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Charlotte, NC OFFICE MARKET REPORT | Q1 2021

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Charlotte, NC OFFICE MARKET REPORT | Q1 2021 Charlotte, NC OFFICE MARKET REPORT | Q1 2021 Despite the global disturbances caused 6.3 million square feet of new office 77 by the COVID-19 pandemic, Charlotte product is currently under construction and the Sun Belt region of the U.S. in the Charlotte metro. This includes continued to benefit from positive net the Ally Charlotte Center, Honeywell 1Q 2021 4Q 2020 migration trends consistent with recent at Legacy Union, and the FNB Tower in years. The Charlotte metro remains a Uptown - all of which are expected to be Market Supply (SF) 70,952,059 69,228,655 85 target destination for major corporate completed by the end of the 3rd Quarter. 485 Under Construction (SF) 6,389,501 7,122,538 relocations & expansions as companies look to capitalize on the regions fast- Cousins Properties will invest $10 Direct Vacancy (%) 11.1% 9.5% growing tech talent. Silicon Valley-based million into renovations at the building 85 fintech firm, Robinhood, became the formerly known as Bank of America Total Vacancy (%) 12.7% 11.0% most recent major U.S. company to Plaza in Uptown. Cousins will rebrand Total Net Absorption (SF) -119,379 -623,304 choose Charlotte - announcing plans to the 891,000 square-foot office tower as 485 77 invest $11.7 million and create 389 jobs in One South at the Plaza. Bank of America YTD Net Absorption (SF) -119,379 -620,863 the Queen City by 2025. The company vacated the building at the end of 2020 has not executed a lease for the new as part of an ongoing effort to consolidate Direct Asking Rent $31.15 $31.30 location at this time. its office footprint at other Uptown Class A Direct Asking Rent $33.12 $33.14 locations including Bank of America Class B Direct Asking Rent $25.96 $26.30 Grant Thorton will relocate its Charlotte Tower at Legacy Union. 485 office from Uptown to South End, leasing 31,600 square feet at Vantage South End's west tower. SUBMARKET INVENTORY VACANT VACANCY 1Q 2021 1Q 2020 COMPLETIONS CONSTRUCTION DIRECT SPACE RATE ABSORPTION ABSORPTION ASKING RATE Uptown 21,855,442 2,361,173 10.8% -333,672 134,158 362,500 2,413,095 $36.26 Midtown/Randolph Rd 1,366,459 89,426 6.5% 9,270 -10,076 - 113,661 $29.84 South End 5,714,044 747,573 13.1% 352,501 -28,877 624,156 1,195,458 $39.42 URBAN TOTALS: 28,935,945 3, 198, 172 11.1% 28,099 95,205 986,656 3,722,214 $37.09 Airport 12,041,151 1,966,920 16.3% -224,156 199,584 - - $24.86 East 1,681,751 209,010 12.4% 8,218 442 - - $16.39 Matthews 1,328,580 146,903 11.1% -56,549 -60 - - $20.19 North 3,994,295 459,091 11.5% -35,440 6,771 - 365,823 $27.56 Park Road 555,466 101,499 19.3% -12,912 16,850 - - $31.54 Plaza Midwood/NoDa 1,232,838 445,108 36.1% -43,000 -2,900 109,972 414,816 $33.67 South Charlotte 1,643,476 121,374 7.4% -1,103 15,305 - - $26.28 South I-485 6,408,886 840,275 13.1% -48,096 214,316 - 528,000 $33.73 Southpark 5,488,697 781,279 14.2% 299,414 -32,495 356,000 - $34.05 University 7,640,974 735,925 9.6% -32,854 35,670 - 1,358,648 $26.20 SUBURBAN TOTALS: 41,016,114 5,807,384 13.8% -146,478 453,483 356,000 2,667,287 $27.87 CHARLOTTE TOTALS: 70,952,059 9,005,5526 12.7% -119,379 548,688 1,342,656 6,389,501 $31.15 Market Data Source: CoStar data pulled 06.01.21 | Charlotte Business Journal | The Charlotte Observer | Lincoln Harris Research TYLER ASHLEY, Research Analyst 704.714.7663 [email protected] www.lincolnharris.com Charlotte, NC OFFICE MARKET REPORT | Q1 2021 MAJOR LEASE TRANSACTIONS TENANT BUILDING SUBMARKET SF TYPE Charter Communications Forest Park XI Airport 60,447 New #5 Interfirst LakePointe Corporate Center 3 Airport 44,269 New Real Estate Market to Watch Grant Thornton Vantage South End South End 31,600 New 2021 Emerging Trends in Real Estate by PwC & the Urban Land Institute RECENT INVESTMENT SALES BUILDING SUBMARKET RBA SALE PRICE PRICE/SF BUYER BB&T Center Uptown 568,646 $115,000,000 $200 Opal Holdings 300 South Brevard St Uptown 358,414 $201,000,000 $560 Hana Alternative Asset Management 300 West Summit South End 64,000 $28,800,000 $450 Zurich Alternative Asset Management NEW OFFICE SPACE UNDER CONSTRUCTION BUILDING SUBMARKET DEVELOPER/OWNER SF ASKING RENTS MAJOR TENANT(S) Ally Charlotte Center Uptown Crescent Communities 742,000 NA Ally Financial 13146 Ballantyne Corporate Pl South I-485 Northwood Office 328,000 $39.00 - Vantage South End - West Tower South End Spectrum Properties 326,800 $43.50 LendingTree Vantage South End - East Tower South End Spectrum Properties 286,000 $43.50 - The Line South End Portman Holdings 275,000 $43.00 - Escent Research Park University Crescent Communities 159,000 $30.00 - The Square South End Beacon Partners 150,000 $42.00 - Market Data Source: CoStar data pulled 06.01.21 | Charlotte Business Journal | The Charlotte Observer | Lincoln Harris Research TYLER ASHLEY, Research Analyst 704.714.7663 [email protected] www.lincolnharris.com.
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