Commercial Real Estate in Uptown Charlotte, NC
Uptown Charlotte is the heart of the Queen City. Sometimes referred to as Center City, or Charlotte CBD, this exciting urban area is home to stunning infrastructure, mouthwatering dining experiences, exciting sporting events, riveting museums, and so much more.
Uptown Charlotte is a popular location for office buildings and retail business space. In this article, we’ll check out the opportunities for available commercial real estate in Uptown Charlotte and the types of properties you can expect to find here.
Our team at Regent CRE has closed on nearly 1000 commercial properties in the greater Charlotte area – many of those sales and lease transactions taking place in the exciting region of Uptown. In an ever changing market, our expert team is here to guide you through the process of finding your ideal commercial listings in Uptown Charlotte NC.
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Uptown Charlotte Opportunities:
- Commercial Real Estate
- Investment
- Office Space
- Industrial Space
- Warehouse Space
- Flex Space
- Retail Space
- Industrial Outdoor Storage (IOS)
Case Study – Combining Properties to Save Money
The Uptown Neighborhood of Charlotte, NC
While most cities refer to the main business district as “downtown”, Charlotte labels this central portion of the city as “Uptown”. This is because of a 1700s trading path that ran along this area, with the paths moving upward toward this location. Travers would refer to their journeys as going “up to town”, which appropriately evolved into calling the area “Uptown”.
What’s now called Uptown – the central business district (CBD) of the city – is split into four different wards by the intersections of Trade Street and Tryon Street.
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Commercial Real Estate in the Uptown Neighborhood
Charlotte is really comprised by the I-277 loop, which encircles the business district of the city. Uptown Charlotte mostly exists within this loop.Â
Historically, Uptown has been dominated by two major banks – The Bank of America (which has their corporate worldwide headquarters in Charlotte) and Wells Fargo (whose regional hub is located in Charlotte).Â
The presence of these major banks made the Uptown area an attractive place for retailers to begin coming in. But Uptown isn’t just for retail. In this area, there’s also a good bit of multi-family living product that’s been developed, as well as a plethora of office space. If you’re looking for commercial real estate opportunities, this neighborhood of Charlotte provides lots of options.
Uptown Charlotte is made even more convenient by the light rail, an above-ground street car which runs north to south as well as east to west. It also has a bus system, with the station located in Uptown.
This central district of Charlotte has it all. Residents live here, work here, and shop here. From grocery stores to entertainment, you don’t have to go far to find what you need in this nuclear neighborhood of North Carolina.
Uptown Charlotte for Investment Opportunities
The main investment opportunity that’s currently available in the Uptown area is office properties. In fact, much of the office space available throughout metro Charlotte is concentrated right here in Uptown. A lot of newer buildings are currently being built on the south side of the city, while the north side still offers plenty of opportunities for development. Prestigious companies like Bank of America and Honeywell have made their headquarters home in the south side of the city, filling it with beautiful, state-of-the-art commercial buildings.
And because of the office space, there’s also some retail space in this area, which supports the office workers.
Sadly, during Covid, the Uptown market was hit hard. Bigger companies especially had to send all of their workers home, leaving a plethora of empty office space.Â
While this was certainly somewhat of a hit for the commercial real estate market within the city of Charlotte, like many real estate markets, it also has a positive side. That is, if you’re a new company or want to build a presence in Charlotte, there’s never been a better time to lease office space. It’s a tenant’s market.Â
For real estate buyers looking for the best space deals, Uptown Charlotte is the perfect place to invest in the current office market, while properties are still “on sale” as they recover to pre-pandemic levels of usage.
Office Space in the Charlotte Uptown Neighborhood
Office space in Uptown Charlotte is plentiful. This area is a fast-paced, exciting neighborhood that attracts numerous office workers, and is especially popular for young professionals.
Lease space here in Uptown averages around $30/sf/yr. And office properties available for sale cost around $374/sf.
Office space in Uptown is highly desired because of the updated, high-quality options and the convenience of being right in the city. Most of these buildings are either Class A or Class B. They range in size from 700 square feet all the way up to 500,000+ square foot buildings. Whether you’re looking for a tall office tower or a free standing building, there are plenty of choices in this busy neighborhood.
Industrial Space in the Charlotte Uptown Neighborhood
Because Uptown is such a popular place for office workers, restaurants, and retail businesses, industrial space has moved further outside the city. There’s not much for industrial options in Uptown due to the packed nature of this neighborhood.
Warehouse Space in the Charlotte Uptown Neighborhood
Just like general industrial space, industrial warehouse real estate takes up too much space to be profitable in the Uptown neighborhood. Although there were some larger, industrial buildings that existed within Uptown, almost all of them have either been torn down or converted into other types of businesses through adaptive reuse.
Flex Space in the Charlotte Uptown Neighborhood
Properties labeled as “flex” are more popular further outside of the city than in Uptown. NC flex office space usually also has a warehouse in the back of the building. And while this type of space is a great choice for service-oriented companies, the types of businesses that use office space in Uptown usually don’t need a warehouse. The amount of square footage flex space takes up just isn’t profitable in this packed neighborhood.
Retail Space in the Charlotte Uptown Neighborhood
If you’re looking for retail space in a busy city, Uptown Charlotte has options both for sale and for lease. The retail sector of Uptown primarily supports the office workers who are concentrated in this space. So although it’s not a primary retail destination, the busy streets of Uptown are still a great pace for shopping, restaurants, and breweries. These retail spaces provide convenient access for shoppers, with many of them located right along the main sidewalks of the city.Â
Industrial Outdoor Storage (IOS) Space in the Charlotte Uptown Neighborhood
Industrial outdoor storage space is an increasingly popular type of property that’s identified by a small building on a larger piece of land. Because IOS space requires quite a bit of land (usually at least an acre), however, it’s not popular in this busy downtown area.
IOS space is found primarily outside of the city, especially along major interstates. There are, however, a few businesses who enjoy having their office space downtown and more land (sometimes with a building) elsewhere. AT&T is one example of this.
Case Study – Combining Properties to Save Money
Have you ever wondered if your business is getting the best bang for your buck?
We recently worked with a multifamily developer who had two different divisions of their company.Â
One division was in 2,000 square foot space, but they needed to expand and prioritize efficiency.Â
As we searched, we stumbled upon an excellent property that was 10,000 square feet. It offered a long-term lease, and a generous amount of tenant improvement dollars from the landlord.Â
This property was ideal and had favorable lease terms – the client was very happy to be able to expand into a space that better fit their needs.
And to make things even more profitable, they were also able to move their other division – merging the two divisions into one space instead of being separate.
Not only did this mean convenience for the company as a whole, since all 25 office workers could now work together, but it saved them money, since they only had to lease one property.Â
With the perfect property, favorable lease terms, and plenty of tenant improvement dollars, this business is thriving in their new space.
Your Neighbors in the Charlotte Uptown Neighborhood
Wondering who will be around you in your new Uptown space? Here’s a list of some of your exciting new neighbors:
- NASCAR Hall of Fame
- Bank of America Stadium
- The Mint Museum
- Discovery Place Science
- Charlotte Convention Center
FAQs About the Uptown Charlotte Neighborhood
What type of commercial properties are in Uptown Charlotte?
The most common types of commercial properties found in the Uptown neighborhood include office and retail spaces. The nature of this central area of the city lends itself to a younger crowd of business professionals, with retail supporting the office workers.
It’s a live, work, play neighborhood that mostly consists of white-collar industries. Industrial, warehouse, flex, and IOS space tend to live further outside the city’s center.
How much does commercial property cost in Uptown Charlotte?
Office space for lease around Uptown averages around $30/sf/yr. If you’re looking to buy office space, you can expect to pay around $374/sf.Â
Retail space near the city center leases, on average, for around $26/sf/yr, and sells for an average of $250/sf.
The few flex properties near this area are generally listed around $16/sf/yr for lease and $283/sf for sale.
Is Uptown Charlotte walkable?
Uptown Charlotte is a highly walkable area, with well-maintained sidewalks and numerous shopping and dining opportunities along the main roads. It also offers the light rail and bus system for traveling farther distances.
The four distinct wards of Uptown Charlotte present different amenities and opportunities. Many restaurants, grocery stores, cafes, shops, and tourist opportunities exist along the Uptown streets.Â
Of course, although Uptown is considered a safe and walkable neighborhood, you should always be aware of your surroundings.
Is Uptown Charlotte a good place to live?
Uptown Charlotte is a great place to live. This neighborhood is a live/work/play area that offers many conveniences, walkable streets, and safe neighborhoods. It’s a blend of southern charm, convenience, and urban diversity that’s beloved by its many residents.
Are there abandoned buildings for sale in Uptown Charlotte?
Many of Uptown’s older warehouse buildings have been transformed into offices and retail spaces through adaptive reuse. Looking for a unique building to recreate? Contact our expert team at Regent CRE, and we’ll help you find it.
Find Your Next Commercial Property with Regent Commercial Real Estate
Each neighborhood in the Charlotte metro area has its own unique history, strengths, and weaknesses. At Regent CRE, we’ve completed nearly 1000 successful sales and lease transactions throughout Uptown and the greater Charlotte area.Â
Our understanding of market trends, attention to the specific needs of our clients, and prestigious real estate credentials set us apart as industry professionals with expert local knowledge of the Charlotte area.Â
From our initial meeting and getting to know your business needs, all the way through the negotiation and closing process, our highest goal is your real estate success. When you work with Regent, you’ll have peace of mind that you’re getting the best deal on your ideal commercial property.Â
Ready to find your next property? Contact us today, and let’s get started.
