CHARLOTTE-Plans are under way for a 70,000-sf, single-story spec office building at Trammell Crow Co.’s six-building, 350,000-sf, 175-acre Forest Park office development. The estimated construction cost is $10 million.

Construction on Forest Park VII is expected to start before the end of the year and be completed by the second quarter of 2001. Rents in this submarket hover around $18 per sf.

Trammell Crow started its spec program in 1995 and has built six buildings ranging in size from 50,000 sf to 75,000 sf.

Multi-tenant absorption in the southwest submarket set a record last year at 546,647 sf, reports Karnes Research Co. In the first half of 2000, absorption was 381,734 sf. Vacancy has dropped from 15.2% at the end of June 1999 to 11% at the end of June 2000.

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