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Future Skyline Renderings

Rickydavisfan21

By Rickydavisfan21
in Charlotte

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RiverwoodCLT Burg

RiverwoodCLT

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The total for Charlote is 60,722,032 sq. ft. of business space.

Office space under construction 40,601 sq.ft.

Warehouse total for Charlotte is 124,701,225 sq.ft.

796,206 sq. ft. under construction.

When Wachovia and 300 South Tryon start constuction, the business under construction will look much better. This will add much to out skyline.

Triangle (Raleigh, Cary, Durham and RTP)

The Total for the Triangle is 39,068,949 sq. ft. of business space.

1,241,407 under construction.

Warehouse total for the Triangle is 20, 471,167 sq. ft.

0 sq. ft. under construction.

Looks like both metro areas are doing good.

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A2 Town

A2

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The Uptown Business District is the Number One Office market in the US for vacancies. That is for both Tier one and Tier two cities. It would not shock me at all to see another skraper built even after WB is well under way. As long as we continue to grow we will have no problem putting up more space.

A2

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Richhamleigh, DC Burg

Richhamleigh, DC

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The Uptown Business District is the Number One Office market in the US for vacancies. That is for both Tier one and Tier two cities. It would not shock me at all to see another skraper built even after WB is well under way. As long as we continue to grow we will have no problem putting up more space.

A2

That's an ambitious projection - not that I wouldn't LIKE to see it happen - but, unfortunately, I'm convinced that there's that much demand...? (I would LOVE to be wrong...).

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A2 Town

A2

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That's an ambitious projection - not that I wouldn't LIKE to see it happen - but, unfortunately, I'm convinced that there's that much demand...? (I would LOVE to be wrong...).

Actually Charlotte is one of the hottest cities right now for Investment in Uptown Office. There are deals happening left and right. Leasing activity is at an all time high and another deal just got inked the other day for an entire building.

Here is a an article just released today regarding Cornerstone a firm from Hartford and their purchase of the Interstate Tower.

http://www.charlotte.com/mld/charlotte/business/14359119.htm

This is just going to the very heart of how tight for space we are. Most real estate experts suggest a number around 10% vacancy is healththy. As of the end of last year we are at 6.6%. That leaves us vulnerable since we would need another 3.4% of additional space to be optimal for absorbing a large companies IMMEDIATE space needs.

At current standing that would mean we need another 700K worth of office space just to be lean and mean and running at an optimal vacancy.

The current project for the WB tower adds that much space but three years later. We could certainly see other offices converted to condos taking off even more space off the market, making us even tighter ! It is entirely plausable to see another tower in the works since vacancies are the lowest of ANY city in the US.

Other cities run a very high vacany in their downtown:

Here are some expamples as of the latest report from Q4 of 2005.

Dallas 29%

Atlanta 22%

Austin 25%

Chicago 17%

Denver 16%

Houston 20%

Miami 15%

Orlando 16%

Tampa 20%

http://www.buildingteamforecast.com/articl...ndustryid=43721

WE ARE AT LESS THAN 7% ~~~ The only onther market even close is Washington D.C.

Charlotte's CBD is screaming for more space. The WB project is practically 75% absorbed upon completion, so we still need more space on a net net basis.

My prediction is that we gain some more spec space in the upcoming 18-24 months. It only makes sesnse since we are so tight, yet our city is growing so fast. The employment gain in Charlotte is double that of the national average. Yes double, it is not wise to be so tight if Uptown is to attract Fortune 500 firms to Uptown. We need space to shop out for Immediate occupancy.

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A2 Town

A2

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I've heard ramblings of another office tower in the works. No, it's not portman plaza. Can't say much else.

I had a feeling something else was brewing UC. I have a sneaking suspision that we could be looking at another sizable tower very soon since land is at a premium and condos are taking up a lot of valueble land close to the square.

I am sure that people that build are thinking long term. We desperately need the space.

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A2 Town

A2

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Nothing's ever concrete, but heard an out of town "firm" is looking strongly at Charlotte. Maybe DB is looking at expanding in Charlotte again.

Wonder if Citi ever builds here.

DB definately seems logical. Not as optomistic on Citi however.

I think the "The Next Big thing" would be if WB actually does do some more buying of western banks (which at the time is exactly what their intent is). That would require possibly some additional space. But even then, most of the space could be gained through the bank that is being bought.

I also wonder if we could not get another firm alltogether to relocate Uptown. I think that Tober of Cats is pushing for 100K employees in Uptown by 2025 to support our mass transit initiative. We definately will need to start marketing Uptown like crazy and attract more employers to make that happen. That would require an additional 10,000,000 SF of office EASY between now and then to accomodate another 35K+ workers.

BofA houses around 3000 employees to give you an idea of what we would need.

Now don't get me wrong I understand that many new workers can be added through the addition of NASCAR and with Hotels, but even so, I think another 5-7 towers of over 700K SF could be expected between now and 2020. That is entirely possible, and more than likely necessary.

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A2 Town

A2

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On a optimistic level, i'd say 3 new office towers not including WB may be announced by 2011. It'd be cool, with so many latin immigrants in the Charlotte area, if we could attract a bank like Santander or something to build/lease space here. We'll have to wait and see.

Yes Patience is a Virtue, just not my favorite :)

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A2 Town

A2

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But the addition on another 40 story building on that site does definately add value since I was unaware of it being a mixed use office/condo complex. That definately will be a sweet spot, right on the park.

A2

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