23-05-2025
Leasing momentum builds for South End's newest and emptiest office tower
After standing largely empty for over a year, the 110 East office tower in South End is expected to be at least 40% leased in the next 30 to 45 days, as Trinity Partners confirms new office tenants.
Why it matters: Leasing interest in 110 East, a $186 million tower completed in March 2024, has become an informal indicator of the Charlotte office market's recovery.
If the office is going to make a comeback anywhere in Charlotte, it's likely South End's newest Class-A tower, as prospective tenants seek out state-of-the-art facilities in hip neighborhoods, a trend known as the " flight to quality."
What they're saying: Trinity Partners' team says 110 East's location draws interest from companies ranging in types and sizes. The building touts amenities like a sky lobby, conference room and a 4,000-square-foot fitness center.
110 East is a spec building, meaning the development team built it without any tenants lined up. Despite leasing interest, however, the property doesn't yet have an anchor tenant.
The latest: SouthState Bank is the newest tenant announced. The Florida-based bank will relocate its regional headquarters from SouthPark to 110 East, filling 40,000 square feet — about a floor and a half.
SouthState Bank will bring in more than 100 workers, with room for growth, when it moves into the space in the second quarter of 2026.
Catch up quick: Humana, a healthcare administration company, and Patterson Pope, a storage solution company, have leased nearly 20,000 square feet combined. The entire building is 370,000 square feet, including a nine-story parking deck.
On the ground, a Spanish tapas restaurant has announced plans to open in 2026, taking up about 4,600 square feet along the light rail platform.
"The Iberian Pig is going to be one of the most exciting restaurant openings in South End," says Adam Williams with Rebel Rebel, the firm handling retail leasing. "They're already just super successful in Nashville and Atlanta." Its restaurant group, Castellucci Hospitality Group, was awarded a Michelin star for its sushi restaurant Mujō in Atlanta.
Williams says the remaining roughly 1,000 square feet could be a healthy, fast-casual coffee business, which would make sense for serving pedestrians along the light rail and rail trail.
The big picture: Although South End is Charlotte's most resilient office market, office vacancies persist across the city. That's raised alarm bells for city leaders concerned about a potential drop in property tax revenue.
Uptown offices are around 25% vacant, while South End is about 20%, according to CBRE's Q1 report.
"There have been some grim headlines for office in general, but I think if you're looking at well-amenitized Class A and trophy product in the Charlotte area, it's seen good activity across the board," says John Hannon, director of office brokerage at Trinity Partners.
Hannon says Charlotte's seen a fair share of leasing activity from local relocations and new-to-market groups. Trinity's team is showing 110 East several times a week, he says.
What's next: Also on the 110 East campus, Stiles is redeveloping The James Building, a 100-year-old, 10,000-square-foot, two-story property formerly home to Tupelo Honey.
Rebel Rebel is also marketing the former home of The Manchester, which spans about 7,500 square feet and two floors.
Both restaurants closed before 110 East became a construction zone.
"We've got some deals that look really good," Williams says.
