Apr
10

Charlotte Office Market Slow to Recover

By

Layoffs in the financial industry, coupled with supply-side pressures, will weigh on Charlotte’s office market recovery, though corporate relocations will drive improvements in the core.

This according to the Marcus & Millichap Market Forecast for Charlotte, which can be read in its entirety by clicking on the Full Screen button at the bottom of the SCRIBD document below.

Employing over 35,000 workers in Charlotte, Bank of America and Wells Fargo will continue to restructure in 2012. Additionally, speculative development of 550,000 square feet will come online in the Ballantyne Corporate Park less than 40 percent pre-leased this year. The uptick in supply, accompanied by soft tenant demand, will increase metrowide vacancy to an eight-year high.

READ MORE HERE

Be Sociable, Share!
    Categories : Charlotte

    Comments are closed.