2014 Triangle Apartment Association Fall Construction Bus Tour to Feature KARNES

Posted on October 16, 2014 by - Apartments, Construction Update, Development, Events, Raleigh, Triangle, Triangle CPE

2014 Fall Construction Bus TourKARNES is proud to announce that Managing Partner, Brian Reece, will be a narrator for the upcoming Triangle Apartment Association (TAA) Fall Construction Bus Tour. In addition to seeing several new apartment communities in the Triangle, bus tour participants will also receive market information including analysis by KARNES.

Don’t miss this truly unique experience to hear from industry leaders about submarket performance, market trends, new product trends, demographic and employment statistics, and factors that are driving new development.  Whether you are an investor, owner, developer or operator, you will walk away with a better understanding of the Raleigh-Durham-Cary Market!

The bus tour will take place Friday, October 17th from 9AM-3PM.  Cost is $75 Members/ $85 Non-Members

Click here for more information or to register today!

NAIOP Triangle Bus Tour SOLD OUT!!!

Posted on October 7, 2014 by - Commercial Property Exchange, Construction Update, Development, Durham, Events, Raleigh, Subscribers, Triangle, Triangle CPE

NAIOP SOLD OUTLast month we mentioned a limited seating event that you didn’t want to miss, and we would like to inform you that the NAIOP Triangle Bus Tour is SOLD OUT!!!  The tour is a truly unique experience to see proposed, renovated, or under construction properties in the Triangle!  NAIOP Triangle brought back its signature bus tour event that  allows real estate professionals to gather the latest insight and “real time” data on office development in the Triangle.

KARNES is proud to be a Gold Sponsor of NAIOP Triangle and will be the exclusive data and research provider for the bus tour.

The bus tour will take place Thursday, October 9th from 9AM-4PM and includes lunch, all day parking, reception, and much more!  For event details, please refer to the following link:  http://www.naioprt.org/events.cfm

NAIOP Triangle Bus Tour Returns Featuring KARNES

Posted on September 15, 2014 by - Chapel Hill, Commercial Property Exchange, Development, Durham, Events, Office, Raleigh, Subscribers, Triangle, Triangle CPE, Users

NAIOP Bus Tour

NAIOP Triangle is bringing back its signature bus tour event that will allow real estate professionals to gather the latest insight and “real time” data on office development in the Triangle.  Don’t miss this truly unique experience to see proposed, renovated, or under construction properties in the Triangle!

KARNES is proud to be a Gold Sponsor of NAIOP Triangle and will be the exclusive data and research provider for the bus tour.

The bus tour will take place Thursday, October 9th from 9AM-4PM and includes lunch, all day parking, reception, and much more!  For registration details, please refer to the following link:
http://www.naioprt.org/events.cfm

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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KARNES Tri-City North Carolina Industrial 2013 Year in Review

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

Karnes divides the industrial market is into two categories – warehouse and flex. At the end of 2013, the Tri-City markets contained a total of 105 million square feet of warehouse space and 34.6 million square feet of flex space. With over 52 million square feet of warehouse space, the Triad market accounted for approximately 50% of the Tri-City warehouse market. The Charlotte market ranked second with 34 million square feet, while the Triangle market maintained 18.4 million square feet.

The 178,250 square feet of warehouse space completed in the Triad market during 2013 accounted for all of the new warehouse space completed among the Tri-City regions. For the Triangle market, 2013 marked the fourth year in a row where no new warehouse space was delivered. Two warehouse buildings were delivered in the Triad market during 2013 with the largest being a 134,650-square-foot speculate building at 1023 Corporate Park Drive in Mebane. A total of only 564,738 square feet of new warehouse space was delivered in the Charlotte market between 2009 and 2013, while the Triangle market reported even less at 412,940 square feet. With the additional space delivered during 2013, total warehouse construction in the Triad during the same period totaled 469,750 square feet.
KARNES Tri-City Warehouse Vacancy Trends (more…)

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.

Lincoln Harris Adding 480,000 SF Capitol Towers at Carnegie on Former Maersk Distribution Site in SouthPark

Posted on December 13, 2013 by - Charlotte, Construction Update, Development, KARNES Perspective, Office

SouthPark Vacancy Trends 2009-3Q13

SouthPark Vacancy Trends 2009-3Q13

The 13-acre site that once housed the 284,000-square-foot Maersk Distribution Services building will now include two, 10-story office buildings totaling 480,000 square feet proposed by Lincoln Harris called Capitol Towers at Carnegie.

JLB SouthPark LLC, purchased the site for $21 million during the second quarter of 2012 and began demolition of the building in preparation for construction of up to 591 apartment units.

Lincoln Harris will purchase half of the site to build the speculative 240,000-square-foot buildings.

As of the third quarter of 2013, the SouthPark office submarket totaled nearly 4.25 million square feet with a vacant rate at 10.5%. The 86,754-square-foot Sharon Square office project that SunTrust Bank will anchor was the only office project under construction in the SouthPark submarket during the third quarter of 2013. When completed, Sharon Square will be the first standard office building delivered in SouthPark since One Piedmont Town Center and Two Piedmont Town Center, which have maintained nearly 100% occupancy levels since their completion in 2005/6.

1616 CENTER – SouthEnd’s Newest Proposed Mixed-Use Project To Total 74,000 Square Feet

Posted on December 11, 2013 by - Charlotte, Construction Update, Development, Office, Retail

1616 CenterExperienced Charlotte developer, David Furman, plans to build a 74,000-square-foot mixed use project at the corner of Camden and West Kingston Avenue in SouthEnd.

Centro Cityworks announced plans for 1616 CENTER that will be a 5 story building comprised of 23,080 square feet of retail on the first and second floors and 51,000 square feet of office space on third, fourth and fifth floors. Ligon CRE will handle leasing of the commercial space.

The project should be able to capitalize on the explosive growth of new apartment communities under construction and delivering through 2015 in the SouthEnd district including the 323-unit mixed-use apartment and retail project, Camden Gallery by Camden Property Trust, which was assembled and entitled by Centro Cityworks and Ligon CRE in 2012.

KARNES Quoted in Highwoods’ Cary Office Park Article

Posted on June 3, 2013 by - Construction Update, In the News, Office, Raleigh

cropped-linked_in_company_banner1.jpgKARNES was recently quoted in an article released by NewsObserver.com, which highlights how “Highwoods Properties’ Weston Lakefront would put a trio of towers between Weston Parkway and Lake Crabtree in northern Cary, according to sketch plans received by the town on May 22.”

Read more here: http://www.newsobserver.com/2013/05/29/2925627/highwoods-huge-cary-office-project.html#storylink=cpy

WSOC TV’s Uptown Charlotte Office Development Coverage Featuring KARNES

Posted on May 17, 2013 by - Charlotte, In the News, KARNES Perspective, Office

Andrew Jenkins of KARNES on WSOC TVAndrew Jenkins, managing partner of KARNES was featured yesterday on WSOC TV Channel 9 News regarding Portman Holdings’ plan to develop an 15 story office building in Uptown Charlotte. Click here to see the full video or click here for the article. For more information on the Charlotte Office Market, please visit www.siteindexcharlotte.com for office availabilities and office analysis. Here are some highlights from the most recent Charlotte Office Market Report, provide by KARNES:

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