In-depth analysis of vacancy across Charlotte’s office market

– The Midtown and Southpark submarkets are demonstrating strong market performance, with total vacancy rates significantly below the 23.1% average, supported by an uptick in leasing activity within these areas.

– The South Carolina submarket currently has the highest vacancy rate among surrounding areas, standing at 29.7%. This is largely due to the addition of 250,000 square feet of sublet space to the market in 2023, which has faced challenges in securing tenants.

– Of the total vacant space, 2.4 msf (6.2%) is sublet space—a figure that spiked following the pandemic but has been gradually decreasing since 2023.