The Good News Report

[KJHburg]

Honeywell CEO states in interview that he hopes to blow way past the 750 jobs promised for new HQ in Charlotte. In fact so many people being hired and moved here earlier they will be leasing more space in another uptown tower until their new Honeywell Tower at Legacy is finished.  

https://www.charlotteobserver.com/news/business/article234174787.html

""The city and county’s combined incentives package, roughly $46 million, is the biggest package ever offered by the city and county to one company, the Observer reported in November.  Adamczyk said he hopes that number will be higher.  “I hope to shoot through that target and get north of 1,000,” he said. “I think that 750 job target is going to be overachieved.” "

""And the company plans to lease space in another uptown office building starting early next year, he said, due to the quick rate of employees moving to Charlotte. “The people who have moved here from New Jersey, I think, have found this to be a great town... and so far they have been very happy,” Adamczyk said.  Honeywell will move into a 23-story tower built by developer Lincoln Harris along Interstate 277 on the former Charlotte Observer site. Construction is expected to be complete in 2021.""

 

Edited August 27, 2019 by KJHburg

[KJHburg]

It is official Carvana announces its $30 Million car conditioning and distribution center on the old Phillip Morris property with 413 jobs higher than previously discussed on 90 acres of the 2100 acre site.   

[King of the Queen City]

3 minutes ago, KJHburg said:

It is official Carvana announces its $30 Million car conditioning and distribution center on the old Phillip Morris property with 413 jobs higher than previously discussed on 90 acres of the 2100 acre site.   

Can we expect to see another Carvana tower in Cabarrus County like the one that dominates the LoSo Skyline?

[KJHburg]

No tower Cabarrus County misses out on that just a place where the vehicles are processed and checked before delivery to new buyers or car vending machines

Here is a story about the announcement today of the 400 plus new jobs for Cabarrus County from Carvana

https://www.bizjournals.com/charlotte/news/2019/08/29/carvana-to-add-413-jobs-with-concord-inspection.html

Edited August 29, 2019 by KJHburg

[KJHburg]

Just catching up the local biz news back from the coast   here is special section in Business Journal about Uptown and South End from the Center City Partners.  Instead of copying it all I just took photos from print edition the Biz Journal.   Notice the circled innovative company relocating to the Center City (South End) 

[KJHburg]

Charlotte and Raleigh both named as top 10 cities for young professionals according to SmartAsset.

https://smartasset.com/mortgage/best-cities-for-young-professionals-2019

[RiverwoodCLT]

Telecom company signs lease to bring HQ to Ballantyne

A fiber bandwidth company has signed a deal in Ballantyne Corporate Park as part of a headquarters relocation to Charlotte.

Segra, the rebranded name of the merged Spirit Communications and Lumos Networks Corp., has signed on to lease about 30,000 square feet at the Woodward Building, at 11215 North Community House Road, according to Cushman & Wakefield, which brokered the deal on behalf of the company. The Charlotte Business Journal previously reported that what used to be Spirit Communications was eyeing a headquarters relocation to Charlotte from Columbia, South Carolina, where the company was previously based.

Attempts to reach Segra for more information by deadline were unsuccessful. It was not immediately clear the number of jobs or planned functions of the Ballantyne office. The former Lumos Network Corp. already had its data center business unit based here, with about 30 employed in Charlotte as of about a year ago.

Tim Biltz, CEO of Segra, said in a statement that the company is "delighted" to expand its presence in Charlotte and establish its headquarters here.

https://www.bizjournals.com/charlott..._news_headline

[KJHburg]

$250 Million raised in public and private funds for affordable housing in Charlotte in just 18 months that is incredible.  This will go a long way to helping with the affordable housing crisis in this community not a cure all but a great start.

https://www.bizjournals.com/charlotte/news/2019/09/05/more-big-donors-push-charlottes-public-private.html?iana=hpmvp_clt_news_headline

 

[KJHburg]

Summary of the office market by Yardi and the summary it is GOOD.

https://www.cpexecutive.com/post/charlotte-office-report-summer-2019/

[KJHburg]

Avison Young 2nd Quarter office and retail reports.  Office market is just booming right now.   Office vacancy rate overall is 11.2% and absorption in the last 12 months ending June 30 is a whopping 2.86 million sq feet. 

https://www.avisonyoung.us/web/charlotte-nc/research

also check out the retail report which is very interesting.  They note retail space is at Stonewall Station is $50 a square foot which is some of the highest in the market outside of the malls.  That is why you wont see many local retailers in these new spaces.  As the city council candidate in NYC Jimmy McMillian once said "The Rent is too Damn High!"  Average retail space in the county is $20.42 and in uptown $37.06 a sq ft respectively.  Overall vacancy of retail space only 4.2% countywide. 

 

 

[KJHburg]

Charlotte moved up to #4 best city in the prestigious PWC Emerging Trends for Real  Estate Report 2020.   You know it is good for Charlotte when they use a photo of uptown from First Ward park on the cover!  City rankings start on page 27  Bested by rivals Austin,  Raleigh Durham #2 and Nashville Charlotte comes in #4.  Only 2 states have 2 metros in the top 10 NC and Texas.   And learn the new term Hipsturbia! 

Lots of great information in this report and I will read in detail on the next few days  and report back (and you should do the same)

download from here

https://www.pwc.com/us/en/industries/asset-wealth-management/real-estate/emerging-trends-in-real-estate.html

Here from the report is what it says about Charlotte:

""Charlotte also has moved up in our survey rankings, placing fourth overall (up from last year’s ninth place) and second in homebuilding prospects (up from fourth). It is no surprise that one real estate investment trust (REIT) executive interviewed listed Charlotte as one of five cities to be in “if you were starting a company with a clean slate.” Charlotte is attracting technology and manufacturing firms, as it continues to diversify its economy beyond the banking sector that dominated over the past 20 years. Charlotte has focused on infrastructure, with its airport expansion and light-rail growth emblematic of its commitment in this crucial field. Like other prospering markets, however, Charlotte is coping with the residue of success: higher housing costs, lower yields on incomeproducing assets, the inadequacy of its stormwater systems to accommodate growth, and the potential disruption of multifamily rent regulation. All things considered, Charlotte (with just 0.8 percent of the U.S. population) attracted 1.2 percent of the nation’s real estate investment in the three-year period from 2016 through 2018 and stepped up to a 1.5 percent share during the first half of 2019.""

Edited September 19, 2019 by KJHburg

[KJHburg]

GoBanking ranks the best cities in the country to earn the big bucks and live affordability.    Charlotte is on the list at #9 as is Cary and Raleigh.  Missing any city on the west coast or Northeast. 

https://www.gobankingrates.com/making-money/economy/most-surprising-cities-make-money/#9

[urbanlover568]

Wegmans has FINALLY entered the NC market....Big win for North Carolina. 

 

https://www.wral.com/wegmans-grand-opening-in-raleigh-on-sept-29/18639067/

[RiverwoodCLT]

Caring.com is moving it's HQ's in San Mateo Calf. to Charlotte. It is hard to do business in the Bay area says CEO. Bay Area hiring is like banging my head against the wall, says CEO Jim Rosenthal.
Source from BB Journal

[KJHburg]

10 minutes ago, RiverwoodCLT said:

Caring.com is moving it's HQ's in San Mateo Calf. to Charlotte. It is hard to do business in the Bay area says CEO. Bay Area hiring is like banging my head against the wall, says CEO Jim Rosenthal.
Source from BB Journal

I saw that headline too from San Francisco Business Journal.  A good win for the Charlotte tech community.  Not sure how many jobs it will involve yet.  

One only needs to look at Zillow and just see what housing costs there to see why they can't attract anyone there.  Truly 5x the cost of Charlotte.  $1.2 M for a 3 Bed 1 Bath 1100 sq ft ranch home.  Condos  cheapest I saw was $638K for a 1 bedroom.  

[joenc]

Caring is owned by Bankrate which is owned by Red Ventures.

Wonder how many of those companies will find their way here.

 

EDIT:

That's what I get for trusting wikipedia!

Edited October 3, 2019 by joenc

[CLT2014]

14 minutes ago, joenc said:

Caring is owned by Bankrate which is owned by Red Ventures.

Wonder how many of those companies will find their way here.

Bankrate sold Caring.com in 2018 to a group of private investors.

Caring’s Divestiture from Bankrate/Red Ventures Supports Competition Among Third-Party Paid Referral Services for Senior Living Facilities
https://www.caring.com/about/news-room/caring-holdings

Edited October 3, 2019 by CLT2014

[KJHburg]

Here is some quotes from the San Fran Business Times article and just another company noted as a part of the Bay Area Exodus.

""San Mateo, California-based Caring.com is moving its headquarters to Charlotte for reasons that have a familiar ring: the San Francisco Bay Area’s tight labor market and high cost of doing business, for starters.  Another reason: Some of the company’s employees previously worked in the Queen City and are eager to return, underscoring the growing influence a company’s workforce has on where their employer is based.   Caring.com CEO Jim Rosenthal told the San Francisco Business Times on Wednesday that he considers the headquarters relocation to be more of a “shift in the center of gravity” for the company.   “We struggled a lot to hire in San Mateo. At times, I felt like I was banging my head against the wall,” Rosenthal said, adding that Charlotte’s talent pool, including graduates of the city’s nearby universities, makes it easier to hire in that market.  “Charlotte is a more affordable place to live than San Mateo,” he said, adding that the company is on the hunt for new office space.   The company’s finance functions in San Mateo are among the operations shifting to Charlotte, where the company’s Chief Financial Officer Willi Goossen and other executives are already based.   “Charlotte is a fabulous place to live, as is San Mateo,” Rosenthal said.""
 

https://www.bizjournals.com/charlotte/news/2019/10/03/california-company-seeks-talent-office-space-in-hq.html?iana=hpmvp_clt_news_headline

[urbanlover568]

Don't know if this is good or bad news. At least NC is the same as SC and GA. 

 

https://www.kiplinger.com/tool/taxes/T055-S001-kiplinger-tax-map/index.php

[KJHburg]

People vote with their feet I always say top 5 states of new residents to NC  Virginia (more than likely Northern VA as their homes price are sky high) NY, FL, SC and yes even the formerly Golden state of California.

https://www.newsobserver.com/news/state/north-carolina/article235792947.html

Growing population attracts new companies and jobs and NC is attracting the labor force. 

a little more details and the top 5 countries too.  India being #1 

https://www.ncdemography.org/2019/10/03/nc-is-rapidly-growing-where-are-our-new-residents-moving-from/

Edited October 5, 2019 by KJHburg

[Dale]

A San Francisco area company has just expanded into Charlotte. Workforce 2: my teammate and myself.

[KJHburg]

JLL market snapshot of the Charlotte office market up.  Absorption and asking prices UP and vacancy Down.

https://www.us.jll.com/en/views/snapshots/charlotte-snapshot-10-9-19-jll

[KJHburg]

Latvian  print company expands their Charlotte operations with 100 new jobs.

https://www.bizjournals.com/charlotte/news/2019/10/09/photoslatvian-print-company-readies-for-real.html

 

[KJHburg]

Out of 125 metro areas analyzed across the country Charlotte comes in #32 as the best place to retire and overall #20 best place to live in the USA.  In the retirement front Asheville #4, Winston Salem #7,  Raleigh Durham #28

regional rival Nashville come in #8 on the retirement front,  #15 overall 

https://realestate.usnews.com/places/rankings/best-places-to-retire

there is a retirement boom inside Charlotte and especially outside Mecklenburg county  in York, Lancaster, Lincoln counties to name a few.  There are quite a few age restricted communities and many age targeted communities around the region. 

[KJHburg]

The industrial and warehouse market in the Charlotte region remains RED hot. 

from the Q3 report from Avison Young

""the Charlotte industrial market made up lost ground in 3Q19 with net absorption totaling nearly 3 msf.   Vacancy fell to 6.3%, down 60 bps versus 2Q19. The fact that vacancy is still up 60 bps on a year-over year basis is not surprising given the market’s torrid pace of new construction in recent months. Deliveries totaled 2.9 msf in 3Q19, bringing the 12-month tally to 6.4 msf.   An impressive 13.6 msf has been delivered in the last two years alone, and another 5.2 msf remained underway at the end of the quarter.""

Cabarrus County alone has been 25% of the total market demand.

https://www.avisonyoung.us/web/charlotte-nc/research  download the report here