The Good News Report

[nicholas]

Karma Automotive is coming soon to the same showroom as the McLaren of Charlotte and future Koenigsegg of Charlotte dealerships (off Tyvola).  It is a high-end luxury electric car company with a weird story.

[KJHburg]

Bear with me as this post will have lots of stats on the state of the office market in Charlotte which by the way is in the TOP 3 BEST IN THE COUNTRY as reported by JLL 4Q 2019 US office market report. 

Based on market size this figure is percentage of office space absorbed in one year including new space offered.  Silicon Valley absorbed 7.1%, Austin 5.8% and coming in 3rd nationally is Charlotte at 5.6%   What is happening with office space in Charlotte is NOT happening in most cities in the country with so much space being absorbed.

Here is a what to look it another way in pure square footage absorbed Charlotte absorbed just over 3 Million sq ft in 2019 in an office market size that totals 54 Million sq ft.

Here are a few cities that some of you live in or are competitors Atlanta 149 M sq  ft. market, just 772,000 sq ft absorbed.  Boston market of 171M sq ft 2.3 M sq ft absorbed 

Denver 114M market 1.37M sq absorbed, Philly 139M market -125K sq ft, San Diego 80M market 769K absorbed, San Fran city 78M sq ft market 2.7 M absorbed and lastly Seattle 99 M sq ft market only 2.7 M sq ft absorbed.

So anyway you cut it Charlotte is performing WAY ABOVE OUR WEIGHT and this is the reason KDC from Dallas, Armada Hoffler from VA Beach, Akridge from DC are coming into the market to develop space they want a  piece of the action. 

Charlotte ended the year with an office market size of 54 M sq ft, absorbed 3 M sq ft or 5.6% of our total space, vacancy 10.3% year to date completions of 2.3 M sq ft and 3.9 M sq ft under construction.   Nashville absorbed 3% of its total market size which is 39M sq ft and now has a higher vacancy rate at 11%.

I have been saying all the new office buildings we have underway is something extraordinary here is the proof.    Tampa downtown first new building since 1992 and San Antonio only last year got its first new office building in 30 years.   

download your own report here or just read the KJ summary above    ¡El mercado de oficinas de Charlotte está en llamas!

https://www.us.jll.com/en/trends-and-insights/research/office-market-statistics-trends

Edited January 31, 2020 by KJHburg

[Crucial_Infra]

3 hours ago, KJHburg said:

Denver 114M market 1.37M sq absorbed, Philly 139M market -125K sq ft, San Diego 80M market 769K absorbed, San Fran city 78M sq ft market 2.7 M absorbed and lastly Seattle 99 M sq ft market only 2.7 M sq ft absorbed.

These office space market numbers are so strange to me: How does Denver (114m) have twice the total office space as Charlotte (54m) and also more than San Francisco (78m) and Seattle (99m)? 

[KJHburg]

5 minutes ago, Crucial_Infra said:

These office space market numbers are so strange to me: How does Denver (114m) have twice the total office space as Charlotte (54m) and also more than San Francisco (78m) and Seattle (99m)? 

That is the whole Denver and Seattle markets as JLL defines them as for San Fran that is only the city of San Fran, East Bay Oakland is separate market as is the San Fran Peninsula south of the city near the airport a separate market.    But Denver is the metro amount and Seattle is metro amount too.  

[Crucial_Infra]

Best part of the report is the telcom tower being featured in the skyline image 

[CarolinaDaydreamin]

5 minutes ago, Crucial_Infra said:

Best part of the report is the telcom tower being featured in the skyline image 

Nice picture from 1994...

[rancenc]

Apparently the film industry had a very good year in North Carolina.  The Charlotte metro area actually had quite a few productions filmed throughout 2019.

https://www.nccommerce.com/news/press-releases/2019-film-production-season-finished-strong-north-carolina

[sclark]

49 minutes ago, rancenc said:

Apparently the film industry had a very good year in North Carolina.  The Charlotte metro area actually had quite a few productions filmed throughout 2019.

https://www.nccommerce.com/news/press-releases/2019-film-production-season-finished-strong-north-carolina

When I was in Wilmington this past summer, I struck up a conversation with a guy in film industry and he said that business was booming in 2019. Hopefully this will continue in Wilmington and throughout this beautiful state. 

[jednc]

This is great news. I wonder if the industry will continue to grow and it won't matter that incentives have been cut? Would be great to attract a high level of projects without having to pay for them to come here. I realize it's a long shot, but it would be nice to have our cake and eat it too.

[tozmervo]

1 hour ago, jednc said:

This is great news. I wonder if the industry will continue to grow and it won't matter that incentives have been cut? Would be great to attract a high level of projects without having to pay for them to come here. I realize it's a long shot, but it would be nice to have our cake and eat it too.

I never expected filming to stop entirely in NC, but also consider what incentives have done down the road.

https://en.wikipedia.org/wiki/Film_industry_in_Georgia_(U.S._state)
https://www.theguardian.com/cities/2018/oct/26/hollywood-south-atlanta-film-industry-mini-city

[QCxpat]

Today's CBJ - "Morning Buzz - In Other Local News" & WSOCTV.com

"Hundreds of people reportedly stood in line for the reopening of Brooks' Sandwich House in NoDa on Saturday.  It marked the restaurant's first day of business since co-owner Scott Brooks was killed in early December."  "People started lining up outside the iconic shop around 6 a.m. Saturday. They were not scheduled to open until 10 a.m., but supporters said it is a testament to what the shop and the family has meant to the community."  "Scott and David Brooks were known for giving back. In 2019, they donated more than 2 acres to Habitat for Humanity to help provide affordable housing for local families."  "Owner of Glory Days Apparel, JD Harris, was inspired by Brooks’ service to the community and made up T-shirts with Scott’s favorite saying, “Too blessed to be stressed.”  "Harris said proceeds from the T-shirts will be donated to Habitat for Humanity to finish that affordable housing project."  “Words cannot describe the feeling in my heart for people around the NoDa area," David Brooks said.

 

Links:  https://www.bizjournals.com/charlotte/news/2020/02/03/cbj-morning-buzz-bowling-concept-makes-nc-debut-in.html

https://www.wsoctv.com/news/local/popular-noda-sandwich-shop-set-reopen-more-than-month-after-co-owners-slaying/SC6KWZPN3RDMXNO6PBKDV2WB7E/

[KJHburg]

could the Rolling Stones be coming to Charlotte and BofA Stadium???  They were dropping some hints today.  

https://clture.org/the-rolling-stones-charlotte/

[jednc]

15 hours ago, KJHburg said:

could the Rolling Stones be coming to Charlotte and BofA Stadium???  They were dropping some hints today.  

https://clture.org/the-rolling-stones-charlotte/

I'm not a Stones fan per se, but this would be a big deal for Charlotte.

[KJHburg]

look at Charlotte's fiscal health (and Raleigh's) compared to let's say Nashville.  OUCH no wonder stadium issues in Nashville and major employer is saying city is not living up to incentives.  

https://www.truthinaccounting.org/news/detail/2020-financial-state-of-the-cities

[Hushpuppy321]

1 hour ago, KJHburg said:

look at Charlotte's fiscal health (and Raleigh's) compared to let's say Nashville.  OUCH no wonder stadium issues in Nashville and major employer is saying city is not living up to incentives.  

https://www.truthinaccounting.org/news/detail/2020-financial-state-of-the-cities

Ouch - they’re arguing about the fiscal mess and MLS stadium issue on the Nashville Pages.

[Phillydog]

On 1/31/2020 at 4:22 PM, tozmervo said:

I never expected filming to stop entirely in NC, but also consider what incentives have done down the road.

https://en.wikipedia.org/wiki/Film_industry_in_Georgia_(U.S._state)
https://www.theguardian.com/cities/2018/oct/26/hollywood-south-atlanta-film-industry-mini-city

I'm definitely a back-seat driver here, but I believe North Carolina in general is the best filming location on the East Coast if only because of the diversity of landscapes that no other state west of California can match frankly, save Texas -- maybe.   If we match Georgia's incentives, it wouldn't surprise me to see most of it move back here.  The only issue I think Wilmington has is access -- without non-stop flights to LA I think it always hurts Wilmington a bit.  

Edited February 5, 2020 by Phillydog

[KJHburg]

The state of the Center City of Charlotte including uptown and south end is out and it has lots of information in it.

Here is a review article from Business Journal

https://www.bizjournals.com/charlotte/news/2020/02/05/report-2019-closed-the-books-on-center-citys-most.html

and here is where you can download your own personal copy of the full report 

https://www.charlottecentercity.org/business/reports/

[CarolinaDaydreamin]

12 hours ago, Phillydog said:

The only issue I think Wilmington has is access -- without non-stop flights to LA I think it always hurts Wilmington a bit.  

Not many coastal places that look like Wilmington and have a warm climate have direct flights to LA. MAYBE coastal Texas and Louisiana and some parts of FL. 

[CLT_sc]

1 hour ago, KJHburg said:

The state of the Center City of Charlotte including uptown and south end is out and it has lots of information in it.

Here is a review article from Business Journal

https://www.bizjournals.com/charlotte/news/2020/02/05/report-2019-closed-the-books-on-center-citys-most.html

and here is where you can download your own personal copy of the full report 

https://www.charlottecentercity.org/business/reports/

Really strong numbers for Charlotte.  I hope some in the national media take notice.

[AirNostrumMAD]

2 hours ago, KJHburg said:

The state of the Center City of Charlotte including uptown and south end is out and it has lots of information in it.

Here is a review article from Business Journal

https://www.bizjournals.com/charlotte/news/2020/02/05/report-2019-closed-the-books-on-center-citys-most.html

and here is where you can download your own personal copy of the full report 

https://www.charlottecentercity.org/business/reports/

I feel like the “flash in the pan” was a Nashville dig. 

[Guest]

11 hours ago, CLT_sc said:

Really strong numbers for Charlotte.  I hope some in the national media take notice.

They made the pdf and left the crop marks. You know... theres a job opening at Center City Partners that would be partially responsible for this type of document. I want that job, so if anyone at Center City Partners is reading. Take me seriously.

[tozmervo]

20 minutes ago, ricky_davis_fan_21 said:

They made the pdf and left the crop marks. You know... theres a job opening at Center City Partners that would be partially responsible for this type of document. I want that job, so if anyone at Center City Partners is reading. Take me seriously.

I was assuming that someone took a shortcut and just uploaded the same file they used to send to the printer.

Edit: yeah, there are some pages where you can see where photos were supposed to cross the binding as part of a spread

Edited February 6, 2020 by tozmervo

[KJHburg]

This special 31 page section is in the American Airlines magazine (I forget the name) and it is a great piece I hope thousands read it despite not using the latest and greatest Charlotte photos (one photo shows Legacy  1 not topped off) but great piece nonetheless.   If someone can get me a printed copy of this magazine from this month I will deliver a dozen of Charlotte based Krispy Kreme doughnuts to your office or home no joke. 

https://charlotteregion.com/clientuploads/News/Spotlight_Charlotte__February2020.pdf

[Crucial_Infra]

3 hours ago, KJHburg said:

If someone can get me a printed copy of this magazine from this month I will deliver a dozen of Charlotte based Krispy Kreme doughnuts to your office or home no joke. 

https://charlotteregion.com/clientuploads/News/Spotlight_Charlotte__February2020.pdf

I’ll try to grab you one tomorrow if no one else has. 

[navigator319]

Ugh page 17 new angle of the updated design of the Honeywell. Way way worse if that was even possible than the original more rounded and flared version.

Mind boggling Honeywell chose this location/design over other options.