Charlotte, NC Office Overview
The Charlotte office market includes the Ballantyne, Center City, South Charlotte and Uptown Charlotte 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 office space in the city.
As of mid-2017 the Greater Charlotte market encompasses nearly 55 million square feet of office space in properties larger than 50,000 square feet. It 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 product.
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 office employment. Nearly 65% of the office inventory in the city is Class A or A+, with Class B properties making up another 34% of overall inventory.
The Fourth Ward submarket in Charlotte is home to some of the most prestigious Class A assets. Strategically centered between Johnson & Wales University, Comerica Stadium, I-277 and the Charlotte Transportation and Convention Centers, it’s home to buildings such as the Fifth Third Center and the Ally Center.
Charlotte, NC Commercial Inventory Breakdown
Office Spaces
Total: 76,132,953 SF
By square footage range:
- 50k to 100k SF: 10,222,701 SF / 13.43% of total office
- 100k to 500k SF: 45,320,526 SF / 59.53% of total office
- 500k to 1M SF: 13,367,468 SF / 17.56% of total office
- > 1M SF: 7,222,258 SF / 9.49% of total office
By class:
- Class A+: 9,439,397 SF / 12.4% of total office
- Class A: 34,937,999 SF / 45.89% of total office
- Class B: 21,694,883 SF / 28.5% of total office
- Class C: 1,038,738 SF / 1.36% of total office
Top 10 Largest Office Buildings
in Charlotte
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Wells Fargo Customer Information Center | 1525 West W. T. Harris Blvd, 28262 | 1,438,995 | 1996 |
| Duke Energy Center | 550 South Tryon Street, 28202 | 1,340,146 | 2009 |
| One Bank of America Center | 150 North College Street, 28202 | 1,254,293 | 2010 |
| Bank of America Corporate Center | 100 North Tryon Street, 28202 | 1,143,752 | 1990 |
| Charlotte Metro Tower | 509 South Tryon Street, 28202 | 1,025,000 | 2022 |
| 526 South Church Street | 526 South Church Street, 28202 | 1,020,072 | 1975 |
| One Wells Fargo Center | 301 South College Street, 28202 | 981,678 | 1988 |
| Hearst Tower | 214 North Tryon Street, 28202 | 970,002 | 2001 |
| Three Wells Fargo Center | 401 South Tryon Street, 28202 | 930,733 | 1999 |
| Bank of America Plaza | 101 South Tryon Street, 28280 | 891,000 | 1973 |
Most Recently-Built Office Buildings
in Charlotte
| Office building | Address | Sqft | Year built |
|---|---|---|---|
| Bank of America Tower | 620 South Tryon Street, 28202 | 868,064 | 2019 |
| The RailYard | 1414 South Tryon Street, 28203 | 326,253 | 2019 |
| Dimensional Place | 1515 South Tryon Street, 28203 | 297,945 | 2019 |
| Toringdon 7 | 3540 Toringdon Way, 28277 | 198,831 | 2019 |
| Corning Optical Communications Headquarters | 4200 Corning Place, 28216 | 182,170 | 2019 |
| Optimist Hall | 340 East 16th Street, 28206 | 138,720 | 2019 |
| The Refinery | 1213 West Morehead Street, 28208 | 127,000 | 2019 |
| Two Silver Crescent | 1916 Ayrsley Town Blvd, 28273 | 88,415 | 2019 |
| Bowers | 4001 Yancey Road, 28217 | 73,560 | 2019 |
| Camp North End - 301 Camp Road | 301 Camp Road, 28206 | 42,864 | 2019 |
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 is a prime example of green Class A property. Constructed in 2009 this 1.3 million-square-foot property was the first high-rise to be awarded the prestigious LEED Platinum certification.
The National Green Building Adoption Index for 2017 surveyed buildings in the 30 largest U.S. office markets and found that the percentage of green certified properties 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 buildings and commercial real estate in Charlotte.
- Financial Services – Charlotte is home to the East Coast operations of Wells Fargo Bank and the Bank of American headquarters.
- Energy – includes firms such as Siemens Electric, Duke Energy, Babcock & Wilcox, Fluor, and Piedmont Natural Gas.
- Transportation & Motorsports – Continental Tire, Meineke Car Car Center, NASCAR, and the Charlotte Motor Speedway all significantly impact the commercial real estate market in the city.
- Corporate Offices – companies including Chiquita Brand International, Carolina Foods, Coca-Cola Bottling Company, Toshiba, and Westinghouse.
Charlotte Demographics
Population
- Total Population826,060
- Male Population(47.9 %) 395,854
- Female Population(52.1 %) 430,206
- Median Age33.90
Income/Financial
- 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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