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Market Report

Charlotte Office Market Report

4Q 2022

Large-Scale, In-Metro Relocations Shake up the Office Landscape;
Builders Bullish on Midtown

Charlotte firms upgrade via consolidation. A flight-to-quality underscores overall demand for offices in Charlotte, with a number of the metro's cornerstone employers vacating outdated offices for newer-built, highly-amenitized spaces. Preliminary leasing data from the third quarter reflects this. Locally-based firms Robinson Bradshaw and the Atlantic Coast Conference announced they will relocate their respective headquarters to the Legacy Union project in the CBD. These organizations will join Honeywell and Service Logic, who consolidated operations in the area over the past year. While these moves have put a substantial amount of space back on the market, some vacated stock is undergoing significant property upgrades to attract new tenants, or is being redeveloped. The One Wells Fargo Center, for example, is receiving more than $10 million in renovations to help lease the space vacated by previous tenants.

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