Fed offering space in Charlotte office

Posted on June 25, 2009 by - Charlotte, In the News, Office

June 25, 2009
Charlotte Observer
The Charlotte branch of the Federal Reserve Bank of Richmond is looking to become a landlord. The Fed has chosen Percival McGuire Commercial Real Estate to lease 34,000 square feet within its uptown office….Real estate analyst Andrew Jenkins with Karnes Research said the Fed may have trouble finding a taker in this market. The vacancy rate for office space of all types is rising and average lease rates have been falling in an economy where tenants are skittish about signing long-term commitments. The building’s age could also hurt, particularly as about 3 million square feet of new office space is due to come on the market soon…Still, Jenkins said, some companies, such as those that work with both of Charlotte’s major banks, may prefer to be in what he called a “bank-neutral” building…
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Orvis store coming to Phillips Place

Posted on June 16, 2009 by - Charlotte, In the News, Retail

June 16, 2009
Charlotte Observer
Phillips Place has snagged a new tenant: luxury sporting goods retailer Orvis Company Store, a relative coup in a recession that will soon add a vacancy to the high-end shopping center…Retail vacancy rates in the Charlotte area have been steadily rising since hitting a low of 4.9 percent in 2004, according to Karnes Research Co. Still, the latest rate – 6.9 percent as of the end of 2008 – is better than in previous downturns, said Karnes real estate analyst Andrew Jenkins. In 2002, area vacancy rates hit 7.6…
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Clouds over West Village

Posted on June 4, 2009 by - In the News, Office, Triangle

June 4, 2009
News and Observer
On the surface, West Village has lived up to its promise. Its offices, apartments and restaurants, carved out of former Liggett & Myers Tobacco Co. factories, are teeming with workers, renters and diners, who crave more offerings in this reviving downtown…Ninety-nine percent of the 455 West Village apartments are full, and 80 percent of its completed offices are leased. An Amtrak stop is nearing completion, and other prospective tenants abound. The performance is remarkable, considering that average occupancy at apartment complexes in the region fell to a six-year low of 89.7 percent in March, according to Karnes Research of Raleigh. Or when you consider that many of West Village’s offices became available just as the economic slowdown began to pinch demand. Indeed, leasing at West Village has helped downtown’s office vacancy rate drop each quarter in the past year, bucking the regional trend.
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