Properties

Third Party Owned Properties

Parkway Market Data

Market Information*

Employment Data*

City Summary

Located in the sunny, moderate central region of the Tar Heel state, Charlotte has unlimited accessibility. Interstates 77 and 85, which intersect in Charlotte, link the city with the Great Lakes region, New England, and the southeastern United States. Interstate 40, running coast-to-coast across the United States, is only one hour north of Charlotte. A two-hour journey to the west takes you to the Blue Ridge Mountains, and a three-and-a-half hour trip to the east yields Atlantic beaches. These features have made Charlotte one of the Southeast's premier places to live. More than 695,000 people reside within its borders, 902,803 people within Mecklenburg County, and 6.9 million within a 100-mile radius. Charlotte is the center of the nation's sixth largest urban region. Nine Fortune 500 Companies are headquartered in Charlotte. In addition to those headquartered in Charlotte, 325 Fortune 500 companies have facilities in the city. Charlotte is the nation's second largest banking center (next to New York City), with more than $3.3 trillion in banking assets.

Market Summary**

The Charlotte office market contains approximately 73.5 million SF of Class A, B and C office space. Direct vacancy for the third quarter was 12.4% which is up 0.2% from the previous quarter. Including space available for sublease, vacancy was 13.1%. The overall market rental rate was $20.17 per SF which is down $0.01 per SF from last quarter and up $0.01 from this time last year. Net absorption for the third quarter was negative 365,119 SF. Net absorption year to date was negative 700,000 SF primarily in the CBD and Southwest Charlotte submarkets. There were four buildings totaling 68,000 SF delivered to the market during this quarter with an additional 2.9 million SF under construction. The forecast for the remainder of the year is neutral to unfavorable, with CBD occupancy projected to drop, available sublease space to increase substantially, and proposals becoming more aggressive for spec suites built in the last 12 - 18 months.