Charlotte Market Information - Q4 2025
Demand is growing!
121 W Trade Street
For the first time since the end of 2019 and the beginning of the COVID-19 Pandemic, the Charlotte office market recorded positive net absorption over a full calendar year. Simply put, demand grew for the first time in five years for commercial office space in Charlotte in 2025.
The last five years have brought some tepid times for the commercial real estate industry. While Charlotte hasn’t experienced the worst of these times, it’s had its share of troubles, as well. That said, there are signs, outside of improved demand, that the industry is beginning to trend towards recovery and growth.
Another positive indicator is that buildings are beginning to trade again, some for significant discounts and others for record setting numbers. 121 West Trade, 525 North Tyron, Charlotte Plaza, 440 South Church, and 6Hundred @ Legacy Union all sold in 2025. 121 West Trade ($90.62 psf), 525 North Tryon ($56.43 psf), and Charlotte Plaza ($103.70 psf) each sold for relatively large discounts. 440 South Church ($192.87 psf by TownLane out of Atlanta) and 6Hundred @ Legacy Union ($539.82 psf by Highwoods) were both purchased more recently and at much higher numbers.
6Hundred Lobby
Both of these assets are located on the south side of Uptown Charlotte and are newer, nicer, and located in safer areas for tenants electing to stay in the Uptown market. 6Hundred @ Legacy Union is the newest building in Uptown Charlotte and was delivered last year. Currently, 6Hundred has proposals out on all its remaining floors, and it’s expected that this building will be fully leased before the end of the year. With nothing left in the development pipeline, it means groups interested in remaining Uptown will be evaluating a limited number of well located, 2nd generation assets (440 S Church, 301 S College, 550 S Caldwell, and Charlotte Plaza). Currently, 301 South College is on the market for sale.
Queensbridge Collective
In related news, Charlotte’s largest law firm, Moore Van Allen, has announced that they will be moving out of the Bank of America Corporate Center and moving to the new Queensbridge Collective development scheduled for completion in 2028. Ernst & Young and Pacific Life (East Coast HQ) will be joining them. This building is now 100% pre-leased (approximately 350,000 sf), but it was originally planned to be around 700k sf of office. The reduction in office footprint was made to secure lending on the project.
Queensbridge Collective
With demand improving, renewed investor interest, the promise of lower interest rates, and a dry development pipeline, there is considerable optimism for the Charlotte office market. At this stage, outside of the Queensbridge Collective, we likely won’t have any new, significant office developments until 2030. This will provide well-located and capitalized assets in Uptown to compete and meet these expanding demand needs. We’re looking forward to watching it unfold in 2026.
