Charlotte posted the steepest office listing rate decline among the nation’s largest markets, even as national prices showed signs of recovery.
According to new research from Yardi Matrix, Charlotte’s average office listing rate fell 5.5% year over year to $32.62 per square foot in January 2026. That marked the largest drop among the top 25 U.S. office markets.
Nationally, the average sale price of office buildings rose 6.1% in 2025 to $182 per square foot. That increase represented the first annual gain since 2021. However, most markets still remain below their pre-pandemic valuations.
Meanwhile, four major metros have already surpassed 2019 price levels. Miami leads with prices up 20% from pre-COVID levels, followed by Dallas at 8.5%, Detroit at 8.4%, and Orlando at 5.8%.
Top Listings by Metro Area: January 2026
| National | $32.55 | −2.5% | 18.2% | -150 bps | ||
|---|---|---|---|---|---|---|
| Atlanta | $36.64 | 11.2% | 19.8% | 120 bps | 1180 Peachtree | $63.50 |
| Los Angeles | $46.50 | 10.7% | 14.6% | -170 bps | 100 Wilshire | $110.16 |
| San Diego | $45.18 | 6.1% | 22.7% | 210 bps | One La Jolla Center | $73.20 |
| Chicago | $28.75 | 5.8% | 18.6% | 20 bps | 333 North Green | $65.29 |
| Phoenix | $29.89 | 5.2% | 17.0% | -240 bps | The Watermark | $56.00 |
| Twin Cities | $27.51 | 4.9% | 17.8% | 130 bps | International Centre | $42.39 |
| Dallas | $32.07 | 2.3% | 21.2% | -280 bps | 23Springs | $95.09 |
| Nashville | $32.05 | 2.2% | 18.9% | 40 bps | 615 Third | $51.70 |
| Miami | $56.03 | 2.1% | 14.0% | -160 bps | The Offices at The Well | $175.00 |
| Tampa | $30.46 | 1.9% | 14.2% | -170 bps | Harborview Plaza | $52.87 |
| New Jersey | $34.44 | 1.5% | 17.5% | -170 bps | Harborside Financial Plaza 10 | $66.08 |
| San Francisco | $63.84 | 0.8% | 24.7% | -460 bps | Sand Hill Collection – The Ranch | $199.20 |
| Austin | $46.04 | 0.6% | 26.5% | -140 bps | Indeed Tower | $82.69 |
| Detroit | $21.68 | 0.3% | 23.3% | -50 bps | Michigan Central Station | $40.00 |
| Philadelphia | $30.83 | 0.2% | 18.1% | -160 bps | Three Logan Square | $56.07 |
| Portland | $28.20 | −0.2% | 21.5% | 0 bps | Fox Tower | $50.53 |
| Manhattan | $67.36 | −1.3% | 13.1% | -350 bps | 50 Hudson Yards | $250.00 |
| Bay Area | $53.01 | −2.5% | 23.1% | -320 bps | 400 Hamilton Avenue | $152.88 |
| Washington, D.C. | $39.89 | −2.6% | 19.9% | 160 bps | 1155 F Street | $83.61 |
| Boston | $45.87 | −2.6% | 15.0% | -230 bps | One Canal Park | $129.71 |
| Seattle | $34.91 | −2.8% | 27.1% | 70 bps | Lincoln Square Office Tower | $79.62 |
| Orlando | $26.75 | −4.5% | 19.6% | 290 bps | CNL Center II | $54.19 |
| Denver | $29.32 | −5.3% | 23.5% | -140 bps | Block 162 | $54.38 |
| Houston | $28.54 | −5.3% | 19.0% | -380 bps | Kirby Grove | $54.21 |
| Charlotte | $32.62 | −5.5% | 17.5% | 170 bps | 110 East | $55.00 |
Cushman & Wakefield reported Charlotte’s premium space is being leased at a much higher rate, dropping out of the average, which can pull market-wide averages significantly down.
Charlotte’s office market is increasingly two markets at once:
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Top-tier buildings hold pricing power. Prime direct asking rents rose year over year, supported by large-block leasing.
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Older or less competitive buildings discount harder. Buyers targeting higher-vacancy CBD assets at discounted prices, then planning renovations to attract tenants.
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Tenants keep “trading up.” Class A captured a dominant share of new leasing, reflecting a continued flight to quality.
Overall, the data suggests that while office sales pricing has begun stabilizing nationally, Charlotte faces mounting headwinds with an increasingly ‘split market’. Tenants are increasingly relocating from older properties into newer, amenity-rich buildings in Uptown, Midtown, and South End. That shift concentrates demand at the top and leaves mid-tier inventory under pressure.
Tenants gain negotiating leverage, especially in older properties. Some landlords may defer upgrades, while others may pursue major renovations or conversions. Lower income expectations can also pressure building valuations and complicate refinancing as debt maturities approach.
