Charlotte Office Rent Price & Sales Report

2023 Office Space Rent & Sales

  • $33.02 2023 Avg. Asking Rent
  • 2.74% Y-o-Y Avg. Asking Rent Change
  • 15.94% 2023 Office Vacancy Rate
  • $183.7M2023 Total Office Sales
  • $169.34Avg. Sale Price/SF

Charlotte office price per square foot in 2023 was $33.02 on average. This marked a +2.74% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 15.94% across all asset classes combined. The 15 transactions that closed here throughout 2023 amounted to a total sale volume of $183.7M. Charlotte office space commanded an average sale price per square foot of $169.34.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2023 Average Office Rent per Square Foot

  • Charlotte Class A & A+ Office Space$34.50
  • Charlotte Class B Office Space$27.38
  • Charlotte Class C Office Space$22.13
  • North Carolina Class A & A+ Office Space$32.22
  • North Carolina Class B Office Space$25.82
  • North Carolina Class C Office Space$29.73

Charlotte, NC Office Asking Rents by Class

Average office rent in Charlotte rested at $33.02 per square foot in 2023. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Charlotte averaged $34.50 per square foot. Across all submarkets, class B office space recorded an average asking rent of $27.38 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $22.13 per square foot, on average. Comparably, statewide North Carolina average office rents by class in 2023 were: $32.22 per square foot for class A office space; $25.82 per square foot for class B office space; $29.73 per square foot for class C office space.

2023 Office Vacancy Rates in Charlotte

Submarket Asking Rents Vacancy Rates
Midtown - South End $40.31 18.09%
Southpark $39.18 10.23%
East Charlotte $35.04 23.10%
Highway 51 $34.21 21.01%
Charlotte CBD $34.05 19.35%
Crownpoint $31.36 9.90%
Northeast - I-77 $29.17 16.10%
University $26.65 9.54%
Airport $26.34 14.52%
Northwest Charlotte $25.50 8.37%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Charlotte market was 15.94% in 2023. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Charlotte was 8.37% in the Northwest Charlotte submarket, while the highest office vacancy in the market was 23.10%, recorded in East Charlotte.

Office Spaces for Rent in North Carolina

Charlotte Office Sale Price per SF

  • $169.342023 Avg. Price per SF
  • -41.77%Y-o-Y Avg. PpSF Change
  • $183.7M2023 Office Sales Volume
  • 152023 Number of Transactions

Charlotte, NC Sale Price per SF Trend

  • Charlotte Avg. Sale Price per SF in 2023$169.34
  • North Carolina Avg. Sale Price per SF in 2023$187.79
Charlotte office space cost in 2023 marked a -41.77% change compared to the previous year. The sale price for office space in Charlotte averaged $169.34 per square foot in 2023, across all market subdivisions and asset classes. Conversely, the statewide North Carolina average office sale price during the same time period was $187.79 per square foot.

2023 Office Sales Volume

  • Charlotte, NC Total Office Sales Volume in 2023 $183.7M
  • Charlotte, NC Total Number of Office Sales Closed in 2023 15
A total of 15 deals closed on the Charlotte office market in 2023, adding up to a yearly sales volume of $183.7M. Notably, the largest transaction on the market saw Esplanade at Southpark change hands for $31,000,000 on 6/8/2023.

Largest Charlotte Office Sales in 2023

Property name Address Date Price
Esplanade at Southpark 2101 Rexford Road 6/8/2023 $31,000,000
Grinnell Water Works Building 1435 West Morehead Street 5/25/2023 $19,150,000
Foundation Supply 1801 North Tryon Street 5/8/2023 $15,150,000
Water Ridge Office Park - Three Water Ridge 2118 Water Ridge Pkwy 11/2/2023 $15,000,000
6201 Fairview Road 6201 Fairview Road 7/26/2023 $13,600,000
Data provided by Commercial Edge

Coworking Spaces in North Carolina

2023 Office Construction in Charlotte, NC

  • Charlotte, NC Total SF completed in 2023 1,725,426
  • Charlotte, NC Total SF under construction in 2024 1,728,259

During 2023, 1,725,426 square feet of new office space were delivered across the market. At the close of 2023, the Charlotte office inventory included 9 buildings equal to or larger than 25,000 square feet, which comprised 1,725,426 square feet of office space. Looking forward, development activity throughout 2024 is estimated to add 1,728,259 square feet of office space to the market, before year-end.

Largest Office Properties Recently Completed in Charlotte
Office building Address SF Completed
Legacy Union 6Hundred 600 S Tryon St, 28202 410,000 2024
110 East Blvd 110 East Blvd, 28203 370,000 2024
5954 Carnegie 5954 Carnegie Blvd, 28209 300,000 2024
Steele Creek Medical Office 13515 Steele Creek Road, 28273 33,500 2024
2825 South 2825 South Boulevard, 28209 138,780 2023
The Station at Loso - Station 4 3600 South Blvd, 28217 121,200 2023
The Station at Loso - Station 3 3700 South Blvd, 28217 114,304 2023
Vantage South End - East Tower 1120 South Tryon Street, 28203 286,235 2022
Elizabeth on Seventh 1942 East 7th Street, 28204 103,500 2022
Ally Charlotte Center 601 South Tryon Street, 28202 786,155 2021

Worth noting among recent office completions on the Charlotte market is Legacy Union 6Hundred, which is currently the largest new office development in the city, at 410,000 square feet.

Data provided by Commercial Edge

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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Charlotte commercial properties sized 25,000 square feet or larger.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor CommercialEdge can guarantee that the information provided is complete.