Charlotte, NC Office Overview
The Charlotte office market includes the Charlotte Downtown, Eagle Lake, and Dilworth submarkets. With a metropolitan population of over 2.4 million people the economy in the metro area is driven by the financial services, motorsports, and energy industries, resulting in a dynamic demand for while collar office space in Charlotte.
As of mid-2017 the Greater Charlotte office market encompasses nearly 55 million square feet of existing office space in properties larger than 50,000 square feet. Charlotte is the largest city in North Carolina and has been recognized as one of the country's fastest growing metropolitan areas, generating a strong demand for Class A office space.
Charlotte, NC Office Inventory Description
Charlotte is known as a major financial center in the U.S. and is the second-largest banking center in the country after New York City. With a gross metropolitan product of $132 billion there is consistently strong demand for white collar office employment. Nearly 65% of the office space in Charlotte is Class A or A+, with Class B office inventory adding another 34% of office inventory to the Charlotte commercial real estate market.
The Fourth Ward office submarket in Charlotte is home to some of the most prestigious Class A office space in the city. Strategically centered between Johnson & Wales University, Comerica Stadium, I-277 and the Charlotte Transportation and Convention Centers, this office market is home to trophy office property such as the Fifth Third Center and the Ally Center office buildings.
Charlotte, NC Commercial Inventory Breakdown
Total: 74,743,884 SF
By square footage range:
- 50k to 100k SF: 10,088,306 SF / 13.5% of total office
- 100k to 500k SF: 43,419,672 SF / 58.09% of total office
- 500k to 1M SF: 14,013,648 SF / 18.75% of total office
- > 1M SF: 7,222,258 SF / 9.66% of total office
- Class A+: 9,437,797 SF / 12.63% of total office
- Class A: 33,158,471 SF / 44.36% of total office
- Class B: 22,187,490 SF / 29.68% of total office
- Class C: 1,038,738 SF / 1.39% of total office
Charlotte, NC Green Office Space
While not yet ranking in the Top 30 Green Office Markets in the U.S., green office space in Charlotte is growing, with numerous LEED certified projects scattered throughout the metropolitan area.
The Duke Energy Center Building at 550 South Tyron Street in Charlotte is a prime example of green Class A office property. Constructed in 2009 this 1.3 million square foot office building was the first high-rise office building to be awarded the prestigious LEED Platinum certification.
The National Green Building Adoption Index for 2017 surveyed office buildings in the 30 largest U.S. markets and found that the percentage of green certified building has increased from less than 5% in 2005 to approximately 38% as of mid-2017.
Charlotte, NC's Top Office-Using Sectors
The financial services, energy, motorsports and numerous Fortune 500 companies all combine to create powerful demand for Class A office space and commercial real estate in Charlotte, NC.
- Total Population826,060
- Male Population(47.9 %) 395,854
- Female Population(52.1 %) 430,206
- Median Age33.90
- Average Household Income$87,226
- Median Household Income$58,202
- Median Income Under 25$28,897
- Median Income 25-44$61,551
- Median Income 45-64$67,850
- Median Income Over 65$43,120
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