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Crescent: Carson Southend (Enterprise site) S. Tryon x Carson MXD


KJHburg

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12 hours ago, KJHburg said:

Despite some turmoil in office leasing people are still leasing space and there is a flight to quality space and this would be that.  Love the balconies and plaza area up high and surely that will draw tenants.   

This.  My company is in the process of this now.  Scaling down sf (since it will be part time work from home) but looking for nicer space.   Direct quote from management, "We want an office space that people want to come in to"....which was the exact opposite of what we have.   I don't think we go Southend space nice, but I bet will be we move to a new/newly refurbed office building.  I honestly see a slow exodus from Southpark from folks that are in the older buildings to Southend until Southpark fully re-develops Colony/Carnegie/Barclay Downs area with new shiny buildings and restaurants.   People want new and shiny and we are in the development cycle of areas like Southpark getting old and Southend getting new.  

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Just now, InSouthPark said:

This.  My company is in the process of this now.  Scaling down sf (since it will be part time work from home) but looking for nicer space.   Direct quote from management, "We want an office space that people want to come in to"....which was the exact opposite of what we have.   I don't think we go Southend space nice, but I bet will be we move to a new/newly refurbed office building.  I honestly see a slow exodus from Southpark from folks that are in the older buildings to Southend until Southpark fully re-develops Colony/Carnegie/Barclay Downs area with new shiny buildings and restaurants.   People want new and shiny and we are in the development cycle of areas like Southpark getting old and Southend getting new.  

There is going to be a flight to quality, and than Covid will be over for a year or two, companies will want ever more people back into the office, and more space will be needed. 

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To show you how up and down the office market is right now here is an example from down south.  State Farm built  three  20 story new office buildings at Perimeter Center in Atlanta right on MARTA and consolidated 1000s of jobs there.  Many insurance companies are sending much of their staff to work at home not all staff but most.  (Local example is Allstate which gave up half its new space at the Railyard which Moodys took over)  (Insurance companies are extremely cheap my dad work for several for decades and I worked for one briefly)   Well anyway in Atlanta State Farm put up a 569,000 sq ft whole building for sublease.   They subleased the space to Carvana which is consolidated a customer service center there with 3500 jobs.  

https://www.bizjournals.com/atlanta/news/2022/02/22/carvana-to-add-3-500-jobs-in-atlanta.html

Insurance and tech companies are the ones dumping the most space and shrinking the most it looks like to me from what I see across the country.  But even within tech there are differences.   Apple and Google still leasing and building office space. Smaller tech companies like Charlotte's own Passport shrinking some of their space.   and many others are trying to get the best office space they can to attract their workers back in (the flight to quality)   Nationwide gave up an office building in Raleigh sent all their workers to work from home and then SECU the nations 2nd largest credit union snapped up the building for their own use.    GlaxoSmithKline is shrinking their office footprint 90% in RTP and moving to a smaller office in downtown Durham. 

Long term we will see if all the work from home continues to grow and remains at the levels it is now.  With technology now some people require Fiber connections which may be harder to get in their suburban homes or even homes closer in.  

So to bring it back to Carson Southend the design of this building and the location will attract those seeking the best in class office space.   Open space and balconies so to get fresh air will be commonplace going forward in office buildings.   I know people don't like  commute to work but does everyone have dedicated office space in their home?  are they giving up a bedroom or another room?  

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1 minute ago, carolinaboy said:

Could the hotel portion of this development stop/delay the hotel portion of Vantage? 

doubt it.  as both are proposed as 200 room hotels which are not huge and especially if different brand families ie Hilton vs Marriott vs. Hyatt    There are plenty of brands that appeal to biz travelers not in this market yet.  

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2 hours ago, KJHburg said:

To show you how up and down the office market is right now here is an example from down south.  State Farm built  three  20 story new office buildings at Perimeter Center in Atlanta right on MARTA and consolidated 1000s of jobs there.  Many insurance companies are sending much of their staff to work at home not all staff but most.  (Local example is Allstate which gave up half its new space at the Railyard which Moodys took over)  (Insurance companies are extremely cheap my dad work for several for decades and I worked for one briefly)   Well anyway in Atlanta State Farm put up a 569,000 sq ft whole building for sublease.   They subleased the space to Carvana which is consolidated a customer service center there with 3500 jobs.  

https://www.bizjournals.com/atlanta/news/2022/02/22/carvana-to-add-3-500-jobs-in-atlanta.html

Insurance and tech companies are the ones dumping the most space and shrinking the most it looks like to me from what I see across the country.  But even within tech there are differences.   Apple and Google still leasing and building office space. Smaller tech companies like Charlotte's own Passport shrinking some of their space.   and many others are trying to get the best office space they can to attract their workers back in (the flight to quality)   Nationwide gave up an office building in Raleigh sent all their workers to work from home and then SECU the nations 2nd largest credit union snapped up the building for their own use.    GlaxoSmithKline is shrinking their office footprint 90% in RTP and moving to a smaller office in downtown Durham. 

Long term we will see if all the work from home continues to grow and remains at the levels it is now.  With technology now some people require Fiber connections which may be harder to get in their suburban homes or even homes closer in.  

So to bring it back to Carson Southend the design of this building and the location will attract those seeking the best in class office space.   Open space and balconies so to get fresh air will be commonplace going forward in office buildings.   I know people don't like  commute to work but does everyone have dedicated office space in their home?  are they giving up a bedroom or another room?  

With people working from home, should we expect an uptick in back-up generators and dual-internet connections?  People still lose power or lose internet service at home, which would conceivably shut them off from work.  At the office, there's back-up for all that.  Interesting how all of these work-from-home companies are adjusting their Business Continuity & Resiliency Plans.  

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9 minutes ago, RANYC said:

With people working from home, should we expect an uptick in back-up generators and dual-internet connections?  People still lose power or lose internet service at home, which would conceivably shut them off from work.  At the office, there's back-up for all that.  Interesting how all of these work-from-home companies are adjusting their Business Continuity & Resiliency Plans.  

if you are working under a hybrid model, (home and office) i would think the BCP would dictate that any loss of power / internet at home would mean you would travel to the office. For fully remote workers, i would imagine any additional spend would be determined by seniority / need. 

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If I were betting, I'd guess they have a tenant for at least 50% of the space.

I say that because the leasing contacts are in-house (development team), as opposed to JLL, suggesting they aren't concerned at all with leasing.   Also, very specific plans, plus they've been working on this project for a while.   I don't believe it is TIAA/Nuveen.  I would def think financial tenant though, particularly bank (not BofA, WF, or Trust)

 

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2 hours ago, stw52 said:

if you are working under a hybrid model, (home and office) i would think the BCP would dictate that any loss of power / internet at home would mean you would travel to the office. For fully remote workers, i would imagine any additional spend would be determined by seniority / need. 

So under a hybrid model, those days when you're not in the office, you're expected to be at home or remain local?  Do you need to report your physical location to the company on days when you're "on the clock," yet remote?  Does the company have an obligation to track your physical location during working hours?

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51 minutes ago, atlrvr said:

If I were betting, I'd guess they have a tenant for at least 50% of the space.

I say that because the leasing contacts are in-house (development team), as opposed to JLL, suggesting they aren't concerned at all with leasing.   Also, very specific plans, plus they've been working on this project for a while.   I don't believe it is TIAA/Nuveen.  I would def think financial tenant though, particularly bank (not BofA, WF, or Trust)

 

They have been quietly shopping this building for 2.5 years, I would guess they have someone in mind too.

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10 minutes ago, RANYC said:

So under a hybrid model, those days when you're not in the office, you're expected to be at home or remain local?  Do you need to report your physical location to the company on days when you're "on the clock," yet remote?  Does the company have an obligation to track your physical location during working hours?

No no. Put simply, most people don't have a mountain / lake house to run to on their work from home days. Most will work from their home, which again for most would be located somewhat close to their office. Not everyone has moved house since COVID. I discuss the common situation, not the extremes.  

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21 hours ago, SydneyCarton said:

I hope that they both start in a few months.

Just imaging the clusterf**k traffic that both of these sites will create. At least its for some good growth. So I wouldn't mind. 

Edited by j-man
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