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
Office Spaces
Total: 75,780,675 SF
By square footage range:
- 50k to 100k SF: 10,215,566 SF / 13.48% of total office
- 100k to 500k SF: 44,829,203 SF / 59.16% of total office
- 500k to 1M SF: 13,513,648 SF / 17.83% of total office
- > 1M SF: 7,222,258 SF / 9.53% of total office
By class:
- Class A+: 9,437,797 SF / 12.45% of total office
- Class A: 33,716,971 SF / 44.49% of total office
- Class B: 22,109,250 SF / 29.18% of total office
- Class C: 1,038,738 SF / 1.37% 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 | n/a |
| 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 |
|---|---|---|---|
| One Silver Crescent | 2645 Silver Crescent Drive, 28273 | 120,000 | 2018 |
| CPI Security Headquarters | 4300 Sandy Porter Road, 28273 | 120,000 | 2018 |
| The Edison at Arrowood | 7910 Microsoft Way, 28273 | 120,000 | 2018 |
| 300 West Summit | 300 West Summit Avenue, 28203 | 64,000 | 2018 |
| Marvin Crossing | 16817 Marvin Road, 28227 | 29,070 | 2018 |
| 300 South Tryon | 300 South Tryon Street, 28202 | 652,685 | 2017 |
| 615 South College | 615 South College Street, 28202 | 378,643 | 2017 |
| Ballantyne Corporate Park - Brigham Building | 11625 North Community House Road, 28277 | 287,507 | 2017 |
| Capitol Towers - North Office Tower | 4250 Congress Street, 28209 | 245,051 | 2017 |
| AvidXchange Headquarters | 1210 AvidXchange Lane, 28206 | 201,450 | 2017 |
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.
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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