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Uptown Charlotte Vacancy Rate is lowest!

Charlotte, N.C., midtown Manhattan, N.Y., and Boston had the lowest U.S. office vacancy rates in the fourth quarter, driven by demand from banks and insurance companies.

Charlotte's rate fell to 2.3 percent from 2.6 percent in the previous quarter, the lowest of any downtown for the fourth straight quarter.

Office occupancies in Charlotte, Manhattan and Boston have been helped by demand from business services and information-technology companies, along with a lack of major construction. It seems developers are very conservative on how much new space is brought onto the marketplace.

It's not yet clear how cutbacks in the banking industry resulting from the subprime-mortgage collapse will affect office use in Charlotte -- the headquarters of Bank of America Corp., the biggest U.S. bank by market value -- and Wachovia Corp., the third largest.

On a national basis, the overall office vacancy rate rose to 12.8 percent in the fourth quarter from 12.6 percent a year ago and in the third quarter.

Read more on Uptown Charlotte here

Published Thursday, January 17, 2008 11:58 AM by Angie Adams NC/SC REALTOR® Broker

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