As hiring expands and businesses, consumers, and investors gain confidence in an incrementally improving
economic landscape, the area’s office market realized a fourth consecutive quarter of net absorption of
113,241 square feet. Vacancy eased a corresponding 30 basis points from year-end 2011 to 19.9 percent
due to the positive activity; by contrast, though the market is still currently out of balance, vacancy
during the first quarter of 2011 was 21.2 percent.
In terms of leasing activity, which was nearly double the square footage signed during last quarter, one
of the most encouraging indicators for first quarter is the acceleration in fairly sizable leases over
20,000 square feet, notably that larger leases are being inked again in Uptown after a quiet past year.
Chiquita’s executed lease for six floors at NASCAR Plaza, totaling 137,516 square feet, not only removes
one of seven contiguous availabilities over 100,000 square feet in Uptown, but does so without leaving a
resulting vacancy in another portion of Charlotte’s office market.
VIEW THE FULL REPORT: RE:Source (a brief overview of market happenings with an eye towards overall market movements)
For the Outlook, a detailed submarket-by-submarket analysis, as well as the metro overview, please contact Sarah Godwin at
sarah.godwin@lincolnharris.com or 704-714-7637
