KARNES 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!
Last 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
Posted on September 15, 2014 by sales4karnesco - Chapel Hill, Commercial Property Exchange, Development, Durham, Events, Office, Raleigh, Subscribers, Triangle, Triangle CPE, Users
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:
Posted on July 21, 2014 by info4karnesco - 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.
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.
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.
Childress Klein began marketing 310,690 square feet of speculative warehouse space at Ridge Creek West I in response to the tightening warehouse market in the Charlotte region.
Construction of the new building is scheduled to begin the first week of April and should complete by the end of 2014. The building will feature a 30’ clear height, 52’ wide by 50’ deep column spacing and access to extensive on-site trailer storage that will be ideal for distributors and manufactures seeking easy access to I-77, I-485, Highway 49 and the Charlotte/Douglas International Airport.
Charlotte’s 2013-year-end vacancy rate was reported at 6.9% and was the lowest recorded warehouse vacancy rate since KARNES began tracking the market in 1988. Nearly 930,000 square feet of positive net demand was reported in the Southwest warehouse submarket through 2013 resulting in a 7.5% vacancy rate to end the year.
At 310,690 square feet, Ridge Creek West I will be the largest warehouse building under construction in the region. Steele Creek Commerce Park, also in the Southwest submarket, was the only speculative warehouse project under construction in the region at the end of 2013 and will total over 465,000 square feet when fully developed. Pre-leasing has been successful at Steele Creek Commerce Park as Building 1 (70,000 square feet) will be occupied by Kuehne & Nagel Inc. and half of the 70,000-square-foot Building 2 will be occupied by Huber + Suhner.
The Ridge Creek Distribution Center campus already boasts over 1 million square feet of distribution space but only 121,680 square feet was reported available in Ridge Creek Distribution Center IV nearing the end of the first quarter of 2014.
Andrew Jenkins, managing partner, will be representing KARNES at the 2014 ULI (Urban Land Institute) Carolinas Regional Meeting being held on January 23, 2014. Mr. Jenkins is also participating as a member of the Market Impact Council.
According to the Charlotte ULI website, this two-day event, which brings together members of ULI Charlotte, ULI South Carolina and ULI Triangle for the first time, will showcase regional opportunities and best practices in land use. The event will provide an opportunity to meet the Carolinas’ top decision-makers and industry experts from every sector of real estate and land use. This event will be held at the Westin Charlotte, located at 601 S. College Street.
About the Market Impact Council
This council will explore the opportunities created in our communities by large employers (such as corporations, universities and medical centers) and major market transactions. Discussion will center around economic development impacts that result from these employers and how developers can leverage the demand for supporting industries, housing and commercial real estate. The council will also investigate incentive programs and infrastructure requirements that are necessary to support the growth of these entities.
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.
Experienced 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 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