Charlotte Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $30.64 2021 Avg. Asking Rent
  • 4.83% Y-o-Y Avg. Asking Rent Change
  • 12.44% 2021 Office Vacancy Rate
  • $2.3B2021 Total Office Sales
  • $376.10Avg. Sale Price/SF

Charlotte office price per square foot in 2021 was $30.64 on average. This marked a +4.83% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.44% across all asset classes combined. The 34 transactions that closed here throughout 2021 amounted to a total sale volume of $2.3B. Charlotte office space commanded an average sale price per square foot of $376.10.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Charlotte Class A & A+ Office Space$33.15
  • Charlotte Class B Office Space$25.61
  • Charlotte Class C Office Space$17.00
  • North Carolina Class A & A+ Office Space$30.03
  • North Carolina Class B Office Space$23.99
  • North Carolina Class C Office Space$18.96

Charlotte, NC Office Asking Rents by Class

Average office rent in Charlotte rested at $30.64 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Charlotte averaged $33.15 per square foot. Across all submarkets, class B office space recorded an average asking rent of $25.61 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $17.00 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2021 were: $30.03 per square foot for class A office space; $23.99 per square foot for class B office space; $18.96 per square foot for class C office space.

2021 Office Vacancy Rates in Charlotte

Submarket Asking Rents Vacancy Rates
Southpark $35.87 12.80%
Charlotte CBD $34.92 15.52%
Midtown - South End $29.05 6.00%
University $27.19 16.87%
East Charlotte $26.46 18.96%
Highway 51 $26.19 7.50%
Airport $24.54 10.80%
Northwest Charlotte $21.48 4.99%
Crownpoint $17.88 10.27%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Charlotte market was 12.44% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Charlotte was 4.99% in the Northwest Charlotte submarket, while the highest office vacancy in the market was 18.96%, recorded in East Charlotte.

Office Spaces for Rent in North Carolina

Charlotte Office Sale Price per SF

  • $376.102021 Avg. Price per SF
  • 12.01%Y-o-Y Avg. PpSF Change
  • $2.3B2021 Office Sales Volume
  • 342021 Number of Transactions

Charlotte, NC Sale Price per SF Trend

  • Charlotte Avg. Sale Price per SF in 2021$376.10
  • North Carolina Avg. Sale Price per SF in 2021$292.62
Charlotte office space cost in 2021 marked a +12.01% change compared to the previous year. The sale price for office space in Charlotte averaged $376.10 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $292.62 per square foot.

2021 Office Sales Volume

  • Charlotte, NC Total Office Sales Volume in 2021 $2.3B
  • Charlotte, NC Total Number of Office Sales Closed in 2021 34
A total of 34 deals closed on the Charlotte office market in 2021, adding up to a yearly sales volume of $2.3B. Notably, the largest transaction on the market saw Ally Charlotte Center change hands for $390,000,000 on 7/30/2021.

Largest Charlotte Office Sales in 2021

Property name Address Date Price
Ally Charlotte Center 601 South Tryon Street 7/30/2021 $390,000,000
Lowe's Global Technology Center 100 West Worthington Avenue 11/23/2021 $318,000,000
Honeywell Tower 700 South Mint Street 12/21/2021 $275,000,000
One South at The Plaza 101 South Tryon Street 8/4/2021 $271,500,000
300 South Brevard 300 South Brevard Street 1/25/2021 $201,000,000
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2021 Office Construction in Charlotte, NC

  • Charlotte, NC Total SF completed in 2021 4,413,840
  • Charlotte, NC Total SF under construction in 2022 2,951,696

During 2021, 4,413,840 square feet of new office space were delivered across the market. At the close of 2021, the Charlotte office inventory included 18 buildings equal to or larger than 25,000 square feet, which comprised 4,413,840 square feet of office space. Looking forward, development activity throughout 2022 is estimated to add 2,951,696 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Charlotte
Office building Address SF Completed
1030 Centene Court 1030 Centene Court, 28262 800,000 2023
Savona Mill - Building 1 528 South Turner Avenue, 28208 194,000 2023
2825 South 2825 South Blvd, 28209 139,483 2023
The Station at Loso - Station 4 3600 South Blvd, 28209 122,383 2023
The Station at Loso - Station 3 3700 South Blvd, 28209 114,304 2023
Switch Yard 925 Tuckaseegee Road, 28208 96,000 2023
The Quarter South End - 22EIGHTEEN & 22THIRTEEN 2213 Toomey Avenue, 28203 85,252 2023
The Pass - Pass 41 4100 Raleigh Street, 28206 79,779 2023
The Quarter South End - 23TWENTY 2320 Toomey Avenue, 28203 76,737 2023
CLT Commerce Center - Building 2 2902 Horseshoe Lane, 28208 39,510 2023

Worth noting among recent office completions on the Charlotte market is 1030 Centene Court, which is currently the largest new office development in the city, at 800,000 square feet.

Data provided by Commercial Edge

See reports for other markets

This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Charlotte commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.