Office leasing activity gains momentum through year-end, signaling continued market growth

In the fourth quarter of 2024, Charlotte's office leasing activity of 0.9 million square feet (msf) showed continued momentum, rising 2.2% from the previous quarter and up 51.6% year over year. The strong second half of the year performance propelled annual leasing of 3.1 msf to a post-pandemic high. Notable Q4 transactions included RXO’s lease of 150,000 square feet (sf) in the Woodward Building in the Ballantyne submarket and RE Mason’s lease of 64,000 sf at Three Research Square in the University submarket. Additionally, Dole PLC and City National Bank each leased full floors at One South in Uptown Charlotte, highlighting the demand for Class A office spaces. Class A properties comprised the majority of leasing activity, reaffirming tenant preferences for premium-quality spaces in key submarkets.

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