Triangle landlords deal to lure and retain renters

Posted on April 30, 2009 by - Apartments, In the News, Triangle

April 30, 2009
The News and Observer
…During the same period, the region’s apartment vacancy rate climbed to a six-year-high of 10.3 percent, up from 9.2 percent a year earlier, according to new data from the Triangle Apartment Association/KARNES.
As more units stayed empty, landlords slowed rent increases and started offering more perks, such as free months of rent…For now, “property managers are being a little more aggressive in retention,” said Brian Reece, managing partner at Karnes Research, the Raleigh firm that collects data for the apartment association. “But they’re not going to give away the shop.” Meanwhile, there’s competition from single-family homes for rent and, increasingly, those for sale, as prices drop and incentives for first-time home buyers take hold…”We’re going to see rent growth slow down,” Reece said. “And we’re going to see creative concessions coming back to the marketplace.”…
Read Entire Article

Triangle awash in office space

Posted on April 23, 2009 by - In the News, Office, Triangle

April 23, 2009
The News and Observer
A wave of empty offices splashed across the Triangle during the first quarter as the demand for space waned amid a deepening recession…”But we’re now going to see it going to zero,” said Brian Reece, a partner at Karnes Research, a Raleigh company that analyzes the Triangle commercial real estate market. “No new projects are going to be starting.”…..
Read Entire Article

University-area building going green

Posted on April 21, 2009 by - Charlotte, In the News, Office

Source: Charlotte CPE (Click for Listing)

Source: Charlotte CPE (Click for Listing)

April 21, 2008
The Charlotte Observer
The new owner of a 23-year-old University Research Park building plans to renovate it to the highest level of Leadership in Energy and Environmental Design (LEED) certification and create a hub for green businesses….Renovated space is to be leased to green-related businesses in blocks of at least 5,000 square feet. The introductory rate is $16.50 a square foot annually. The average annual lease rate in the University City area is $17.77 a square foot, according to Karnes Research Co….
Read Entire Article

BofA readies plan for University site

Posted on April 17, 2009 by - Charlotte, In the News, Office

April 17, 2009
The Charlotte Business Journal
…BofA’s proposed development could be a boost for the University office market, says Andrew Jenkins, managing director of Karnes Research Co. In the first quarter, office vacancy on the northeast side of town rose to 21.7% from 21.1% at the end of 2008. And the market saw a net loss of 27,000 square feet of occupancy in the latest quarter…

Source: KARNES

Source: KARNES


“That area needs something,” Jenkins says. “All in all, it hasn’t had much new (office) supply. Sometimes you never build anything new, and then no one wants to move into the area. It kind of gets stagnant.”
Read Entire Article