SouthPark
Q4 2018
Capitol Towers sale was largest suburban deal of 2018.
Quick Stats
Inventory (s.f.)
(percent of total market)
Q4 2018
4,628,886
(9.0%)
Total vacancy 12.3%
Direct vacancy 11.7%
YTD total net absorption (s.f.)
218,090
Under construction 0
YTD completions (s.f.) 0
Overall average asking rent $31.67
Class A average asking rent $33.79
Class B average asking rent $26.86
• Atlanta based Preferred Office Properties
purchased the Capitol Towers buildings from
Lincoln Harris for a reported $208.8 million. This
was the largest suburban office sale in 2018.
• Due in large part to Albemarle occupying their new
space at Capitol Towers North, SouthPark
absorbed the most square footage across Charlotte
in Q4.
• Publix announced it will anchor The Colony
development, which is set to begin construction in
Q2 2019. Synco Properties & Schlosser
Development have teamed up on this project. The
shopping center will feature over 250,000 SF of
office, 990 apartment units and 300,000 SF of retail.
Rent vs Vacancy
$34.00
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
$32.00
$30.00
$28.00
$26.00
$24.00
$22.00
$20.00
2014
2015
2016
Rent
2017
2018
Vacancy
Absorption vs Completions
300,000
250,000
200,000
150,000
100,000
50,000
-
(50,000)
2014
2015
2016
2017
2018
(100,000)
Net absorption
Construction Completions
19