Nov
19

Charlotte Office Vacancy Rates at a Four-Year Low

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With the third quarter results in, all signs point to continued incremental improvement of the Charlotte office market. Vacancy rates have fallen to a four-year low and investment sales activity continues to strengthen as new capital sources enter the market.

On the economic front, unemployment in Charlotte continues to lag behind some other North Carolina cities at 9.5 percent, but the city is experiencing positive economic movement in other measures, particularly single-family housing and retail sales.

For some long-term perspective, the labor force in Charlotte has grown 22 percent during the past 10 years, nearly three times the national rate. Additionally, in August, the population of Mecklenburg County reached 1 million people. With a population of approximately 2.3 million, Charlotte maintains its position as the largest MSA in the Carolinas.

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