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We’ve put our ears to the ground and our fingers to the keyboard to bring you the latest edition of Charlotte Commercial Real Estate Whispers, the best way to stay up-to-date on Charlotte’s fast-moving real estate scene. Got a tip on a deal, a development or a debacle? I’m all about it. Drop me a note at [email protected].
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In today’s edition:
Charlotte’s best office space is getting scarce and pushing rents to levels that would have seemed unthinkable just a few years ago.
Why the Charlotte City Council seems likely to extend its pause on data center approvals — and what regulations it is considering.
Nuveen Real Estate, fresh off sales of Birkdale Village and Specialty Shops SouthPark, buys something different.
Skiptown’s first franchisees sign a lease to expand the dog-care and dog-bar business into a new spot.
DaBaby opened a waffle restaurant called No Knife, but it seems he’ll have to do it with no billboard.
Plus a rundown of other top Charlotte real estate news from other sources.
Let’s go!
Some companies will face sharply higher office rents when renewals come up in the next few years; ‘It’s going to be a lot tighter’
Premium office space like 110 East in South End is in short supply in Charlotte, which could boost rental rates in the coming years. 110 East opened in 2024 with no signed tenants and is now 100% leased. Tenants First Horizon Bank and Charles Schwab moved in this month, and it should be 95% occupied by February, with the final buildouts finishing next summer, according to co-developer Stiles. (Photo by Mike Anthony, courtesy of Stiles)
by Ashley Fahey
For most of the time since the pandemic, Charlotte’s office market has favored tenants as companies embraced remote work and scaled down their corporate real estate. But among Charlotte’s ever-tightening “premium” office space, that equation is starting to change.
Deals signed in 2019 at what were, at the time, the best buildings in Charlotte were leasing in the mid-$30 range per square foot — today, rates at those same buildings are double that, or more.
That’s requiring companies and their brokers to plan — sometimes three or more years ahead of renewal — to either find another, more affordable location, or to adjust their spending decisions to reflect the new cost of having a tony corporate address in uptown, South End or SouthPark.
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