The Good News Report

[urbanlover568]

America’s Hottest Cities for Urban Planners

 

https://www.citylab.com/life/2019/10/where-urban-planning-jobs-near-me-cities-employment-data-map/599548/

[SentioVenia]

On 10/12/2019 at 8:49 PM, mpretori said:

America’s Hottest Cities for Urban Planners

 

https://www.citylab.com/life/2019/10/where-urban-planning-jobs-near-me-cities-employment-data-map/599548/

I wonder what city has America's Hottest Urban Planners.  I know Charlotte has America's Hottest Urban Planeteers.

[KJHburg]

Charlotte's office market is having its best year in many many years.  According to JLL through the 3rd quarter Charlotte  has absorbed 2.658 Million sq ft of office space which is 5% of the total market size.  This is incredible and one of the top performing office markets in the country.   Charlotte has averaged over the years slightly over 1 M sq ft absorbed 

Charlotte Totals 53,282,653 sq ft market size  YTD net absorption 2,658,341 sq ft  5.0%  of the market given its size  total vacancy 11.4%  avg rate psf $31.17  completions so far this year 2,291,727  amt of space under construction 2,946,824 sf 

En fuego!  Can't wait to compare with the other cities when US 3Q market report comes out.

download your copy here https://www.us.jll.com/en/trends-and-insights/research/us-charlotte-office-insight-q3-2019

comments from the report:

""Even with 2.2 m.s.f. completed in 2019 and another 2.9 m.s.f. under development, vacancy will remain at or below current levels. New construction is breaking ground with large blocks pre-leased and minimal vacancy. Tenant demand will continue to expand through local organic growth and migration and expansion from firms relocating to the Charlotte area.""

[KJHburg]

On 10/14/2019 at 8:12 PM, KJHburg said:

Charlotte's office market is having its best year in many many years.  According to JLL through the 3rd quarter Charlotte  has absorbed 2.658 Million sq ft of office space which is 5% of the total market size.  This is incredible and one of the top performing office markets in the country.   Charlotte has averaged over the years slightly over 1 M sq ft absorbed 

Charlotte Totals 53,282,653 sq ft market size  YTD net absorption 2,658,341 sq ft  5.0%  of the market given its size  total vacancy 11.4%  avg rate psf $31.17  completions so far this year 2,291,727  amt of space under construction 2,946,824 sf 

En fuego!  Can't wait to compare with the other cities when US 3Q market report comes out.

download your copy here https://www.us.jll.com/en/trends-and-insights/research/us-charlotte-office-insight-q3-2019

comments from the report:

""Even with 2.2 m.s.f. completed in 2019 and another 2.9 m.s.f. under development, vacancy will remain at or below current levels. New construction is breaking ground with large blocks pre-leased and minimal vacancy. Tenant demand will continue to expand through local organic growth and migration and expansion from firms relocating to the Charlotte area.""

to follow up Charlotte is among the top 4 BEST PERFORMING OFFICE MARKETS in the country with 4.9% of the total office market absorbed YTD this year  Austin did the same and only 2 Bay area markets topped that San Fran Peninsula and Silicon Valley at 5.2% and 5.8% respectively.   This means Charlotte's office market is performing better than everywhere else in the country except those 3 other markets.   Something in common and that would be  tech and I would include Charlotte as being a tech driven office market plus of course financial firms.     To review all the markets and table at the report download your copy here https://www.us.jll.com/en/trends-and-insights/research/office-market-statistics-trends

Regional peers Nashville only .6%, Atlanta .3% and Raleigh Durham 2.6%     ask any office leasing broker about the market today in the QC and they will tell you we are extremely blessed.   Remember these percentage are based on the size of the market and Charlotte and Austin are roughly the same size and Atlanta is 3x bigger than Charlotte's.  

and that is no bull!  (out in west Texas I had to work that shot in LOL) 

[CLT_sc]

Maybe not specific good news, but a few good observations.  First, downtown has a “large” feel to it.  As I was walking down Tryon st today, the city was full of people on many layers of streets, not just Tryon.  You can now see large developments down just about every street in town, at least within the loop.  And, as you get to the Mint area down to Stonewall, the sheer amount of construction is eye opening.  I often hear people from out of town ask “what is going on here” as they watch tower cranes dot the skyline.  From Stonewall, the continuation of the city into Southend has really stretched to density of the city, it really does make the city feel large.  And, even though the street preachers can be annoying, the “Jesus Saves” guy is cool and makes downtown seem a little more homey.

[A2.]

On 10/14/2019 at 8:12 PM, KJHburg said:

Charlotte's office market is having its best year in many many years.  According to JLL through the 3rd quarter Charlotte  has absorbed 2.658 Million sq ft of office space which is 5% of the total market size.  This is incredible and one of the top performing office markets in the country.   Charlotte has averaged over the years slightly over 1 M sq ft absorbed 

Charlotte Totals 53,282,653 sq ft market size  YTD net absorption 2,658,341 sq ft  5.0%  of the market given its size  total vacancy 11.4%  avg rate psf $31.17  completions so far this year 2,291,727  amt of space under construction 2,946,824 sf 

En fuego!  Can't wait to compare with the other cities when US 3Q market report comes out.

download your copy here https://www.us.jll.com/en/trends-and-insights/research/us-charlotte-office-insight-q3-2019

comments from the report:

""Even with 2.2 m.s.f. completed in 2019 and another 2.9 m.s.f. under development, vacancy will remain at or below current levels. New construction is breaking ground with large blocks pre-leased and minimal vacancy. Tenant demand will continue to expand through local organic growth and migration and expansion from firms relocating to the Charlotte area.""

I’m a firm believer that with all that information on the office front, that hotels will be the next to boom. Rooms are so needed now and I know that if I’m in the Hotel biz and about my bottom line, I want to be where the growth is. I also suspect that somehow, someway we will get a 1000 room hotel. It just makes economic sense.

(and yes, I know we have rooms yet to be delivered, but even with those, I think we are still looking at more needed to accommodate all the new firms coming to town)

Charlotte is definitely diversifying their economic base and our business travelers are beyond just the banking sector now, and these companies relocating here will almost demand that they have rooms available for their our of state employees that are coming into town. I’d suspect that even in a recession that some more hotels will find a way to be built. 

Do we have some stats on cities of similar size, and what their CBD room counts are? I have to believe Charlotte is probably less in room count than our peers, which I would think would bode well for the future.

 

 

A2

Edited October 19, 2019 by A2.

[KJHburg]

9 hours ago, A2. said:

I’m a firm believer that with all that information on the office front, that hotels will be the next to boom. Rooms are so needed now and I know that if I’m in the Hotel biz and about my bottom line, I want to be where the growth is. I also suspect that somehow, someway we will get a 1000 room hotel. It just makes economic sense.

(and yes, I know we have rooms yet to be delivered, but even with those, I think we are still looking at more needed to accommodate all the new firms coming to town)

Charlotte is definitely diversifying their economic base and our business travelers are beyond just the banking sector now, and these companies relocating here will almost demand that they have rooms available for their our of state employees that are coming into town. I’d suspect that even in a recession that some more hotels will find a way to be built. 

Do we have some stats on cities of similar size, and what their CBD room counts are? I have to believe Charlotte is probably less in room count than our peers, which I would think would bode well for the future.

 

someone posted about hotel rooms in a downtown area as a comparison before and Charlotte was indeed lacking.  Much of our hotel boom is in the suburbs and 1000s of rooms have been added there.  However we have added quite a few hotel rooms uptown and more on the way.  Nashville has been blowing the charts off hotel rooms it is insane out there and they better hope their tourism boom does not end.    I do expect to see a hotel at Legacy too.    Just too much office space and HQs not to have one.  So under construction right now uptown is nearly opened Home2Suites,  JW Marriott, Intercontinental, Grand Bohemian.    several more have not started like the hotel by Lennar towers and the other one at stonewall station.  But uptown has greatly expanded its hotel rooms in just the last few years. 

[davidclt]

On 10/18/2019 at 11:29 PM, A2. said:

... hotels will be the next to boom. Rooms are so needed now and I know that if I’m in the Hotel biz and about my bottom line, I want to be where the growth is. I also suspect that somehow, someway we will get a 1000 room hotel. It just makes economic sense.

(and yes, I know we have rooms yet to be delivered, but even with those, I think we are still looking at more needed to accommodate all the new firms coming to town)

And yet the Kimpton Courtyard Marriott in Dilworth/South End still has yet to materialize. The sign at the corner of Cleveland/Worthington tipped over almost as soon as they put it up. I'm not sure what's taking so long but I'm not counting on an "early 2020" opening and really not expecting any 2020 hotel opening on the site either. I won't comment on the aesthetics of the renderings for the proposed property (not even to say they could do SO MUCH BETTER).

https://www.omshera.com/recent_acquisition/courtyard-by-marriott-dilworth-nc/

https://www.bizjournals.com/charlotte/news/2018/04/20/hotel-with-rooftop-concept-coming-to-former.html

[KJHburg]

Industrial commercial real estate market in Charlotte is still on fire this year is set to be the best in recent times.

https://www.us.jll.com/en/views/snapshots/charlotte-snapshot-10-16-19-jll

[urbanlover568]

BREAKING: SoftBank takes control of WeWork. 

[Madison Parkitect]

35 minutes ago, mpretori said:

BREAKING: SoftBank takes control of WeWork. 

Stories out this morning about how they couldn't even afford to lay off workers because they didn't have enough money to pay severance. Good grief, what a stunning and total collapse.

[Rufus]

On 4/30/2019 at 10:59 AM, atlrvr said:

Yes....this new company will be US based, and HQ in Davidson.

The mechanics are:

Ingersoll Rand will spin-off a division that is a stand-alone entity.

That new entity will immediately be purchased by Milwaukee based GDI.

The headquarters of GDI will move to Davidson.

Here is where it gets REALLY confusing.

GDI will rename itself Ingersoll Rand.

The original IR that didn't sell itself will rebrand (my guess as TRANE).

The "new" IR will be US based, and "TRANE" will remain Ireland based, and both co-located, for now, in Davidson.

IR will be a new Fortune 500 company, and TRANE is actually still larger post-divestiture and would be a Fortune 500 too, except for it's technically Ireland domicile.

Just wanted to follow up on this since I am a nerd when it comes to info like this. 

 

Any update? 

[CarolinaDaydreamin]

Any rumblings around Q4 relocations or economic dev. packages? Its been relatively quiet of late. (It really hasn't but there was so much going on this summer that I'm restless  )

[CLT2014]

16 hours ago, Rufus said:

Just wanted to follow up on this since I am a nerd when it comes to info like this. 

 

Any update? 

Looks like they are working on closing in 2020. In their July SEC 8K Filing: https://gardnerdenver.transactionannouncement.com/

"The transaction, which is expected to close by early 2020, remains subject to other closing conditions, including approval by Gardner Denver stockholders, other regulatory approvals and customary closing conditions."

Edited October 23, 2019 by CLT2014

[KJHburg]

8 hours ago, CarolinaDaydreamin said:

Any rumblings around Q4 relocations or economic dev. packages? Its been relatively quiet of late. (It really hasn't but there was so much going on this summer that I'm restless  )

the biggest job announcements last year all came in December just saying.  

[thenewkage95]

the biggest job announcements last year all came in December just saying.  

Wait...are you saying that because you know something we don’t know???


Sent from my iPhone using Tapatalk

[Temeteron]

Forgive me if this was mentioned but I just saw on the news yesterday that Sherwin Williams is looking to relocate it’s HQ.  we were one of the cities proposed, along with Houston, Dallas, and Atlanta

Edited October 23, 2019 by Temeteron

[KJHburg]

Metro to metro populations and of course Charlotte is one of the most desirable places to move to and especially those from New York, NY and I know of personally 2 more that want to move from there here.    Interesting we lose the most people to the Raleigh Durham metro area which they call Carolina Triangle (never heard that before)

https://www.commercialcafe.com/blog/metro-to-metro-migration-metro-areas-winning/

[lancer22]

3 hours ago, KJHburg said:

Metro to metro populations and of course Charlotte is one of the most desirable places to move to and especially those from New York, NY and I know of personally 2 more that want to move from there here.    Interesting we lose the most people to the Raleigh Durham metro area which they call Carolina Triangle (never heard that before)

https://www.commercialcafe.com/blog/metro-to-metro-migration-metro-areas-winning/

The Carolina Triangle, where millennial lives go to die

[NOLA2CLT]

 

16 hours ago, KJHburg said:

Metro to metro populations and of course Charlotte is one of the most desirable places to move to and especially those from New York, NY and I know of personally 2 more that want to move from there here.    Interesting we lose the most people to the Raleigh Durham metro area which they call Carolina Triangle (never heard that before)

https://www.commercialcafe.com/blog/metro-to-metro-migration-metro-areas-winning/

12 hours ago, lancer22 said:

The Carolina Triangle, where millennial lives go to die

Carolina Triangle???  who calls it that?  I was born and raised in Raleigh, never heard anyone call it the Carolina Triangle.  It was just called the Triangle.  Do people in Greensboro call it the Carolina Triad?  

[lancer22]

7 minutes ago, NOLA2CLT said:

 

Carolina Triangle???  who calls it that?  I was born and raised in Raleigh, never heard anyone call it the Carolina Triangle.  It was just called the Triangle.  Do people in Greensboro call it the Carolina Triad?  

I should have used the blue text I was being sarcastic. Nobody calls it the Carolina Triangle

 

[NOLA2CLT]

18 minutes ago, lancer22 said:

I should have used the blue text I was being sarcastic. Nobody calls it the Carolina Triangle

 

Haha...I completely agree that Raleigh is where millennials go to die.  That is the reason why my wife and I moved to New Orleans before coming back to NC.

[atlrvr]

https://www.wsj.com/articles/nashville-mayors-unorthodox-promise-slow-corporate-handouts-11572029641

Will just leave this here, and leave it to others to comment.

[urbanlover568]

20 hours ago, lancer22 said:

The Carolina Triangle, where millennial lives go to die

Really? I used to live in Cary and I never felt safer. You always have to watch your back in Charlotte. I enjoyed being able to go out at night and not have to worry as much.  Sure it's suburban, but i'll always weight safety higher. 

[atlrvr]

13 minutes ago, mpretori said:

Really? I used to live in Cary and I never felt safer. You always have to watch your back in Charlotte. I enjoyed being able to go out at night and not have to worry as much.  Sure it's suburban, but i'll always weight safety higher. 

I think he meant their spirits...