KARNES Tri-City North Carolina Retail 2013 Year in Review

Posted on July 21, 2014 by - Chapel Hill, Charlotte, Commercial Property Exchange, Construction Update, Development, Durham, Greensboro/Winston-Salem/High Point, KARNES Perspective, KARNES Tri-City Report, Raleigh, Retail, SiteIndex, Triad CIE, Triangle, Triangle CPE, Western NC, WNC CPE

A combined total of 144.8 million square feet of retail space was located within the Tri-City area at the end of 2013. With a retail inventory totaling approximately 60.7 million square feet, the Charlotte market was the largest of the three North Carolina retail markets, accounting for 42% of the retail inventory. The Triangle market ranked second with 46 million square feet of retail space, while the Triad maintained 38 million square feet of retail space. After declining to a historical low of 541,782 square feet in 2002, retail construction increased to nearly one million square feet in the Tri-City markets during 2013. New retail supply during 2013 was most pronounced in the Triangle region, where 693,982 square feet of new space was delivered. The Charlotte region ranked second with 231,680 square feet of new retail space completed during 2013, while the Triad region reported 38,000 square feet of new retail during 2013. Only the Charlotte region reported a continued decline in new construction from the level reported in 2012. While retail construction in the Tri-City area increased during 2013, the level of new supply remained well below the 2.6 million square feet averaged annually between 2008 and 2011.
KARNES Tri-City Retail Vacancy Trends
The relatively low supply-side pressures from new construction allowed for vacancy rates to decrease in all of the Tri-City markets during 2013. At 8.0%, the Charlotte retail vacancy rate decreased 0.6% of a point during 2013 as net absorption totaling 494,986 square feet outpaced the 231,680 square feet of new supply. Despite the decrease, the Charlotte vacancy rate remained above the 6.9% reported in 2008. The Triangle retail vacancy rate decreased 0.4% of a point during 2013 as net demand totaling 849,391 square feet outpaced 693,982 square feet of new supply. The Triangle’s 2013 vacancy rate of 6.6% was the lowest of the Tri-City markets, but remained 0.1% of a point higher than the 6.5% reported in 2008. New retail supply totaling 38,000 square feet in the Triad market was outpaced by net demand totaling 386,123 square feet during 2013. As a result, the Triad retail vacancy rate decreased 0.9% of a point to 10.1% from the 11.0% reported at the end of 2012. Despite the decrease, the rate remained 0.5% of a point higher than the 9.6% reported at the end of 2010.
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Shaking Up SouthPark Mall – New Luxury Occupants and Stalwart Tenant Relocations

Posted on July 11, 2014 by - Charlotte, Retail, SiteIndex

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 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.

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Boston Proper Under Construction

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 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 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

Armani Collezioni

Armani Collezioni, a sub-label of Giorgio Armani, opened in the Neiman Marcus wing in June.


Lush UC

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

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 relocated next to David Yurman

Kate Spade New York recently relocated to the Nordstrom wing.


The Limited

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’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

Juicy Couture closed next to Tori Burch in the Nieman Marcus wing.

KARNES Continues New User Surge In May

Posted on June 2, 2014 by - 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

New KARNES MembersAs 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!

April Brings New KARNES Users

Posted on May 8, 2014 by - Asheville, Charlotte, Commercial Property Exchange, CRCBR, Durham, Greensboro/Winston-Salem/High Point, Industrial, New Subscribers, New Users, Office, Raleigh, Retail, SiteIndex, Triad CIE, Triangle, Triangle CPE, Users, Western NC, WNC CPE

New KARNES MembersAs April 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

  • Wade Corbett at Re/Max Southland Realty II
  • John T. Allred at Earnhardt & Associates Appraisers, Inc.
  • Christopher Collins at RE/MAX Of Greensboro
  • Samie Gupton at Discovery Realty Inc.
  • Terry Henderson at Dixon Commercial Properties
  • Matthew Greenspon at Marcus & Millichap
  • Allison Blair at Blair Realty, LLC
  • Jack Branch at The Benfield Group, LLC
  • Tom Gregory at Lake Norman Realty, Inc.
  • Vincent Howard at Brown Investment Properties
  • H.R. Gallimore at RE/MAX CENTRAL REALTY
  • Gloria Mitchell at Wilkinson Triad Realty
  • Alan Weidt at Carolina Commercial Realty
  • Kevin J. Doherty at Gibson Smith Realty Co.
  • Susan Donaldson at West Norman Real Estate
  • Chris Boone at Vineyard Capital Advisors, LLC
  • Dennis N. Bunker III at Bunker Land Group, LLC

Not a subscriber? Contact our sales team today!

KARNES To Attend State of Downtown Raleigh 2014

Posted on April 16, 2014 by - Commercial Property Exchange, Events, Office, Raleigh, Retail, Subscribers, Triangle CPE

dra_logo_smallBrian Reece, managing partner, will be representing KARNES at the State of Downtown Raleigh (DRA) 2014 being held Thursday, April 17th.

According to the Downtown Raleigh Alliance site, this event will provide a comprehensive market analysis of Raleigh’s Central Business District (CBD) for the purpose of informing – and exploring new partnerships with – the investor and real estate community.   This is the premier event for developers, brokers, and economic developers whose clients would benefit from learning more about Raleigh’s CBD.

David Diaz, President & CEO of the DRA, will moderate the panel discussions at the event.

As Silver Sponsor’s, KARNES is proud to attend this event, which will take place from 8:00AM-10:00AM at the Duke Energy Center for the Performing Arts in Raleigh.

See You At The 2014 CCIM Charlotte Market Forecast

Posted on April 9, 2014 by - Charlotte, Commercial Property Exchange, Events, Office, Retail, SiteIndex, Users

CCIM Market ForecastJoin Managing Partner Andrew Jenkins and Market Analyst Will Harkins, Wednesday, April 9th, as KARNES and local commercial real estate professionals attend the 2014 CCIM Charlotte Market Forecast.  KARNES is pleased to be a Statewide Bronze Sponsor of this event, as well as the Triad and Triangle Market Forecasts held last month.  KARNES will be providing copies of our 3rd annual Tri-City North Carolina Commercial Real Estate Market Report at the event, so be sure to attend in order order to get your copy of this report, which provides provides an overview of the office, industrial, and retail markets in Charlotte, Greensboro/Winston-Salem/High Point, and Raleigh-Durham NC during 2013.

Speakers at the Charlotte Market Forecast will include discussions with NC Governor Pat McCrory and NC Secretary of Commerce Sharon Decker and will be moderated by Jim Rodgers.

The event will be held at the Carmel Country Club in Charlotte. Registration and networking will begin at 11:10am, and the program luncheon will begin at 12pm.

Renovations Underway at Greensboro’s Golden Gate Shopping Center

Posted on April 7, 2014 by - Development, Greensboro/Winston-Salem/High Point, In the News, Retail, Triad CIE

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An Alabama-based investor has purchased the Golden Gate Shopping Center, located at 2208 Golden Gate Drive in Greensboro, and has begun renovations on the property. The center was built in 1960 and purchased from DDR Corp. for a little over $7 million in March of 2014. The new owners expect to spend around $4 million dollars on the redevelopment project, which could be completed by the 3rd quarter of 2014. The center, which is currently around 70% occupied, will also be renamed to The Village at Golden Gate. A 32,565-square-foot Food Lion and a 24,038-square-foot Staples anchor the 151,371-square-foot center, with new leases announced that include an antique shop and The Green Bean.  In an effort to reduce competition, Food Lion also leased (but does not occupy) the 30,248-square-foot space vacated by Harris Teeter, but a new tenant is still being sought for the space.

The Village at Golden Gate is located in the Guilford – Northwest submarket, where the KARNES retail vacancy rate totaled 10.3% as of the fourth quarter of 2013.  The vacancy rate in the submarket has decreased 2.9% points since the end of 2011 as net demand totaling 187,210 square feet outpaced 16,219 square feet of new supply. Retail rental rates in the submarket averaged $22.12 per square foot at the end of 2013.

KARNES “Springing” with New Subscribers

Posted on April 4, 2014 by - Asheville, Charlotte, Commercial Property Exchange, Durham, Greensboro/Winston-Salem/High Point, Industrial, New Users, Office, Raleigh, Retail, SiteIndex, Subscribers, Triad CIE, Triangle, Triangle CPE, Users, WNC CPE

KARNES Springing with New SubscribersWith Spring in the air, we are excited to welcome the following organizations and subscribers who will be utilizing the power of a KARNES-powered commercial property exchange to spring forward in 2014!

Welcome New Members
  • Scott Farmer at Scott Farmer Properties, Inc.
  • Lee Burgess at Amicus Commercial Real Estate
  • David Krug at David Krug & Associates
  • John Salisbury at Capstone Real Estate Services
  • Brian Smith at CIP Real Estate Property Services
  • Phil Begany at Lat Purser & Associates
  • Marlane Klintworth at Lat Purser & Associates
  • Stephen Woodard at JLL
  • John Christenbury at Cassidy Turley
  • Karen Mankowski at Newmark Grubb Knight Frank

Not a subscriber? Contact our sales team today!

See You at CRCBR’s BrokerNet on Thursday, March 27th

Posted on March 26, 2014 by - BrokerNet, Charlotte, Commercial Property Exchange, CRCBR, Events, Office, Retail, SiteIndex, Subscribers

Villages at SouthParkThe KARNES  Team will be attending the CRCBR BrokerNet on Thursday, March 26th from 5:00pm-7:30pm at Chuy’s SouthPark (4310 Sharon Rd. Charlotte, NC 28211).

This event will be a great opportunity for SiteIndex users to ask general questions, find out more information regarding recent upgrades and future system enhancements.

Please note that only members listed in the CRCBR directory are allowed to attend this event.  Corporate Associate membership is handled on a per person basis, not per company. Complimentary beverages and appetizers will be provided, along with free parking.

This members-only event is no charge.  To register, please click here.

Register Now To Attend The SiteIndex Training Before BrokerNet on Thursday, March 27

Posted on March 26, 2014 by - BrokerNet, Charlotte, Events, Retail, SiteIndex, Training, Users

SiteIndex TrainingIf you have not registered already, please register now for the SiteIndex training to be held in-person prior to the BrokerNet on Thursday, March 26th. This training will cover recent updates to SiteIndex as well as various key functions.

Training topics will include the following:
  • Listing Management - Learn easily and effectively increase your marketing exposure on SiteIndex.
  • Create Custom Brochures - A quick overview on how to create customized brochures tailored to your clients.
  • Advanced Searching - Learn some of the fastest ways to locate the properties you want to find with advanced use of the Map Search with Polygons and Radii, as well as Filtering and Managing Results for tracking and delivery.
  • Broadcast Emails - Brief overview of email etiquette and how to effectively market properties and advertise client needs.
  • There will also be a brief demonstration of the iPad app for the SiteIndex!

This training will be held Thursday, March 27th, from 3:00 PM – 4:45 PM in the Theater Room at Wishart Norris Henninger & Pittman, PA, located at 6832 Morrison Boulevard.  Registration for this training is available through SiteIndex using this link.