Silver lining for new businesses during down economy

Posted on March 26, 2009 by - Charlotte, In the News, Retail

6:14 PM EDT on Wednesday, March 25, 2009
NewsChannel 36 |  Tony Burbeck

Tough times for Charlotte-area retail could be a silver lining if you want to open a new store. There’s a big “if” involved here — it’s if you are willing to take the risk and can afford to ride it out…”The pipeline of proposed projects is increasing dramatically,” said Andrew Jenkins, managing partner with Karnes Research. Jenkins says 11 million square-feet of retail is waiting to be built when the economy turns around. He says recently closed big box stores will be cheap, but in general “new” space raises rents. “Because new space is just new and it’s forcing owners to redevelop older spaces,” Jenkins said. He thinks this will be the retail story of 2009: “I think we’ll probably look back and say, ‘Hey, we weathered that storm. We’re poised for the next three, four years. Let’s pick and choose the best projects to do.’”

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Trinity launches ‘stimulus’ plan for Perimeter Woods

Posted on March 13, 2009 by - Charlotte, In the News, Office

Linville Builing - Source KARNES

Linville Builing - Source KARNES

March 13, 2009
The Charlotte Business Journal
…Trinity’s lease rate on the building is $21.50 per square foot. The average annual rental rate in the north Mecklenburg office market was $20.10 in the fourth quarter, according to Karnes Research Co. Vacancy in that area jumped to 17.5% in the fourth quarter, up from 15% in the third…
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Lauth scales back office here as tower nears debut

Posted on March 13, 2009 by - Charlotte, In the News, Office

Source: Karnes Research Company

Source: Karnes Research Company

March 13, 2009
The Charlotte Business Journal
One of Charlotte’s most aggressive real estate developers is slashing jobs and dramatically scaling back its office here….Still, industry analysts have yet to see a wave of similar job cuts within other development companies here. “It might be something for companies not headquartered in this area,” says Andrew Jenkins, managing partner at Karnes Research Co. “If it’s a satellite office, maybe you’ll see that. But I don’t see a lot of local dramatic numbers yet. It’s more status quo because they’re certainly not hiring.”…..
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Empty big boxes not easy to fill

Posted on March 8, 2009 by - Charlotte, In the News, Retail

Going out of Business

Linens N' Things - Going out of Business

March 8, 2009
The Charlotte Observer
…The regional retail vacancy rate was 6.9 percent in the second half of 2008, according to the Karnes Report, which covers shopping centers of 15,000 square feet and up. That’s the highest level since early 2003, though still not as high as the 8.5 percent after Sept. 11, said Karnes analyst Andrew Jenkins. The number may yet rise, as some new space is still coming on line and Circuit City is not yet officially vacant…
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Some see promise in industrial real estate

Posted on March 6, 2009 by - In the News, Industrial

March 6, 2009
Charlotte Observer
….The warehouse vacancy rate rose to 11.8 percent at the end of last year after starting the first part of the year at 11.2 percent, according to Karnes Research Co…..Only one warehouse project – Sykes Industrial Park West’s two buildings totaling 250,000 square feet – was completed in the fourth quarter. That’s a good thing, according to Karnes Research’s fourth-quarter market analysis, because it means landlords won’t have to compete with a slew of new space….
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