SouthPark Office is Tightening
The SouthPark market is seeing a resurgence in office leasing activity as Class-A office supply continues to be absorbed, a situation aided by the area's multifamily boom, Lincoln Harris SVP Jubal Early tells us.
"As one of the wealthiest neighborhoods in Charlotte, and a very desirable place to be, SouthPark's a very tight office market, with many firms expanding as the economy continues to improve," Jubal says. Very few development sites are available, which will limit supply in the future and cause rental rates to continue to rise. Recently accounting firm Dixon Hughes Goodman and investment management firm Sterling Capital Management inked leases at Lincoln Harris' Capitol Towers, for 40k SF and 22k SF, respectively. Lincoln Harris' Walker Campbell repped the landlord in the deals.
The first 10-story office tower at Capital Towers, totaling about 240k SF, is nearing an August completion. After that, the developer hopes to start work on a second tower. Jubal adds that the market's “rising tide” is also beneficial for Class-B and C product as they too can increase rates as super Class-A product comes on the market.
