Downtown office tower flipped from full to half empty in 18 months

Our building in Charlotte had 92% occupancy in early 2023, now we're sitting at 54% after three big tenants left without backfilling. The rent concessions we're throwing out just to keep anyone interested are getting ridiculous, has anyone else seen this kind of drop in their market?

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lucas6315d ago

Were those three tenants all in the same industry or sector? When we saw a big drop here it was clustered, one tech firm leaving started a chain reaction because the other two were tied to the same clients or contracts. If yours is spread across different types of businesses, that's a different problem than if it's all coming from one failing sector. Also curious if your building has any big floor plates that are just hard to split up for smaller tenants. That's been our issue, nobody wants 50,000 square feet anymore but they also won't take half a floor with weird column spacing.