According to the Charlotte Business Journal, office vacancy rates have more than doubled in uptown, and across all submarkets, over the last five years. Tenants are recalibrating their space needs post-pandemic and are flocking to South End’s office buildings which are typically newer and come with amenities.
According to CoStar data, uptown vacancy reached 16.4% at the end of March, up from 13.2% at the same time last year — and more than double the 7.2% recorded in 2019. During the pandemic restaurants closed and more workers became remote.
But it’s not all bad news. Some Charlotte businesses are staying put in uptown, or seeking out the center city, because of its close proximity to other businesses and the light rail.
Center City Partners is also working to keep and attract Charlotteans to uptown. CCP is getting ready to launch its "Reimagining Vintage Office Design Competition." The goal of the competition is to generate ideas to repurpose and adapt the “vintage” buildings of uptown for updated uses.
On the next Charlotte Talks, we talk to those staying loyal to the center city and others working to make it a more desirable place to live and work.
GUESTS:
Jessica Brown, executive director of Cushman & Wakefield
Ben Goebel, principal and Charlotte office leader for Nashville-based architecture and design firm Gresham Smith
James LaBar, senior vice president of economic development for Charlotte Center City Partners
Carrie McCament, CEO of 50-year-old public relations & marketing firm, Chernoff Newman
