Charlotte commercial real estate firms break down Q3 office data – WSOC TV
CHARLOTTE — Third-quarter data from some of Charlotte’s top commercial real estate firms show slight dips in leasing vacancies and a continued upward trend in net absorption rates. Office net absorption in the third quarter put the city on track for its strongest annual total since 2019, according to CBRE’s insight report. CBRE reported a net absorption rate of about 96,000 square feet, the second consecutive quarter with a positive total.
“We really saw uptown have a great rebound and a strong quarterback. The airport and South End have been getting a lot of that activity, so it’s optimistic to see the CBD get that momentum,” said JP Price, Cushman & Wakefield research manager for the Carolinas. “This was really the one that was an indicator of a real rebound for uptown and something we expect to continue.”
JLL’s reporting indicates that much of the absorption continues to be concentrated in new construction. Chris Schaaf, JLL managing director, said this trend has caused landlords to invest in older spaces to bring amenities and design in line with newly delivered buildings, which will help with leasing as companies look to bring their employees back to work through more strategic office space .
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