Availability continues to rise as new Class A office space delivers

In Q2 2024, availability in the Charlotte market totaled 24.6%, up 160 basis points (bps) year over year from 23.0%. Despite the increase, developers continue to bring new office product to the market, such as 110 East Street in the highly sought after South End submarket which delivered this quarter. This new Class A building brings 370,000 square feet (sf) of office space to the market, none of which has been preleased yet. Currently, there is 1.9 million square feet (msf) of office space under construction, with only 10.0% preleased. Looking ahead, expect developers to remain reserved on breaking ground for new office projects as availability remains high and the economy uncertain during an election year.

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