Exploring lease rate shifts across Charlotte’s office submarkets

– The southeastern area of Charlotte offers the most affordable office asking rents on a per-square-foot basis, ranging from $21.27 to $27.80, likely due to its larger inventory of older Class B and C buildings, making it more cost-effective than surrounding areas.

– The Plaza Midwood/NoDa submarket commands the highest average asking rent at $44.61 per square foot—reflecting a 2.06% increase from the previous quarter and a 5.91% rise compared to Q1 2024.

– The overall percentage increase in lease rates across all submarkets from 2024 to 2025 is approximately 0.50% which could indicate a correction phase, where landlords are adjusting pricing to better align with current demand and tenant expectations.