Charlotte's building boom is fading

New apartment construction in the Charlotte region is at its lowest level in nearly a decade; office and retail sluggish, too

The following article appeared in the August 23, 2024, edition of The Charlotte Ledger, an e-newsletter with smart and original local news for Charlotte. We offer free and paid subscription plans. More info here.

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New apartment construction in the Charlotte region falls to its lowest level in nearly a decade; office and retail sectors virtually grind to a halt, data shows

Photo by Josue Isai Ramos Figueroa on Unsplash

by Tony Mecia

Is Charlotte’s big apartment boom going bust?

The number of apartments breaking ground in the Charlotte region is on pace to make 2024 the slowest year in nearly a decade, according to new data. And it’s not just apartments: New offices and retail spots aren’t getting started, either.

For years, Charlotte has been known as a place with cranes in the skylines and traffic cones blocking lanes so construction crews can work.

But now, a combination of falling rents and higher interest rates is making new construction less appealing, across most sectors of commercial real estate.

For instance, the number of apartments that builders have started so far this year has plummeted to the lowest levels since 2015, according to figures from CoStar Group.