In the dynamic landscape of urban development, Charlotte emerges as a noteworthy player in the realm of office construction within the United States.
CommercialCafe’s latest report, leveraging data from CommercialEdge as of January 12, 2024, sheds light on the state of the office pipeline, with a special focus on the largest office properties slated for completion in 2024.
Here are some key takeaways:
- Charlotte ranks 8th for the percentage of new office constructions within its stock in 2024. Roughly 3.3% of Charlotte’s current stock is made of new office developments.
- This percentage translates into 2.6 million square feet of new office space under construction in Q1 of 2024.
- Charlotte claims one of 2024’s top 20 largest office development projects currently under construction: the 800,000-square-foot 1030 Centene Court property owned by Centene Corporation, ranked 10th. The project is estimated to be completed in the first quarter of 2024.
- At a regional level, there are a total of 3 projects from the Southern region among the top 20 largest office deliveries of 2024. Besides North Carolina’s entry, there are Miami’s 830 Brickell and Baltimore’s Harbor Point – Parcel 3 properties.
Overall, early in 2024, roughly 97 million square feet of office space is currently in various stages of development at the national level — a 28% drop compared to last year’s total. However, the market is looking to circumvent this reduction in demand by converting unoccupied office spaces to other uses, especially living spaces, as reported by RentCafe.
