Charlotte’s Creative Office Report: Bringing Innovation and Collaboration to Today’s Workforce

KEY TAKEAWAYS

• Creative office has grown in popularity as office space users grow increasingly interested in highly amenitized, collaborative space. Over the past five years, creative office inventory has grown by an outstanding 101.2%.
• With a direct asking rate of $33.31 psf, the creative office building set boasts a compound annual growth rate of 6.0% over the last five years.
• Although the vacancy rate has increased in that time, this is reflective of a boom in construction deliveries and conversions to this product type.
• Some of Charlotte’s largest and most high-profile lease transactions have occurred in creative office buildings. Lowe’s lease of 375,000 sf for its new build-to-suit Design Center Tower and Lending Tree’s 176,000-sf lease at Vantage South End – West Tower show a commitment from anchor tenants to the creative office product.
• Fortune 500 companies have demonstrated strong interest in this asset, with the likes of Lowe’s, Ally Financial, Moody’s, General Motors, USAA, Wells Fargo, CBRE, Centene and many others signing leases in creative office spaces.