Office Market Report: Charlotte
Charlotte proves to be a great spot for businesses to relocated and thrive. In 2018 there were many high profile job announcements: Honeywell relocating it’s HQ and adding 1,000 jobs; Movement Mortgage is doubling the size of it’s HQ; ServiceMac is adding 1,000 jobs; local banks SunTrust and BB&T recently their announced merger. In addition, Charlotte has made many national publications for its business environment and attractiveness to millennial’s.
End of Year Statistics
2018 was a great year for rent rates as they steadily climbed throughout the year to finish at an average $25.56 PSF. Rents for Class A office space grew 5.75% over 2018 and finished at $30.13.
Sales of office spaces also saw a big increase this past year. Ending the year, sales prices averaged $236 PSF which was an increase from the previous year of $204 PSF. There was also a slight increase in the total volume of sales transactions this year to $1.6 billion.
Data Citation: Charlotte_Americas_MarketBeat_Office_Q42018