Q1 2021 Charlotte Office Market Report

Charlotte Office Q1 2021 Market Overview

The uncertainty in return to office plans coupled with corporate hesitancy in long term lease decisions impacted Charlotte's office market in 1Q 2021. Vacancy is 10.28%, well above the region's 10-year average. Office rents have plateaued but are forecasted to bottom out in early '22 before beginning to rebound.

All that said, Charlotte continues to be an attractive place for corporate relocations and expansion and a turnaround would very likely outpace other metros in the United States. Let us not forget that Charlotte led the nation in office rent growth over the past several years.