During the Covid-19 pandemic when we were all working from home, there was a slight panic due to so much commercial real estate being vacant. There was a nightmare scenario where cities would die as everyone stayed in their homes for work. Empty office towers were costing companies money in rent and utilities that nobody was using. For a while it seemed like it would stay that way forever.
We did see some businesses leave their offices. Many businesses that supported the workforce from those office buildings shuttered as workers stayed away month after month. But the nightmare scenario did not come true. Eventually most people returned to the office, even if not full time.
We are seeing bustling business people all over Uptown Charlotte as many people are back to work in person. One thing we are seeing however, is that many smaller businesses pivoted so that their workers could continue to work from home and there would be no centralized office anymore. This makes business sense for many companies because they don’t have the overhead of office space. They can instead make use of co-working spaces for meetings. This has changed some of the landscape of Uptown Charlotte as there are still vacancies in many buildings.
We have a few new projects in the works on South Tryon in Uptown Charlotte where commercial buildings are being transformed from office spaces to residential towers. These buildings are well suited to be residential because they are in the heart of things close to restaurants, sporting and cultural events. They are already outfitted with the fastest internet, perfect for residents to work from home.
Planning for these projects includes some co-working spaces and meeting spaces that can be reserved by residents. Amenities like gyms and spas for resident use, indoor dog parks, pools, and concierge services. More practical plans include creating dividing walls, reworking HVAC systems, separating utilities for each unit, and configuring the spaces to be attractive residential units.
Charlotte Developer CBRE is behind two of these new projects. Their vision is to provide workspaces that work for virtual and in-person workers. They want to accommodate both types of workers and create productive spaces. Their projects “embody “modern heritage”, blending state-of-the-art technology with textures and materials that acknowledge Charlotte’s rich heritage.” They will also build indoor and outdoor spaces focused on diversity, equity, and inclusion.
Mixed-use spaces have been a big draw in recent years. They provide residents with supporting businesses to make walkable neighborhoods. This is just an extension of this trend and is a great way to creatively reuse these spaces to keep Uptown revitalized. We are starting to see this trend in other cities as well. There are many buildings that can be retrofitted from office space to residential space. Charlotte is on the leading edge of this trend to mix workplace with living space in high rise towers instead of just a sprawling development.
