After a post-recession lull, Charlotte’s office market is growing rapidly, and a string of new projects are set to open in the coming years.
Vacancy rates remain tight. Citywide, the office vacancy rate stood at 8.5 percent at the end of 2016, according to Cushman & Wakefield, down from 9 percent a year ago. About 1.2 million square feet of new office space is set for completion uptown by the end of 2017, with more set to come in the coming year. And the average uptown asking rent increased 4.9 percent from 2015, to $29.18.
Here’s where the biggest office projects stand, starting with the buildings nearest completion:
300 South Brevard
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Stream Realty Partners is wrapping up a $15 million renovation on this 360,000 square-foot building. The exterior is set to be complete by May 1. No tenants have been announced yet.
500 East Morehead
Developed by Beacon Partners, this seven-story, 180,000 square-foot building is set to see its first tenants – CB&I, Beacon itself and Elliot Davis – in June.
300 South Tryon
Construction is wrapping up on this 630,00 square-foot, 25-story office tower developed by Spectrum Companies. The first tenant, Barings, should move in this August.
615 South College
At 19 stories and 370,000 square feet, this is the second-biggest office tower uptown that’s nearing completion. Developer Portman Holdings expects tenants, including WeWork, BDO and Regions Bank, to start moving in by late summer or early fall.
Dimensional Fund Advisors
The largest office building under construction in South End, Dimensional Fund Advisors’ East Coast headquarters is planned for a late-2018 completion. The building will be eight stories and 285,000 square feet.
Former Observer site
Lincoln Harris and Goldman Sachs are developing a 33-story, 845,000 square-foot office building where the Observer used to be located. Bank of America has leased more than 500,000 square feet in the project, and plans to move in sometime in 2019.
Developer David Furman plans to break ground in the next several months on 10 Tryon, a nine-story, mixed-use building with a grocery store on the ground floor (long rumored to be Publix).
At Stonewall and Tryon streets, Crescent Communities has long planned an office tower at the former Goodyear auto shop site. Although site work and utility relocation was scheduled to start in January, with a 2019 delivery date, the site appears idle.