Charlotte Office Market Report

Concluding leases could open door to demand shifts. A reduction in the supply pipeline this year will help balance office demand while hundreds of short-term leases possibly expire in 2025. At the same time, other companies will be starting new commitments, focused in the University City Research Park, Center City and South End, to take advantage of the highly amenitized areas. The highlight of these is Robinson Bradshaw upsizing to 101,500 square feet in Center City. Metrowide net absorption will be about half of 2024’s level, however, which was a three-year high. While demand growth for traditional office space may fall this year, medical office expansion will likely continue into the long term, given health care services have held a local upward trend in hiring since 2022. This movement corresponds with an uptick in net in-migration, along with ongoing growth in the age 55-plus population cohort.