More Office Spacing Coming to Uptown Charlotte

Posted On: September 26, 2008 By: admin

According to the Charlotte Business Journal, construction began this week on a $12 million office building at 700 East Morehead Street.  The 35,000 square foot, 4 stories building, built by the Harris Development Group, is already more than half leased. The accounting firm of Elliot Davis, of Greenville SC, has leased 20,000 square feet for their offices alone. Harris is still out there marketing 5,000 square feet for ground floor retail space, and that leaves 10,000 square feet for other offices.

With uptown’s tight office space availability, more companies have been forced to look outside Interstate 277. The East Morehead area, which is only ½ mile from uptown, is easily accessible from neighborhoods around the area. With all the new construction on residential buildings like Encore Condominiums, The Vue Condominiums, and Catalyst Condominiums living and working around Uptown Charlotte makes perfect sense.

Lease rates for the new office building are $32 per square foot, which is 46% higher than the average. Midtown rates have steadily increased over the years, and will more than likely keep on increasing as new office space is created. There are several new projects either proposed or underway that will add about 520,000 square feet of space in the mid town area. These will almost double the areas office inventory. The vacancy rate in this area is the second lowest at 5.9%. The 1.5 mile area from South Tryon to South Kings is well on its way to becoming one of the hottest spots for office space in Charlotte.

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