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LEASING UP SLIGHTLY
Following a strong quarter of activity, with 749,742 sf leased – quarterly activity inched down to 438,500 sf. A 42% decreases quarter-over-quarter.
AVAILABILITY RATES DECLINES
The market’s overall availability rate decreased by 50 basis points from 14.7% to 14.2%. The Class A availability rate fell by 70 basis points to 17.2%.
RENT PUSHES HIGHER
Overall asking rent increased by 1.8% quarter-over-quarter to $25.87/SF. Class A asking rates also increased, rising by 1.7% to $28.56/SF.
SALES DECREASE
Office property sales in the last six months through February 2018 totaled $550 million, declining by 66% compared to the $1.6 billion sold during the previous six months.
"Despite some recent pullback in hiring by financial firms, demand for newer and quality corporate office product in Charlotte has been relatively steady. At the same time, activity in Charlotte's emerging startup scene is also supporting leasing in converted warehouses."
Edwin Yarborough, Executive Vice President