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Karnes Research: Meck office vacancy rate falls, rents rise

The vacancy rate for Mecklenburg County’s office market dipped in the second quarter of this year from the end of last year, while the average rent rose over that period, Karnes Research Co. said in a report released Friday.

The vacancy rate for all types of office space — classes A, B and C — dropped to 17.9 percent from 18.4 percent, with 6,114 square feet absorbed in the second quarter.

The average rent increased by 21 cents, from $21.75 to $21.96, for all types of office space.

During the second quarter, SCOR Global Life Americas was responsible for the region’s largest tenant occupancy and contraction, thanks to the company’s relocation from approximately 140,000 square feet at 401 N. Tryon St. to 140,000 square feet at Bank of America Plaza.

Also in the second quarter, Charlotte Plaza added 94,698 square feet of vacant space to the market as a result of the end of Wells Fargo’s lease, and Bank of America moved out of 103,122 square feet at 525 N. Tryon St.

Also during the quarter, Chiquita moved into 53,519 square feet of the company’s 137,790-square-foot space in NASCAR Plaza.

Karnes’ report is based on a database of for-lease office buildings that are in Mecklenburg County and contain at least 15,000 square feet of space apiece.

 

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