Charlotte’s office demand led by core financial tenants
In the first quarter of 2025, Charlotte’s office leasing volume totaled 0.5 million square feet (msf), down from the strong 2024 quarterly average of 0.7 msf, which had shown promising momentum. The trailing four quarters show a total volume of 2.8 msf, a 20.3% increase from the prior four quarters, which totaled 2.3 msf. Office demand was driven in part by financial services and insurance firms, which accounted for nearly half of the top transactions. The SouthPark submarket accounted for 19.7% of total leasing volume this quarter. The biggest share the submarket has had since Q2 2018, when it leased 226,582 square feet (sf). This quarter’s numbers can be partly attributed to top lease transactions, the first by PNC Bank at One Piedmont Town Center at 4720 Piedmont Row Drive, where it leased 42,300 sf. The second was a lease by Capitala Group, which leased 15,500 sf at the Rotunda Building at 4201 Congress Street.