The housing market remains hot in Charlotte with sustained growth in both sales activity and sales price. Affordable prices, a strong market and robust salaries are driving first-time buyers to take the plunge and purchase their first home and there’s no better place to live in Charlotte than in the 28277 zip code, otherwise known as Ballantyne.
The Ballantyne area is nationally known for not only a place to work with more than 5 million square feet of Class A office space, but also a desirable place to live with housing opportunities ranging from $145,000 to over $4 million. The 28277 zip code has top-rated schools, an abundance of restaurant and shopping options, private and public golf courses, and the area’s only Four-Star recognized hotel, spa and restaurant.
Kimberly Kendall, Northwood Office LLC
The office sector remains hot with continued employment growth attributing to falling vacancy rates, new construction and rising rents. Charlotte has an overall vacancy rate of 10.4 percent and the overall weighted average asking rent for Class A space in Charlotte is $25.98 per square foot. There is currently over 2.3 million square feet of office product under construction in Charlotte and close to 7 million square feet planned or proposed. The overall vacancy rate in the Ballantyne area is 7.1 percent, and the overall weighted average asking rent for Class A office space is $29.38 per square foot.
Noteworthy transactions in Ballantyne in the first quarter included Computer Services and CorVel Healthcare Corp., which both expanded and renewed in the Chandler Building, taking 15,391 square feet and 25,493 square feet, respectively. Computer Technology Solutions occupied 7,300 square feet in Toringdon 4, and the most anticipated move-in will start this summer in Ballantyne when Wells Fargo moves into 287,507 square feet in the Brigham Building.
Ballantyne continues to be a hot spot for office development, especially on the heels of the largest office sale in the history of Charlotte for most of Ballantyne Corporate Park to Northwood Investors. The transaction reinforces Northwood’s commitment to Charlotte, and as the next phase of development is considered, Northwood’s established operating platforms in retail and residential will play a key role. Ballantyne will go from primarily corporate office into all mixed-use, which supports tenants’ needs to have more choices that complement their lifestyle.
The first component of this is underway as Northwood is bringing retail to the street level of the Brigham Building complex. Up to 6,600 square feet of restaurant space is available with an outdoor patio ready for delivery in August. With nearly 6,000 employees in walking distance, this location will offer great accessibility with surface parking available.
What’s next for Ballantyne? A mid-rise Class A office building with a rooftop amenity deck and views of Uptown? Additional parks and recreation areas for the community? A concert venue? Micro-brewery? The opportunities and ideas for the next phase of Ballantyne are endless.
— By Kimberly Kendall, SIOR, CCIM, Director of Leasing Services, Northwood Office LLC. This article was originally published in the June 2017 issue of Southeast Real Estate Business.