Rent for Charlotte office buildings has increased by 37.4% on average since 2016. Class B buildings saw the highest increase at 44.13%. Courtesy of Avison Young
Despite alarm over office vacancies, Class A offices are steadily rising in price, according to data from commercial real estate agency Avison Young.
Why it matters: The market is on an upward trajectory, says Bryse Ranniello, market intelligence analyst at Avison Young.
"We're hopeful that 2025 will be a better year and continue to recover from those 2019 levels," he adds, citing flight to quality, improved office utilization and rent growth.
By the numbers: Charlotte offices are 67.9% as busy as they were in 2019, according to Avison Young's Office Business Index — just above the national average of 66.9%.
Yes, but: Class C office prices are fluctuating unpredictably, and Class B offices endured a downturn from 2020 to 2024.
Between the lines: In commercial real estate, office buildings are categorized as Class A, B, or C, reflecting differences in quality, location, and amenities.
What they're saying: Developers predict demand for new office construction will grow as high-quality spaces are leased up.
Meanwhile, local leaders are grappling with what to do with the "vintage" office spaces that companies aren't rushing to occupy.
