New office space is coveted, so why isn’t it getting built?

Plus: State building code expected to bring changes; Recreational facility pegged for site near uptown; USAA's growth here; Elizabeth shopping center sells

Today’s Real Estate Whispers is sponsored by The McIntosh Law Firm. At The McIntosh Law Firm, we offer experienced legal guidance in real estate development, property revaluation appeals, government relations, land use, estate planning, and business law—helping clients navigate complex legal and regulatory challenges.

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Welcome back to our weekly roundup of the latest word on the street about real estate and development in Charlotte. In case you’re new here, Charlotte Commercial Real Estate Whispers is where I’m spilling the tea on transactions, rezonings, projects and market intelligence across the Queen City. Got a tip on a deal, a development or a debacle? Drop me a note at ashley@cltledger.com.

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In today’s edition:

1. We explore what it’s going to take for new office space to break ground in Charlotte

2. County code enforcement director encourages early preliminary reviews

3. New plans for a “state-of-the-art” padel complex

4. And a wrap-up of land deals and real estate news, from us and other sources

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When will another new office tower break ground in Charlotte? It’s complicated.

110 East broke ground in early 2022. It’s one of the newest office towers in South End, which has attracted both longtime Charlotte companies and ones new to the city. (Photo courtesy of Trinity Partners)

It’s becoming a common refrain in Charlotte commercial real estate circles: We’re running out of office space and yet, somehow, there’s too much office space — but it’s not the right kind of office space, the real estate that appeals to companies today, apparently.

And with a recent blitz of new tenant deals — Pacific Life and SoFi among them — and more expected to come soon (we’re watching Scout Motors in Plaza Midwood and American Express at Legacy Union in uptown, as well as others), insiders say just about all of the new, Class A office space in town will be accounted for by the end of this year.