CHARLOTTE (QUEEN CITY NEWS) — During the pandemic, the majority of Uptown workers fled their offices to work remotely. Nearly five years later, about a quarter have yet to return.
Charlotte ended 2024 with an office vacancy rate of 24.6%, according to a recent report by Cushman & Wakefield. The report points to a pre-pandemic construction boom and an overall decline in demand for office space as two contributing factors.
Pre-pandemic, the doors beneath the Two Wells Fargo Center in Uptown would have led you to a hallway lined by small businesses. Today, they are locked.
“It’s just vacant,” a long-time Uptown worker who now works from home said. “It’s absurd but I don’t know what we can do about it.”
Just 14 months ago, a convenience store, flower boutique, and barber shop were open for business but struggling.
“I mean, this shop used to stay full of workers and customers but now it’s just me and the owner here, and I’m usually the only one here,” DeMichael Gholston said to Queen City News back in October of 2023.
Monday, all three storefronts were vacant. The barber shop closed back in March, something Gholston said he saw coming.
“You are seeing vacancies everywhere because everyone is shopping online to start with and working from home,” the Uptown worker said.
On top of work-from-home models, within the last few years, major companies like Bank of America, Duke Energy, and Wells Fargo have relocated into brand-new or updated buildings.
While the moves have expanded the Uptown skyline, they are also leaving older, larger buildings without a major tenant, which has led to foreclosures.
Last year, city leaders discussed ideas on how to address the issue. Options on the table included tearing distressed buildings down or converting some into residential spaces or hotels, all long-term projects that come with a steep price tag.
With more of Charlotte’s banks requiring workers to come back to the office, some who are visiting the office five days a week say they are hopeful the city will eventually rebound.
“I think that things have been a little more difficult but hopefully things are changing on the upswing, and people are going to start coming Uptown and working Uptown and the banks are starting to require people to come back a lot more so hopefully we see something on the upside,” Uptown worker Rick Shooman said.
While the office vacancy rate continues to be a concern, the report also highlighted strengths Uptown has including that it continues to attract more companies and is considered a top city in the country for company headquarters.
