt destination for companies looking for a growing talent pool and relatively lower cost of living.

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