Charlotte recorded 350,000 sq. ft. of occupancy growth in Q1 2020, the 16th consecutive quarter of positive net absorption. Further, the CBD and Midtown/SouthEnd accounted for 54% of all positive net absorption in Q1.
Truist Center (formerly known as Hearst Tower), located at 214 N. Tryon Street, was acquired by Truist from Cousins Properties for $455.5 million, the record for largest single office transaction in Charlotte.
Development activity has surged in Charlotte. Since Q1 2016, 5.2 million sq. ft. of office product has delivered, accounting for 12% of the market's total office inventory.