The real estate market across the Queen City has been strong, and the second quarter reports are no different. Specifically, office commercial real estate is booming with commercial rental rates still rising. More than 100,000 square feet of office space has been leased this year as compared with the same time last year, with 2017 numbers totaling 683,890 square feet of new commercial real estate. Midtown and the central business district are doing the best as far as office real estate goes.

There has been a very evident construction boom across town, with new high-rises, office buildings and commercial real estate opportunities regularly popping up. There is currently approximately 3,000,000 square feet of new commercial space under construction,  which, when completed, is expected to increase inventory in Charlotte by 3% and will further raise commercial rental rates.

Most of the commercial vacancy lies in the suburbs, where even there, it is expected to decline as new businesses move in and sprawl out.

The second-quarter success in the commercial real estate market in Charlotte bodes well for where the market is headed for the remainder of the year. For more details and information on Charlotte’s office real estate sector and how it will affect the market as a whole, be sure to read the full article at bizjournals.com.

 

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