Banking, Tech Employment Usher Charlotte’s Office Market Into the Future

The momentum of the Charlotte office market continued in the first quarter of 2019, as office rents rose for an eighth consecutive quarter and the city notched a major economic development win with the announcement that BB&T and SunTrust would merge, creating a new bank that will be headquartered in Charlotte. The news came on the heels of announcements late last year that Honeywell plans to relocate its corporate headquarters to the city and that LendingTree would expand its headquarters, …

Charlotte’s Industrial Market Is in Aggressive Expansion Mode

Charlotte has been in expansion mode for several years, due to population growth, excellent logistics infrastructure, low operating costs and low unionization rates. At the mid-point of 2019, the market continues to expand at a healthy rate and is growing outward into Cabarrus, York and Gaston counties. This expansion follows a strong 12-month period ending first-quarter 2019 when nearly 6 million square feet of new product was delivered. Now encompassing 322 million square feet of space, …

Tech, Co-Working Shine in Raleigh-Durham’s Downtown Submarkets

The question today for office tenants and investors is not why Raleigh-Durham, but why not. The Raleigh-Durham market is defined by continued job growth and a thriving technology sector. The Triangle is enjoying significant rent growth, strong absorption and major construction that now has a Downtown Raleigh and a Downtown Durham. Raleigh-Durham’s overall growth continues and was recently ranked No. 1 in the Southeast in projected population growth, posting a 10.3 percent growth rate from …

Charlotte Companies Getting in on Amenities Arms Race to Attract Top Office Users

Companies looking to attract and retain talent are now offering top amenities, a modern office space and a healthy work environment with a sense of community. Employees are a company’s most vital asset, and firms are willing to pay a higher rate for office space if it provides a place that employees want to work. One of the trends this year in commercial office space is enhancing the work environment. According to a recent Pew Research Center analysis, millennials have become the largest …

Renter Demand, Investor Interest are Strong in Carolinas’ Top Multifamily Markets

Several Carolinas markets continue to top national lists for job and population growth, particularly Charlotte and the Triangle. The quality of living and strong fundamentals draw both millennial renters and empty nesters, with no slowdown in demand in sight. In turn, capital continues to pour into the region’s multifamily sector as investors chase higher yields and lower supply pressure while cap rates linger near historical lows. Multifamily Momentum With the record-setting pace of …

Industrial Developers are Building for the Long Term in Charlotte

As demand for e-commerce and corporate distribution space continues to drive supply chain expansion in the Southeast, many developers are designing facilities to accommodate the truck-dependent, labor-driven operations present today and for the near-term. While robotics and automated vehicles are exciting to dream about, the reality is that these innovations are not expected to impact industrial building design any time soon in the Southeast. Modern industrial buildings that can support …

Investment Activity for Class B, C Multifamily on the Rise in Triangle

Solid fundamentals in tandem with soaring population growth in the Triangle market continues to drive rents and occupancy to record highs. Raleigh is repeatedly recognized as one of the nation’s best places to live, work and start a business. As a result, the market has a projected population growth of over 73 percent through the year 2044, outpacing cities such as Boston, Atlanta, Nashville and San Francisco, creating a snowball effect of investment and interest. [caption …

Triangle Riding High Amid New Retail Development in Downtown Submarkets

The Triangle continues to attract national attention due to job growth, relatively low cost of living, economic diversity, a central East Coast location and its access to three world-class universities. Additionally, the Triangle’s unemployment rates are below the state and national averages. These are some of the driving forces that bring nearly 80 residents a day to the metro area, as recently published by U.S. News & World Report. Triangle retailers, developers and investors are taking …

Tenants Gain Leverage in Raleigh-Durham Office Market as Supply Comes On Line

Eight years into the recovery, Raleigh-Durham’s office market conditions remain decidedly in favor of landlords, but increased construction following years of limited development activity is at last providing much needed new leasing opportunities for tenants. While a combination of factors, including new construction, drove office vacancy higher by the second half of 2017, the market began the year with the tightest Class A leasing market witnessed since the dot-com boom. Class A vacancy …

High Demand, Low Vacancy Push Triangle’s Industrial Rents to New Heights

The Raleigh-Durham industrial and flex market, totaling approximately 129 million square feet, continues to be strong with overall positive absorption. Vacancy is trending lower, making the region a landlord and seller’s market. With increasing construction costs, lower vacancy and solid demand, the rental rates and sales prices are now the highest of any city in North Carolina. Available industrial land is diminishing for development in high-demand areas, and that typically signifies a …

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