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Interesting stats and good ones at that for both the Raleigh and Charlotte metro areas.  Could be a magnet for additional relocations to fill those new residential developments in both markets.

https://wraltechwire.com/2022/10/14/report-raleigh-no-1-in-share-of-workers-earning-100000-durham-also-scores-well/

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I would say the office market is good in Charlotte not great but good. Some sizable office leases some of which I had not heard about noted in this Cushman and Wakefield 3Q report

Charlotte MarketBeats | United States | Cushman & Wakefield (cushmanwakefield.com)

this shows an overall office market vacancy of 18.5% including sublease space  and this seems to include the new vacant Centene office. 

As noted in Bank Town thread a new lease of 80,000 sq ft by Vanguard in an old Sealed Air building is good expansion.  

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Okay the industrial and warehouse market for the Charlotte region would be called GREAT and RECORD BREAKING.  from Cushman and Wakefield.  this segment of the commercial real estate market could only be called  En Fuego! 

231,000,000 sq ft of warehouse space only 1.9% vacant.   Year to date absorption is over 7,000,000 sq ft.  To put it another way if these huge warehouses were office buildings we are talking 7  buildings  as tall as Duke Energy Plaza built at once! 

Charlotte MarketBeats | United States | Cushman & Wakefield (cushmanwakefield.com)

Newell Rubbermaid leased 1.5 Million sq ft in Gaston County alone!  that is a lot of kitchen storage products!  Gaston County has the most new warehouse absorption this year.  

 

Edited by KJHburg
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where Charlotte falls in affordability of average priced apartment.  Basically we are in the middle but as you can see from the cities that require much higher incomes those are many of the same cities we are getting lots of new residents from.    NY and Boston are #1 and #2 

https://www.apartmentguide.com/blog/how-much-salary-do-you-need-to-rent-an-apartment/

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  • 2 weeks later...
15 hours ago, Reverie39 said:

The Bay Area is wild. Less population than the Dallas metro but over twice the GDP... and Dallas is no slouch either.

Sure, in terms of pure metro numbers. But, if you were to include San Jose, which is most of Silicon Valley, you get those huge numbers. Both metros are 8-9.5 million and then also 9-10k sqmi. 

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23 hours ago, Rufus said:

Sure, in terms of pure metro numbers. But, if you were to include San Jose, which is most of Silicon Valley, you get those huge numbers. Both metros are 8-9.5 million and then also 9-10k sqmi. 

Good point. I really wonder if the Census needs to adjust its definition of a metro area - the same issue affects Raleigh/Durham and other places too. San Jose and San Francisco are definitely the same metro region in my mind, they are next door neighbors and share an economy, commuters, and culture.

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22 hours ago, Reverie39 said:

Good point. I really wonder if the Census needs to adjust its definition of a metro area - the same issue affects Raleigh/Durham and other places too. San Jose and San Francisco are definitely the same metro region in my mind, they are next door neighbors and share an economy, commuters, and culture.

New metro definitions are coming next year (they are created by the Office of Management and Budget, not the Census btw). Its going to be really interesting to see how WFH/Remote work is factored into the new definitions. If work-from-home suburbanites (in adjacent counties) are no longer considered to be commuters into the core city, we may see a  reshuffling of the biggest metros lists. 

Edited by kermit
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22 hours ago, kermit said:

New metro definitions are coming next year (they are created by the Office of Management and Budget, not the Census btw). Its going to be really interesting to see how WFH/Remote work is factored into the new definitions. If work-from-home suburbanites are no longer considered to be commuters into the core city, we may see a  reshuffling of the biggest metros lists. 

Wow! I didn't know this. I do think they absolutely need to account for WFH - you can't just use physical commuting to define the metro area anymore. I hope they tend towards broadening the definition which would help metros like Raleigh/Durham and SF/SJ fuse.

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1 hour ago, Reverie39 said:

 I hope they tend towards broadening the definition which would help metros like Raleigh/Durham and SF/SJ fuse.

I am not sure it will. If you are a 100% remote worker for Lenovo living in Wake County, is your place of work Durham County or Hong Kong? If you work in marketing for GlaxoSmithKline remotely from Orange County should your workplace be considered to be London or Durham County? What if you work remotely for the US Census Bureau in DC but live in the Triangle, where there are no Census Bureau physical offices? -- a friend of mine falls into the latter group.  Pure remote work -appears- to be less than 10% of the workforce, so it may not be a big deal. However, our data on remote work are very flaky.

Since MSA definitions are intended to be containers of urban economic systems I suspect that we will see metro definitions move towards measuring where people spend their money (rather than where they work). Unfortunately measuring this may be even more difficult due to online retail and the fact that the Census Bureau doesn't really track this sort of thing.  IMO metro area definitions are going to be in flux for a while (meaning decades).

 

Edited by kermit
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I am not sure it will. If you are a 100% remote worker for Lenovo living in Wake County, is your place of work Durham County or Hong Kong? If you work in marketing for GlaxoSmithKline remotely from Orange County should your workplace be considered to be London or Durham County? What if you work remotely for the US Census Bureau in DC but live in the Triangle, where there are no Census Bureau physical offices? -- a friend of mine falls into the latter group.  Pure remote work -appears- to be less than 10% of the workforce, so it may not be a big deal. However, our data on remote work are very flaky.
Since MSA definitions are intended to be containers of urban economic systems I suspect that we will see metro definitions move towards measuring where people spend their money (rather than where they work). Unfortunately measuring this may be even more difficult due to online retail and the fact that the Census Bureau doesn't really track this sort of thing.  IMO metro area definitions are going to be in flux for a while (meaning decades).
 

You were losing me until the end and then I realized where you were getting at. Where people spend their money makes more sense than where their physical office presence is vs it’s workers.
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