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Downtown Vacancy Rate Lowest in Nation

adamparish

By adamparish
in Charlotte Coffee House

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adamparish Unincorporated Area

adamparish

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I was just listening to real estate podcast and heard that Charlotte has the hottest downtown in the country. In addition, the current vacancy rate is 3.1%. This low number is mainly the result of supply and demand. Also, here is a really great web-site that shows all of the public real estate investment trust in North Carolina. Only one of the public REITs are based in Charlotte - Cogdell-Spencer which owns health care buildings.

http://www.reitmedia.com/reit-directory.ph...te&state=NC

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metropolitan Whistle-Stop

metropolitan

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I was just listening to real estate podcast and heard that Charlotte has the hottest downtown in the country. In addition, the current vacancy rate is 3.1%. This low number is mainly the result of supply and demand. Also, here is a really great web-site that shows all of the public real estate investment trust in North Carolina. Only one of the public REITs are based in Charlotte - Cogdell-Spencer which owns health care buildings.

http://www.reitmedia.com/reit-directory.ph...te&state=NC

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Charlotte_native City

Charlotte_native

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The vacancy rate is part of what is driving a few of the new towers that will have large office components and is suposedly one of the reason Trump began looking here. As great as it is to have such a low rate, the downside is it can hold back large relocations or new HQ's here -- no where to go! It's great that a good bit of new office will be done over the next year or two.

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NcSc74 Burg

NcSc74

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Not to make the dredded ATL comparison but wasn't this the type "hot" market thing that fueled its commercial growth. Now would be the time to get those partners together and put up a couple of towers while the market is hot. I'm guessing the 1.7% takes in to account of all of the condo towers nearing completion. Those people are going to need jobs and not all of them will want to drive or even own cars. Heck if I had the opportunity I would live in Uptown and rely on public transportation for my mobility needs. Of course that includes the vision of retail nearby. Lets just see if any of these spec towers includes retail at street level.

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cltheel.sdl Burg

cltheel.sdl

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Not to make the dredded ATL comparison but wasn't this the type "hot" market thing that fueled its commercial growth. Now would be the time to get those partners together and put up a couple of towers while the market is hot. I'm guessing the 1.7% takes in to account of all of the condo towers nearing completion. Those people are going to need jobs and not all of them will want to drive or even own cars. Heck if I had the opportunity I would live in Uptown and rely on public transportation for my mobility needs. Of course that includes the vision of retail nearby. Lets just see if any of these spec towers includes retail at street level.
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49er Hamlet

49er

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The towers are under construction!

With the new Boa tower, Wachovia Tower, Nascar tower, Epicentre, Novare, 300 South Tryon, etc there will be a large amount of new space hitting the market in the next 1-3 years. Even with a large sum of this pre leased there will still be a lot of unleased spec space involved. Some of the towers planned or already u/c are as a result of developers already knowing where the downtown market was headed prior to the latest vacancy #'s being released.

The great thing about this low vacancy is the increase in total downtown office sq ft. Healthy cities with good functioning transit systems have a good ratio of downtown vs suburban office space. Even a 35-40% market share for downtown is considered healthy. Downtown essentially has to keep up with the pace of suburban growth. Places like the triangle area where a vast majority of the office market is suburban will have a tough time implementing rail transit.

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atlrvr Metropolitan Area

atlrvr

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^ Just to throw out some numbers.

According to CBRE, approx. 38% of Charlotte's office space is located Downtown. Of the new office buildings under construction, 70% of the square footage is going downtown. After completion of all buildings currently under construction, downtown will account for 41% of office space.

This does not include proposed buildings. Downtown, this would include 300 S. Tryon and Novare, and in the suburbs, several more buildings at Ballantyne and Whitehall.

Additional buildings for uptown COULD include Trump and Flagship Capital (the old Renaissance Apts site)

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BobbyRobert Unincorporated Area

BobbyRobert

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^ Just to throw out some numbers.

According to CBRE, approx. 38% of Charlotte's office space is located Downtown. Of the new office buildings under construction, 70% of the square footage is going downtown. After completion of all buildings currently under construction, downtown will account for 41% of office space.

This does not include proposed buildings. Downtown, this would include 300 S. Tryon and Novare, and in the suburbs, several more buildings at Ballantyne and Whitehall.

Additional buildings for uptown COULD include Trump and Flagship Capital (the old Renaissance Apts site)

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