Friday, October 12, 2012

New investor interest in Charlotte thanks to DNC?


Charlotte’s office and industrial markets improved during the third quarter compared to last year, with vacancy rates falling and rents increasing.

The Queen City also may benefit from the national attention it received while hosting the Democratic National Convention in September, according to the latest report by Cushman & Wakefield / Thalhimer.

“Several large corporate relocation candidates are now rumored to be interested in the region,” the report says. Investors also remain interested in the city, with well-capitalized investors eyeing office properties including LakePointe, Vanguard Centre, ArrowPoint Office Park and Parkways’ six-building suburban office portfolio.

Investors are also interested in Charlotte’s industrial market. Last quarter, STAG Industrial Inc., for example, completed two acquisitions, one in Pineville and one in Huntersville. Two large, long-vacant buildings were bought: Beacon Partners bought the UAV Building in Fort Mill and The Silverman Group acquired the former Lucent building at 10000 Twin Lakes Parkway.

Office vacancy rates dipped to 12 percent during the quarter from 13.1 percent during the same time last year. Direct asking rents rose nearly 4 percent to $18.94 per square foot a year.

The industrial vacancy rated dipped slightly to 11.8 percent.

The area will still struggle as developers and investors wait before making long-term decisions to see how the U.S. political landscape and economic climate unfold during the next few months.

Tenants will also try to negotiate for good deals, including cheaper rent and extended lease terms, but will have increasing trouble doing so as vacancy shrinks.

On the industrial side, the firm expects to hear or two to three new “sizable” investment sale transactions and build-to-suit projects.  But continued softness in leasing demand and uncertainty in global economy will keep developers cautious in moving forward, the report says. 

10 comments:

Anonymous said...

The Disturber will look for ANYTHING that makes our economy look good and supports our Leftist/Progressive gov't under Barry's rule!

Anonymous said...

I guess anyone looking for a handout will look to charlotte now since it's well known they will throw taxpayer money at anyone who gives them a second glance...

Anonymous said...

Whiners. If you hate it so much, leave. Please spare us your constant negativity.

Ettolrahc said...

See folks, who said the untruths would end when the DNC left town?

Ettolrahc said...

Look one of those ship people off because you do not want to be around them anonymous folks reporting in at 7:12PM

George Hanson said...

How many places did you copy and paste this from?

Anonymous said...

Well there you have it, The CO playing the well founded rumor card. Take it to the bank.

These "investors" must have been impressed with the patriotic delegates booing God and Israel on the floor while the clowns were "honoring" our troops using Turkish war planes and Russian battleships..

Anonymous said...

WOW, you folks are so desperate to make things seem awful that you reject positive news. Is that what being a conservative or Republican is all about?

Anonymous said...

I'm constantly AMAZED how some people can't see the positive in ANYTHING that's reported. You're the same ones that would cry and say the world is ending over being taxed from winning the lottery. Try drinking from a glass that's half full sometime. It might actually give you a better perspective on life.

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