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The Good News Report

atlrvr

By atlrvr
in Charlotte

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ertley
ertley

As a native (but no longer resident) of Charlotte, I've always harbored an antipathy to Atlanta--please, no arguments! It's just how I've felt since childhood, like a sports rivalry!  But I genuinely

urbanlover568
urbanlover568

North Carolina is first in South to ban state funding for conversion therapy Gov. Roy Cooper signed an executive order calling the contentious practice "clinically and ethically inappropriate."

J-Rob
J-Rob

Awesome.  Def half the 78 viewers are also checking UP right now.  At one point Lowe's was rumored to also be moving HQ from Mooresville to CLT proper.  Is that still in play with the new location, or

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KJHburg Ecumenopolis

KJHburg

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No I would argue bad news it means snow maybe ice and you dont want an ice storm here in Charlotte area power outages, trees down etc.  Last bad one was about 10 years ago and lots of power outages.    Snow is better much better than ice or sleet for sure. 

here is some good news our manufacturing base in the region is growing.  From Twitter. 

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""Manufacturing is a critical industry for our economy & Charlotte is poised for strong growth - think 9k new jobs in the next decade. Compare that to traditional Rust Belt cities whose mfg industries are declining. CLT's young workforce & connectivity give us a major advantage.""

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RANYC Burg

RANYC

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On 1/12/2022 at 2:22 PM, KJHburg said:

No I would argue bad news it means snow maybe ice and you dont want an ice storm here in Charlotte area power outages, trees down etc.  Last bad one was about 10 years ago and lots of power outages.    Snow is better much better than ice or sleet for sure. 

here is some good news our manufacturing base in the region is growing.  From Twitter. 

Image

""Manufacturing is a critical industry for our economy & Charlotte is poised for strong growth - think 9k new jobs in the next decade. Compare that to traditional Rust Belt cities whose mfg industries are declining. CLT's young workforce & connectivity give us a major advantage.""

You're absolutely right on the ice and snow bit.

Just landed in Austin for the long weekend.  Bright blue skies, temperatures today in the upper 70s, tree-lined streets of still green live oaks nearly everywhere you turn.  Cold front passing through tonight, so 50s tomorrow and back to the mid-60s Sunday and Monday.  Pretty lovely landscape here so far.  Any recommendations for things or areas to check out?  If i were a corporate site consultant, Austin would be making a powerfully compelling case.  

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RANYC Burg

RANYC

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6 minutes ago, DMann said:

go back in July [ August

HA, yes I imagine this place is set ablaze in summer.  Feels lovely now but the trees and grass do have a bit of that "scorched earth" look.  One immediate impression is that Austin appears to be a lot less dense than Charlotte.

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KJHburg Ecumenopolis

KJHburg

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7 minutes ago, RANYC said:

You're absolutely right on the ice and snow bit.

Just landed in Austin for the long weekend.  Bright blue skies, temperatures today in the upper 70s, tree-lined streets of still green live oaks nearly everywhere you turn.  Cold front passing through tonight, so 50s tomorrow and back to the mid-60s Sunday and Monday.  Pretty lovely landscape here so far.  Any recommendations for things or areas to check out?  If i were a corporate site consultant, Austin would be making a powerfully compelling case.  

Downtown of course, south Lamar,  the Domain area where outside mall is surrounded by office towers.  

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KJHburg Ecumenopolis

KJHburg

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JLL reports on the office market for 2021 in Charlotte.  Couple of interesting facts mostly good but the vacancy rate did rise but the amount of construction is slowing down. 

From the Biz Journal today

""Charlotte led the nation in office space delivery in 2021.  About 4.9 million square feet of office space delivered here last year, according to the fourth-quarter office report from JLL (NYSE: JLL). That ranks ahead of Atlanta at 3.7 million square feet, Silicon Valley in California, at 3.6 million square feet and Austin, Texas, at 3.2 million square feet delivered.

“Of the 55.4 million square feet delivered throughout the U.S., 8.83% of that was from Charlotte itself,” said Kenlie Chap, senior research analyst for JLL. “A lot of that was the pre-Covid office boom we were seeing in construction. The construction timeline takes between 18 and 24 months. So, we are kind of just now seeing the end of that huge wave for a stellar year in office construction.”  This nearly 5 million square feet of delivered space was a record for Charlotte, now comprising 8% of the entire market that has reached a total of 59.9 million square feet, Chap said.""

Charlotte led nation in office space delivery in 2021, per JLL - Charlotte Business Journal (bizjournals.com)

JLL views the actual vacancy rate as 18.8% without the Lowe's building included. That puts Charlotte well below the national average of 19.7%. Major gateway cities are in the low and mid-20% range. New Jersey is at 26.8%, Chicago at 21.7% and Atlanta at 23.3%, Chap said.  About 71% of the vacant inventory in Charlotte is coming from buildings built in 2014 and before. “Market demand has remained strong for new construction,” said Charley Leavitt, JLL senior managing director. “New is the new rule in real estate. The demand for new office, new construction is really what is carrying the market.”

>> this is what I call the flight to quality.  Maybe less space maybe the same but newer and newer features.  That vacancy rate is the highest in about 5-7 years but that was a lot of construction but the amount of construction has slowed down.  Any tower of any size started now is 2 years out on occupancy at least.  

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go_vertical Burg

go_vertical

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I imagine we'll start seeing an uptick in remodels/refurbishments of older office buildings being that a vast majority of vacancies are located in those.  With new construction towers being sold at record breaking prices a spruced up twenty to thirty year old building would allow companies to enter the market at a much more digestible price.  New office construction won't come to a halt but I think it will slow down quite considerably. 

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KJHburg Ecumenopolis

KJHburg

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another major retailer and I think a first for Home Depot in the Charlotte a new 400,000 sq ft plus warehouse in SW Charlotte.

""Multiple sources told the Charlotte Business Journal that The Home Depot Inc. will establish a facility at The Keith Corp.'s Westinghouse Logistics Park site. A permit filed with the city for the site refers to the project under the code name Project Skinny. The permit states a 403,000-square-foot, rail-served warehouse will be built there. The site is on Sam Neely Road, just behind the Staples Distribution Center on Westinghouse Boulevard.  Atlanta-based Home Depot (NYSE: HD) confirmed a facility would be located there when reached today by CBJ. A spokesperson for the home-improvement retailer said the Sam Neely Road building is "part of our strategic investment in our supply chain network to offer same day/next day delivery to 90% of the United States." Further details about the project, such as job numbers and total investment, were not disclosed at this time.""

The Home Depot signs on at The Keith's Corp.'s industrial project here - Charlotte Business Journal (bizjournals.com)

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KJHburg Ecumenopolis

KJHburg

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Here are the top 10 In migration cities according to Redfin in 2021 and Charlotte is #8 on the list.  No surprise to anyone who sees how fast apartments are leased and homes sold.

https://www.businesswire.com/news/home/20220207005205/en/Redfin-Reports-Home-Prices-Are-Soaring-in-America’s-Most-Popular-Migration-Destinations

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KJHburg Ecumenopolis

KJHburg

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Charlotte is #1 on this list the Baby Chaser list.  This is where parents of adult children move closer to their adult kids and (then ask about their grandbabies).   I have seen this happen multiple times all over the area where kids move to Charlotte and their parents follow.  They might move to Sun City, Trilogy in Lincoln County, senior apartments all over town like Overture,  Imagery on Mt Island Lake etc.  But they are coming to the region for sure. 

https://www.marketwatch.com/story/baby-chaser-index-tracks-boomers-who-move-to-be-near-grandchildren-2019-07-12

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KJHburg Ecumenopolis

KJHburg

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Both Charlotte and Raleigh ranked in the top 20 best places for a startup business.

2022 Data: What Are the Best Cities to Start a Business? (realestatewitch.com)

NC ranked 2nd best state to do business in by Business Facilities only bested by Virginia.

Business Facilities' 17th Annual Rankings: State Rankings Report

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kermit Megalopolis

kermit

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CBJ reports some promising signs about the ACC league office relocation:

Quote

The Atlantic Coast Conference’s site-selection team is expected to make a second visit to Charlotte next week and a decision on its headquarters could come within a month, according to sources with knowledge of the search process.

its only 50 people, but a huge deal for local media and hospitality industries. This would be a much bigger get than the employment numbers suggest.


https://www.bizjournals.com/charlotte/news/2022/02/16/acc-search-continuing-with-charlotte-visit.html

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KJHburg Ecumenopolis

KJHburg

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I thought the ACC should have announced this the week Toyota announced its 1750 jobs or when Boom Supersonic announced their 1700 jobs.  The future of Greensboro is very bright and this ACC HQ for lots of reasons is better suited here (airport, ESPN, stadiums, neutral site location etc) 

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KJHburg Ecumenopolis

KJHburg

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Investors and smart people bet on markets they can win and see blue chip buildings for sale and that would be Charlotte.

""Charlotte Entries in Top 50 Total $1.25 Billion, Highest Sales Volume in the South
In the South, 13 deals made the list for a combined total volume of $4.66 billion. Of these, Charlotte, N.C., recorded the highest number of transactions across the region with four deals and a total sales volume of $1.25 billion. The priciest among these was the Ally Charlotte Center, which was sold by Crescent Communities in July for $390 million.""

https://www.commercialcafe.com/blog/top-50-office-sales-2021/

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deleted account Whistle-Stop

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1 hour ago, KJHburg said:

Investors and smart people bet on markets they can win and see blue chip buildings for sale and that would be Charlotte.

""Charlotte Entries in Top 50 Total $1.25 Billion, Highest Sales Volume in the South
In the South, 13 deals made the list for a combined total volume of $4.66 billion. Of these, Charlotte, N.C., recorded the highest number of transactions across the region with four deals and a total sales volume of $1.25 billion. The priciest among these was the Ally Charlotte Center, which was sold by Crescent Communities in July for $390 million.""

https://www.commercialcafe.com/blog/top-50-office-sales-2021/

And for the record, South in this comparison includes Florida and Texas. Thanks for sharing, impressive!

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Desert Power Burg

Desert Power

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On 2/16/2022 at 3:01 PM, kermit said:

CBJ reports some promising signs about the ACC league office relocation:

its only 50 people, but a huge deal for local media and hospitality industries. This would be a much bigger get than the employment numbers suggest.


https://www.bizjournals.com/charlotte/news/2022/02/16/acc-search-continuing-with-charlotte-visit.html

Particularly like that it would add to the sports media cluster here, where we already punch a bit above our weight.

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kermit Megalopolis

kermit

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Honest question: When was the last big, new tenant, office space lease announcement in Charlotte in any submarket other than Southend or Uptown?

Was it pre-covid?

I can't think of any important office space lease announcements outside of Southend in the past two years, but my brain is unreliable.

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