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KJHburg

Vantage South End - 1100 S Tryon

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My regular hotel in NYC, ten times I think I have stayed there, has been converted to a homeless men housing building. May never re-open as a hotel. There is a Marriott down closer to midtown NYC that did the same thing. The hotel owners needed some income so leased to city for homeless housing. The future will take care of itself sort of thinking.

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Grant Thornton moving from uptown's Charlotte Plaza and 56,000 sq ft to a new space in the Lendingtree building here with 31,600 sq ft.  Not a reduction in people but just in spatial needs with work from home etc.

""The decision to occupy less space has been influenced by the pandemic and the flexibility afforded by remote work, Desmond said. But even prior to Covid-19, he said the firm had a mix of employees working in the office, out with clients or elsewhere.  The new office will primarily serve as a place for client meetings and collaboration within the organization.""

 

Accounting firm Grant Thornton to move to Vantage South End from Charlotte Plaza in uptown - Charlotte Business Journal (bizjournals.com)

Edited by KJHburg
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^ I totally understand the move by Grant Thornton given their space needs and the momentum this part of South End has, but I fear for the older towers in Uptown. Not sure who the tenants are that will backfill the space being vacated by companies in old buildings. If we end up with high vacancy rates, it could hurt velocity for new towers in the future. The Duke Metro Tower might be among the last new towers we see in Uptown for a while. IMO, Uptown needs to make a shift towards residential to balance out the neighborhood.

Edited by CLT2014
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1 minute ago, kermit said:

Making room for smaller, and more innovative firms in the older towers uptown would be a huge benefit to the uptown ecosystem. So a period of high vacancy uptown as we wait for the culture of WFH to shake out might be a net good (I doubt we are going to see any new uptown office towers for a while, regardless of vacancy).

Despite the downsizing, Grant Thornton's move is (I believe) the first big-bank-culture firm to cross over 277. If that is the case then Southend has now officially established itself as a Class A submarket.

(trying to look on the positive side of things for a change)

Exactly, was just going to say this.

Uptown is currently over-optimized for the big companies that need huge blocks of space. There's aren't too many options for startups and companies that don't want to spend over $35 a sq foot with long term leases.

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One trend in office space seems to be outside space.  This project has that with balconies and of course their park in between 2 offices and I think in a post pandemic world having fresh air even from a balcony is desirable thing.   Plus there is a flight to quality and newer office space is sometimes seen as way to attract employees.  I think some uptown towers in the next 5 years are going to convert to non office uses as tenants shuffle around.  This has happened before with 230 South Tryon once an office building and now condos.   I do think huge office towers uptown after Duke Metro tower are going to be scarce for  3-5 years.  More moderate size buildings like those in Southend in the 300-400K will prevail as preleasing requirements are easier to meet.   

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36 minutes ago, KJHburg said:

One trend in office space seems to be outside space.  This project has that with balconies and of course their park in between 2 offices and I think in a post pandemic world having fresh air even from a balcony is desirable thing.   Plus there is a flight to quality and newer office space is sometimes seen as way to attract employees.  I think some uptown towers in the next 5 years are going to convert to non office uses as tenants shuffle around.  This has happened before with 230 South Tryon once an office building and now condos.   I do think huge office towers uptown after Duke Metro tower are going to be scarce for  3-5 years.  More moderate size buildings like those in Southend in the 300-400K will prevail as preleasing requirements are easier to meet.   

I'm thrilled about this.  I, for one, believe high-rises are over-rated, and am much more concerned with street-level activation.  I'm seeking moving experiences as a pedestrian walking about Uptown, and not just looking to be awed as I zoom by as a motorist on I-77 or I-277, headed for the 'burbs or some big-box parking lot.  I do agree with a previous post that I would like to see more residential take flight in Uptown, along with amenities and frills to make Uptown a residential draw.  Unlikely to happen, but a huge fantasy of mine is to see the parking garages next to Brevard Court torn down, and turned into the Brevard Court Expansion/Extension!  Pub-feeling entertainment district adjacent to Romare Bearden, and not just a party alley-way.

Edited by RANYC
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