Charlotte Office Figures Q3 2026

Charlotte’s office market continued to show improving fundamentals in Q3 2026, extending the recent trend of positive occupancy growth. Net absorption totaled 456,000 sq. ft., marking the fourth consecutive quarter of gains and helping push vacancy down 90 basis points (bps) quarter-over-quarter to 22.0%. Availability also declined 20 bps to 21.4%. Leasing remained active, with Class A space accounting for 60% of quarterly volume, while Huber Engineered Woods signed the quarter’s largest lease at 51,428 sq. ft.

Asking rents increased 3.9% quarter-over-quarter, driven largely by substantial rental rate increases among market-wide prime office properties and several offices in I-485 South. Tightening availability among prime office continues to drive asking rents higher and lift market averages overall. Prime asking rents averaged $61.56 per sq. ft., a 19.6% year-over-year increase.

Construction activity also increased to 725,000 sq. ft., its highest level since Q4 2024. These properties are already 78.1% pre-leased, scarcely adding availability to a high-growth market where leasing velocity and absorption continue to track positively – especially for prime office. Due to high pre-leasing requirements and the typical timeline for completion, the market anticipates very little competing vacancy to be added from construction for many years.