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i WARREN & ASSOCIATES <br />LandDesian. Inc.: Harrisburg Area Land Use Plank -- <br />Based on data from the Karnes Report, the Charlotte MSA currently has an office vacancy rate <br />of 16.2 %. In order to decrease vacancy to a more stabilized 12 %, indicating a market that could <br />support new construction, 1.9 million square feet of excess vacancy must be absorbed. New <br />office space absorption between 2008 and 2020 is estimated at 16.6 million square feet in the <br />Charlotte MSA. <br />Based on recent Charlotte trends, gross leasing activity is 1.8 times the net absorption, equating <br />to 29.9 million square feet of office moves throughout the market. These include relocations <br />from within and outside the six - county Charlotte MSA. <br />The Planning Area could capture 1.0% of regional office demand between 2008 and 2015. The <br />capture could increase to 1.5% between 2016 and 2020, based on completion of I -485 in <br />northeast Charlotte and construction of the Northeast Corridor light. The Planning Area could <br />capture 379,745 square feet of the region's total office leasing by 2020. Factoring in a 10% <br />vacancy rate, the Planning Area could have demand for approximately 418,000 square feet. <br />March 2010 APPENDIX D: HALUP MARKET ANALYSIS 35 <br />AUGUST 2010 <br />Attachment number 2 <br />G -1 Page 444 <br />