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Sizable White-Collar Workforce Helps to
Offset the Impact of Record Supply Wave
Corporate hubs fuel need for nearby apartments. For the third consecutive year, developers will add over 12,000 new units in Charlotte, primarily in neighborhoods adjacent to the urban core, as more young professionals seek proximity to local office parks. Atrium Health’s partnership with Wake Forest University to establish a medical school and innovation campus in Midtown signifies a transformative investment in the region’s medical and research ecosystem. Eli Lilly’s new medical device manufacturing center in Concord will further diversify the local employment base, supporting rental demand in the suburbs. These projects are poised to collectively raise the metro’s count of professional and business services positions, which stood at a record tally near the end of 2024. This dynamic will widen the pool of well-compensated renters, underpinning sustained demand for Class A and B apartments through this year and beyond. Meanwhile, this year may mark the construction cycle’s peak, as a record 17,000 units are slated for completion throughout the metro.