Charlotte's overall availability continues to shatter records

The availability rate in Charlotte has reached a new high of 23.1%, a year-over-year increase of 250 basis points (bps). Sublease availability has also increased to 3.0 million square feet (ms) in the third quarter of 2023. Despite sublease availability increasing by 10% year-over-year, since Q2 2023 sublease space has decreased slightly by 3.0%. This quarter's second largest lease signed by Messer Financial was a 31,000-square-foot sublease placed on the market by Maestro Health. Occupiers continue to be enticed by subleases which have shorter term length and lower asking rates. As 2023 comes to a close, expect availability to continue to climb as construction projects slated to deliver in 2024 become available.

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