Demand for office space remains low despite increased deal size

Charlotte recorded 0.5 million square feet (msf) of transaction volume in Q2 2023. This was a 34% decrease year over year. Leasing activity remains well below pre-pandemic levels and sits 36% lower than the five-year leasing average of 815,910 square feet (sf). Tenants continue to gravitate towards Class A product and although the average deal size has not recovered to pre-pandemic levels, it was elevated in the second quarter. Looking ahead, a return to pre-pandemic leasing activity could be promising as market buzz regarding several large out-of-market corporate relocations to Charlotte continues.

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