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Speculative Office tower PLEASE!


rockhilljames

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So, Doug's recent column listed Charlotte's downtown vacancy rate at 4.7%. In other markets, anything below 10% triggers developers to announce spec towers, but NOT in Charlotte.

WHY?!! I know usually it's BofA and Wachovia building the towers, but why haven't national developers noticed and targeted the tight downtown office market?

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So, Doug's recent column listed Charlotte's downtown vacancy rate at 4.7%. In other markets, anything below 10% triggers developers to announce spec towers, but NOT in Charlotte.

WHY?!! I know usually it's BofA and Wachovia building the towers, but why haven't national developers noticed and targeted the tight downtown office market?

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So, Doug's recent column listed Charlotte's downtown vacancy rate at 4.7%. In other markets, anything below 10% triggers developers to announce spec towers, but NOT in Charlotte.

WHY?!! I know usually it's BofA and Wachovia building the towers, but why haven't national developers noticed and targeted the tight downtown office market?

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Well I know they are not spec, but both the NASCAR tower and Wachovia tower will add almost 1.2M sq ft of office space to downtown in the next 3 years. Not all of that space is preleased so I would expect the vacancy rate to make a jump when these buildings come on the market.

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How about a question about high-rise APARTMENTS? I don't think it warrants a whole thread but in other cities, high rise housing appears to be shifting to apartments. This appears to be a gapping hole in Charlotte's evolution. Isn't the apartment vacancy rate low? When, or will, does Charlotte start to see high-rise apartment towers begin to be proposed and coming on-line? :huh:

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Wouldn't the high cost of construction materials these days force rents to be astronomical in high-rise apartment buildings? Like mortgage-quality rental rates. I think high-rise apts are a ways off, but I'd love to be wrong. Or maybe there really is an untapped market for people that can afford an expensive apartment, and just choose not to own... who knows?

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How about a question about high-rise APARTMENTS? I don't think it warrants a whole thread but in other cities, high rise housing appears to be shifting to apartments. This appears to be a gapping hole in Charlotte's evolution. Isn't the apartment vacancy rate low? When, or will, does Charlotte start to see high-rise apartment towers begin to be proposed and coming on-line? :huh:
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Well I know they are not spec, but both the NASCAR tower and Wachovia tower will add almost 1.2M sq ft of office space to downtown in the next 3 years. Not all of that space is preleased so I would expect the vacancy rate to make a jump when these buildings come on the market.
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The high rise apartment talk can go here: http://www.urbanplanet.org/forums/index.php?showtopic=22536

I'd love to see speculative office, but I haven't been wishing too much for it with materials costs so high, and prospective tenants so missing.

But there will be tremendous amounts of office space coming here in 2009, despite expectations that we were still in a slump. With a new announcement generally going for a 2010-2011 timeframe, I'd hope keer's rumor is true and pans out.

300 S Tryon seems to be the most likely spot, as it was the most stubbornly alive during the last slump, and Mass Mutual/Spectrum could have an infusement of cash from 230 S Tryon closings this winter. We've also seen a number of different renderings for this tower over the last year and a bit.

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There are also non-disclosure agreements, jinx-theory, and general courtesy to not leak contract negotiations before signatures.

Remember, UPeepers, rumors are rumors and might turn out to be false or fizzled.

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I do agree with keer in that too much good news can lead to bad news such as property value increasing or owners holding out for more cash when they know they are the last spot needed to begin a large project.

As for spec, any word yet on the second of the Westin towers?

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