Posted on July 21, 2014 by info4karnesco - Charlotte, Commercial Property Exchange, Construction Update, Greensboro/Winston-Salem/High Point, KARNES Perspective, KARNES Tri-City Report, Office, Raleigh, SiteIndex, Triad CIE, Triangle, Triangle CPE, Western NC, WNC CPE
A combined total of 117 million square feet of office space is located within the Tri-City area. Totaling nearly 50 million square feet at the end of 2013, the Charlotte market is the largest of the three North Carolina office markets. The Triangle market ranked second with 41.4 million square feet of office space, while the Triad maintained 25.7 million square feet of office space. After reporting a total of 1.48 million square feet of new office construction in the Charlotte, Triangle, and Triad regions during 2012, new supply came to a halt during 2013 and marked the first time in over 25 years that no new office space was completed in the combined Tri-City region.
The decrease in supply-side pressure allowed for gains to be reported in each of the Tri-City markets. The Charlotte market reported the greatest gains during 2013 as net absorption (demand) totaling 1.3 million square feet resulted in a 2.5%-point decrease in the office vacancy rate. The year-end 2013 rate of 14.8% in Charlotte was the lowest vacancy rate among the three markets, with the Triangle and Triad both reporting a rate of 15.0%. The year-end 2013 Triangle vacancy rate was 0.6% of a point lower than the year-end 2012 rate as net absorption totaled 204,615 square feet. The Triad region reported a 0.2% of a point decrease in vacancy during 2013 as net absorption totaled 162,219 square feet.
With net absorption totaling 1.3 million square feet, the Charlotte region reported the highest level of net demand during 2013. The Triangle region ranked second in terms of office demand during 2013 with net absorption totaling 204,615 square feet. The Triad market reported 162,219 square feet of net demand during 2013. Four office tenants occupied over 100,000 square feet in the Tri-City markets during 2013, with the largest tenant occupancy reported at Ballantyne – Gragg Building, where MetLife took 284,212 square feet. MetLife also accounted for the fourth largest gain as the company took 104,747 square feet of space at Ballantyne Three. Ballantyne Corporate Park also accounted for the largest contraction during 2013 in the Tri-City markets as AXA Equitable Life Insurance relocated from 152,000 square feet at Ballantyne – Rushmore One to 141,647 square feet at Innovation Park Building 202.
Renovation of the historic Grinnell Water Works building at 1431 W. Morehead Street started during the second quarter of 2007 but stalled in 2009. The building was purchased by Edifice for $688,500 during the third quarter of 2013 and now appears to be back on track with active renovations for new occupancy.
Edifice has tabbed Kristy Venning and Charlie Swanson of Beacon Partners to market the 28,128 square foot building.
Edifce’s headquarters is located in the neighboring Coca-Cola Building that they purchased for $650,000 in 1996 and gives them ideal proximity to oversee the renovations and selection of future tenants. One of the most exciting renovations coming to 1431 W. Morehead Street will be a 1,300 square foot rooftop patio for tenants to enjoy the impressive skyline views afforded with its location just outside of Downtown submarket. Edifice expects completion of the extensive renovations on the 28,000-square-foot building by the end of June 2014.
When completed, 1431 W. Morehead Street will be the first new office space added to the Karnes inventory of multi-tenant for lease inventory in the Midtown submarket since 2012 when the Levine Cancer Institute (171,000-square feet) opened.
Recently, our research team took the opportunity to check out the latest tenant activity at Charlotte’s SouthPark Mall, where a lot of changes were underway. The fall should see a flurry of new openings as stores currently under construction include:
Athleta Under Construction
Athleta, a fitness fashion brand for women that is part of the Gap’s ownership group, will open in the main entrance near Cheesecake Factory across from Starbucks in the space that formerly housed Wentworth Gallery, The Walking Company.
Boston Proper Under Construction
Boston Proper, a popular women’s fashion catalog and website, will open a boutique in the Sur La Table’s former space in the Nordstrom wing.
H&M Under Construction
H&M, or Hennes & Mauritz AB which sells cost-friendly contemporary clothing and accessories for women, men and children, plans for fall completion in the Macy’s wing. Dispaced tenants from H&M’s arrival include Aeropostale, Amy’s Hallmark, Copacetic, Pink & Blue, SouthPark Optical (relocated and opened in the Belk wing across from Gap), and Nestle Toll House (relocated to former Skechers at across directly across from its former location at the entrance of the food court).
American Girl Under Construction
American Girl, an experiential retailer of high-end dolls, doll outfits, accessories, girl-sized clothing, American Girl books, will open in the Macy’s wing in the spaces formerly housing Delia’s and Mori Luggage (relocated to the main entrance). The new store will also offer a 25-seat Bistro for Doll Hair Salon.
Armani Collezioni, a sub-label of Giorgio Armani, opened in the Neiman Marcus wing in June.
LUSH, an elite nail bar, will open in the former Rocky Mountain Chocolate Factory space at the entrance to the Macy’s Wing.
Sur La Table
Sur La Table relocated and opened in the former Anne Taylor space in the Dillard’s wing. Ann Taylor relocated to the former Justice space next to Banana Republic.
Kate Spade relocated next to David Yurman
Kate Spade New York recently relocated to the Nordstrom wing.
The Limited’s newly remodeled store
The Limited, recently closed its temporary store in the Macy’s wing, for the opening of its remodeled store which opened in June down the hall in the Macy’s wing.
Lacoste’s new location next to Lululemon
Lacoste relocated from their space in the Nordstrom Wing to Kate Spade’s former space in the Belk’s wing next to Lululemon.
Juicy Couture Closed
Juicy Couture closed next to Tori Burch in the Nieman Marcus wing.
Posted on July 10, 2014 by sales4karnesco - Asheville, Chapel Hill, Charlotte, Commercial Property Exchange, CPE Weblink, Greensboro/Winston-Salem/High Point, New Subscribers, Raleigh, SiteIndex, Subscribers, Triad CIE, Triangle, Triangle CPE, Users, Western NC, WNC CPE
As June 2014 comes to an end, we reflect on new companies and brokers across North Carolina that have joined this past month. We would like to welcome the following organizations and users, who will be utilizing the power of KARNES systems to make the remainder of 2014 a success!
Welcome New Members
- Chris Chagnon at Action Creek Realty
- Tasha Ince at Lindsay Commercial Properties
- Michael Schiftan at Devcon Resources
- Heide Foley at Heide Foley, CPM
- Tyler Brandt at Colliers International
- Matt Schindelholz at Brackett Flagship Properties, LLC
- Andy Holland at Wells Fargo Bank
- Pamela Cola at Coldwell Banker Howard Perry & Walston
- Lee Burgess at First Federal Properties, Inc.
- D. Maxwell Hanks, CCIM, SIOR at Spectrum Brokerage Services, Inc.
Not a subscriber? Contact our sales team today!
If you have not registered already, please register now for the SiteIndex training to be held in-person prior to the BrokerNet on Wednesday, June 25th. This training will cover recent updates to SiteIndex as well as various key functions. The training will also provide a great opportunity for users to ask specific questions as well.
The training will be held from 2:30PM–4:30PM at the offices of Piedmont Properties in South End, located at 115 East Park Avenue, Suite B. Please keep in mind that this training session is limited to only 12 registrants and registration is available through SiteIndex using this link.
Brian Reece, managing partner of KARNES will be present at the NAIOP Research Triangle Developing Leaders 2014 Durham Bulls Game.
The event will take place tomorrow, June 5th from 6:30-9:00pm at the American Tobacco Suite located at the Durham Bulls Athletic Park.
As a Gold Sponsor of NAIOP Research Triangle Chapter KARNES is proud to attend this great networking event and look forward to meeting face to face with users.
Brian Reece, managing partner, will be representing KARNES at the State of Durham’s Economy Breakfast being held Tuesday, June 3rd.
According to the City of Durham website, the event will review economic data and demographic trends that shape our community and future. The breakfast is the City’s premiere annual event, discussing issues such as employment, tax base growth, construction activity, retail sales, commercial real estate markets, downtown growth, quality of life, crime, visitor impacts, education, wages, and workforce and business development.
The event will take place from 7-9:30AM at the Durham Convention Center located at 301 W Morgan St.
Posted on June 2, 2014 by sales4karnesco - Asheville, Chapel Hill, Charlotte, Commercial Property Exchange, CPE Weblink, Durham, Greensboro/Winston-Salem/High Point, New Subscribers, New Users, Office, Raleigh, Retail, SiteIndex, Triad CIE, Triangle CPE, Users, Western NC, WNC CPE
As May 2014 comes to an end, we reflect on new companies and brokers across North Carolina that have joined this past month. We would like to welcome the following organizations and users, who will be utilizing the power of KARNES systems to make 2014 a success!
Welcome New Members
- Jamie Davis at Colliers International
- Jessica Peadon at Colliers International
- Caroline Gorrell at Key Commercial Real Estate
- Lee Jackson at Legacy Real Estate Advisors, LLC
- Scott Davies at NAI Southern Real Estate
- Jean King at Berkshire Hathaway HomeServices Yost & Little Realty
- Tracy Dodson at Lincoln Harris – Corporate
- Alec Cantley at Carolina Mountains Sales
- Paul Pursell at Colliers International
- Robert Podewils at Sperry Van Ness/Commercial Real Estate Advisors
- Don Batten at Real Living Pittman Properties
- Elizabeth Luck at Real Living Pittman Properties
- Mark Staples at KW Commercial-Chapel Hill
- Jared Londry at Cassidy Turley
- Jasmine Turner at Legacy Real Estate Advisors, LLC
- Mike Linford at KW Commercial-Chapel Hill
- Joe Tomlinson at Berkshire Hathaway HomeServices Yost & Little Realty
- SiteIndex CPE Weblink: Clearview Commercial Real Estate Advisors
Not a subscriber? Contact our sales team today!
Some of our favorite subscribers stopped by the SiteIndex booth for a putting contest at the CRCBR’s incredible Commercial Spotlight event.
- Tom McMahon with Sperry Van Ness/Commercial Real Estate Advisors praised SiteIndex for its years of being Charlotte’s Commercial Property Exchange of choice.
- William Maxwell with Trinity Partners commended the SiteIndex staff for its prompt attention and response.
- Donna Whinnery with Percival McGuire commented that CPE Weblink has made her life easier with only one source to enter and edit the company’s 60+ listings.
- Bryan Howell with Parkway Realty Services served as a host in the space at 525 S. Tryon and touted the information in the Karnes Reports that he relies on to make deals.
- Ralph Oldham with CBRE said the owners of the Vanguard Center campus have several renovations planned to add to the attractiveness of the property.
- Robin Bookmiller with Beacon Partners took home a set of golf balls and tees for her three-year-old golf pro in the making.
- Jon Morris with Beacon Partners discussed plans to develop Inner Loop North that will add just over 415,000 square feet of warehouse space in the North submarket when completed.
Our most memorable interaction came with Jim Rogers, former CRCBR President (1994-1995) and who we have enjoyed as moderator at recent CCIM Commercial Real Estate Forecasts. Jim had four shots on the putting green to win a sleeve of golf balls but hit them all into the water. He was not denied the prize however, because “You can’t miss with SiteIndex.” Jim exclaimed, “that’s the best deal I’ve had all week!”
The KARNES team will be representing SiteIndex at the 2014 Commercial Spotlight. Commercial Spotlight is the largest CRCBR industry trade show and networking event and is expecting over 250 members of the Charlotte commercial brokerage community!
If you are present at the event, be sure to stop by the SiteIndex booth as we will have handouts, prizes, and a putting contest taking place!
The event will be held Wednesday, May 28th at 525 N. Tryon St., 7th Floor, Charlotte, NC 28202, from 5-7PM.