Uptown
Q4 2018
Honeywell headquarters announcement and capital
investment end strong 2018
Stats Rundown Q4 2018
Inventory (s.f.)
(percent of total market) 18,651,682
(36%)
Total vacancy 12.9%
Direct vacancy 12.6%
YTD total net absorption (s.f.)
Under construction
YTD completions (s.f.)
•
132,141
1,753,073
0
Overall average asking rent $33.10
Class A average asking rent $33.73
Class B average asking rent $28.17
Uptown, and the city as a whole, had a major economic
development win as Honeywell chose Charlotte for its
headquarter relocation.
• In a year dominated by coworking headlines, 2018
ended with more traditional leasing announcements;
KPMG and Deloitte will combine for 148,717 sf at Legacy
Union, a Lincoln Harris development. Preleasing of spec
projects continues to be a trend market wide.
•
•
Dominion Realty Partners broke ground on a mixed use
development at 401 Graham St. that is set to bring
158,000 sf of office to Uptown. First National Bank will
be the anchor tenant.
Rent vs Vacancy
$34.00 14.0%
$32.00 12.0%
$30.00 10.0%
$28.00 8.0%
$26.00 6.0%
$24.00 4.0%
$22.00 2.0%
$20.00
2014
2015
2016
Rent
Uptown was Charlotte’s most active submarket for
capital investment, totaling an estimated $479,000,000
in sales transactions in 2018.
2017
2018
0.0%
Vacancy
Absorption vs Completions
1,200,000
1,000,000
800,000
600,000
400,000
200,000
0
-200,000
2014
2015
Net absorption
2016
2017
Construction Completions
2018