Charlotte Office Report – Summer 2019

The metro's thriving financial sector, growing tech industry, diverse coworking scene and increasing Millennial workforce are greatly boosting the city's office sector.
Office-using employment in Charlotte, click to enlarge
Office-using employment in Charlotte, click to enlarge

With its thriving financial sector, growing tech industry, diverse coworking scene and increasing Millennial workforce, Charlotte has entered full expansion mode. Companies are attracted not only by the favorable business climate and strong startup scene but also by the deep talent pool fostered by Charlotte’s universities. Major moves include Honeywell’s and Lowe’s relocation to the metro. Truist Bank, the newly formed financial entity following the BB&T-SunTrust merger, will also be headquartered in Charlotte. In addition to that, the Charlotte Chamber and the Charlotte Regional Partnership created the Charlotte Regional Business Alliance, which will further strengthen the partnerships within the metro’s public and private sectors. 

READ THE FULL YARDI MATRIX REPORT

Employment growth by sector in Charlotte, click to enlarge
Employment growth by sector in Charlotte, click to enlarge

Roughly 14,000 office-using jobs were added in the metro in the 12 months ending in May. The professional and business services sector gained 11,100 new jobs as Dentsply, Lending Tree and other service-based companies expanded their presence in the metro. Bank of America, AXA and ServiceMac’s growing footprint also contributed to the financial activities sector’s growth (2,100 new jobs). Coworking continues to gain popularity in the metro’s urban submarkets. Large operators such as WeWork and Spaces dominate the landscape, while smaller local players like Hygge and CoCoTiv have a niche approach to the business, diversifying and enhancing the sector’s presence.

Demand for quality buildings close to the urban core remains high. Some 3.8 million square feet was under construction throughout the metro as of June.

Read the full Yardi Matrix report.