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EA Sports Orlando is building new headquarters office in the Creative Village to relocate from their current office space in Maitland. The $62 Million building will relocate EA Sports 700 employees from Maitland to downtown, with the potential to have a thousand people working for them by 2025. EA is promoting the new Orlando facility as their "premier development studio on the east coast. EA Tiburon is home to employees working across multiple teams and organizations including: WW Studios (Madden NFL, NBA LIVE, Madden Mobile, NBA LIVE Mobile, ArtWorks, AudioWorks, Frameworks, Believable Characters), Technology, Marketing, Publishing and Competitive Gaming."
New five-story, 176,000 SF Commercial Office Building with Ground Floor Retail
Attached nine-story 644-space Parking Garage
An uncomfortable question, but one that needs to be asked, in light of 'rona and riots: how bad a long-term hit has the demand for office space and hotel rooms taken? I don't want to leave out residential, retail, bars and restaurants, parking garages, and public/cultural facilities, which are already having a tough time, but office and hotel demand seems to be in a particularly difficult long-term spot.
Years ago, one of the big commercial real estate companies, in conjunction with, as I recall, the Central Charlotte Association (since absorbed by the Charlotte Chamber) kept a running count of office vecancy by building. Is such a list still being maintained? What's the real vacancy rate for uptown office space? And by "real," I mean stats which avoid double-counting leases (counting as occupied both the space that Law Firm X is currently leasing but is scheduled to leave, and the space they will occupy in a new building). Surely it has become a renters' market, given the massive office square footage recently added or under construction. It seems obvious that the new buildings will have to slash their rental rates and/or increase their tenant upfit allowances, as well as offer deeply discounted or free parking. But the real hammer might fall on the so-called Class B buildings which were built in the 1960s, 70s, 80s, and 90s. Take, for example, the 400 South Tryon building, the gold and white building known as Wachovia Center in the 70s and 80s, and later occupied mostly by Duke Power (now Duke Energy). is Duke still the major tenant there? If so, not for long, I would surmise. What about BB&T Center, at 200 South College? Southern Bell was for many years its majority tenant; when they left, Bank of America took most of their space for back-office operations. But now, in addition to BB&T leaving, BofA has greatly reduced its space, and I would guess might leave entirely. Who would fill the building? And the once-tallest and most prestigious office building uptown, the all-glass BofA Plaza, will certainly have some move-outs. What about One, Two, and Three Wells Fargo? Is Wells occupying more space than they need?
If anything, the hotel situation may be more dire. I trust the NFL and NBA will be fully back in a year or less, but it will be a long time before the convention business bounces back. That's the life blood of hotels, of course, and new hotel rooms, from economical to luxe, are rapidly coming on line.
I hate to be negative. I've always been a Charlotte booster. Would anyone like to demonstrate that things look better than I think they do?
Church Street Plaza | 32-Story Hotel/Apt & Re-work of Former CSS Retail/Event Space [Phases 2/3 Planning Phase]By HankStrong
Just a link to the MPB staff report.
I combined Ph 2 tower and Ph 3 former Church Street Station re-work as it seems they are both ramping up to start.
As noted on UP in the last week or two Preffered Office properties is going to start a 30 story tower and Kane will be the leasing agent.
More about the tower here
Triangle Business Journal article about it today
""Atlanta-based Preferred Office Properties plans to build a 30-plus story office tower in the heart of downtown Raleigh. It has announced its plans to develop 121 Fayetteville, a proposed office high-rise near the North Carolina State Capitol. “We are happy to confirm our plans to develop 121 Fayetteville, a new, landmark, 30+ story office tower along the capital city's main street," says Boone DuPree, President of Preferred Office Properties. "Designed by Duda Paine Architects and leased by Kane Realty Corporation, the cutting-edge building will be iconic and contemporary in form and function.” Plans for the building feature 375,000 square feet of rentable space, street level retail and amenities such as 25,000 square foot floor panels, a private outdoor terrace, a public 15th-floor sky lobby with an outdoor terrace and a state of the art fitness center.""