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Market Report

North Carolina Office Market Report

Second Quarter 2019

Economic and Demographic Tailwinds Among the Best in Nation, Supporting Local Office Market

 
 

Healthy demand buttressing more robust fundamentals in Charlotte. The local economy is significantly stronger than the national average in terms of new jobs, household growth and population gains. The relative affordability of the market makes Charlotte a destination for companies looking to expand operations outside of more costly coastal markets. Financial services firms, in particular, are drawn to the area due to the deep talent pool and concentration of banking institutions. Charlotte will benefit from the addition of another Fortune 500 headquarters when the BB&T-SunTrust merger is complete. Although new supply is rising this year, vacancy will compress closer to the single-digit threshold by year end as nearly 4 million square feet of space is absorbed.

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