It’s shaping up to be another great year in Charlotte for 2015! With steadily climbing business stats it’s no wonder that the need for office space is growing rapidly as well. Several projects are already set in place to meet the dynamic needs of the Queen City in the coming years, but particularly in the 2015 year. The high-growth economy is set to attract an increasing amount of investors and business owners in 2015. In order to sustain that growth there must be an adequate amount of high-end and affordable office space.
What Job Growth Means for Charlotte Office Space
Last year, in 2014, Charlotte was ranked as the top entrepreneurial big city by Global Trade Magazine, as well as the number one city for high pay and low expenses by Yahoo Finance. These two aspects alone have made Charlotte a magnet for recent college grads and those looking to get ahead in an uncertain economy. Employment in general is expected to increase by 11% in Charlotte, with about half of that growth expected to be in the office-using type of business.
With the obvious continued growth in the Queen City it’s no question that office space is starting to get tight. Office space availability will drop below 13%, which hasn’t happened for nearly 7 years. While this is a good problem to have, it’s still an issue that will need to be rectified in order for Charlotte to keep up with its steadily growing population. Investors will want to see that there is significant space for ever-expanding businesses and growth opportunities.
How to Meet the Office Space Needs of Charlotte?
So far, as much as 500,000 square feet of office space is expected to be created for the 2015 year. According to Marcus and Millichap, the largest project that will be undertaken is phase one of Capitol Towers. This project will deliver 240,000 square feet and 10 stories worth of office space. In SouthPark, the Lincoln Harris Project is set to include a second tower that will bring the total up to 500,000 square feet of office space and 35,000 square feet of retail and restaurant space. A parking deck is also part of the project, providing 7 levels and 1,633 parking spaces. These should be completed by 2016 and 2017.
Charlotte is set to continue growing in all areas of its population, but particularly in the areas of job growth and economic opportunity. With such rapid growth it’s important to provide an adequate amount of office space to allow the positive growth to continue. Thankfully, plans are in place to continue offering first-rate office space and meet the ever-growing needs of Charlotte’s thriving companies and investors.