Charlotte Sees Surge in Office Leases in Ballantyne
Charlotte, N.C. – A significant wave of office leases has recently emerged in the Ballantyne sector, driven by Northwood Office, a commercial development leasing and property management firm. Between April and September 2024, the firm secured a total of 33 new, expanding, and renewed office leases, covering more than 360,000 square feet.
Continued Growth in a Competitive Market
According to Kate Urey, the senior vice president of leasing and redevelopment at Northwood Office, this trend reflects the company’s strong momentum in the Ballantyne area. Urey remarked, “We’ve continued our strong momentum in Ballantyne and value our partnerships with customers and brokers.” The appeal of Ballantyne lies in its diverse offerings, including move-in ready suites, engaging local amenities like The Bowl, and ample open spaces. Urey noted that as a single owner and operator, Northwood Office can provide “unparalleled flexibility” to accommodate evolving space needs for its tenants.
Key Lease Agreements
Among the notable new leases signed since April, Lennar Carolinas has leased nearly 27,900 square feet at the Calhoun Building, facilitated by CBRE representatives John Christenbury and Mark Decherd. The Allen Lund Company also secured 15,800 square feet at the Crawford Building, represented by Matt Bowen of Cushman & Wakefield. Additionally, Waste Connections leased over 12,600 square feet at Overlook, with representation from Myers McGarry of JLL. American Engineering joined the lineup by leasing more than 10,800 square feet at the Everett Building, represented by Kenny Smith and Holly Alexander from New South Properties.
Major Renewals and Expansions
In addition to new agreements, several significant renewals also contributed to the increasing lease total. Premier renewed its lease for a substantial 146,000 square feet at the Betsill Building, with representation by Chris Schaaf and Bryan White of JLL. Meanwhile, CrossCountry Mortgage expanded its footprint at the Harris Building by more than 7,900 square feet, renewing its previous space to total over 16,000 square feet, represented by Marshall Williamson of Lincoln. The transactions were facilitated by Mary McClure, Elizabeth Newman, Kate Urey, and Isabel Windham on behalf of Northwood Office.
Year-to-Date Performance
As of now, Northwood Office has successfully signed and commenced leases totaling over 573,000 square feet in the Ballantyne region since the beginning of the year. This figure emphasizes the firm’s effective strategy in a competitive commercial real estate market.
Looking Ahead
As companies increasingly seek prime office locations, the increasing activity in leasing across Ballantyne suggests a robust future for the commercial real estate sector in Charlotte. Northwood Office’s efforts to offer flexible leasing options and appealing spaces will likely continue attracting businesses to this thriving community.
