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 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!

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!

Magic Mart’s 91,152-square-foot lease tops the Triad retail market in 4th Quarter of 2013

Posted on February 10, 2014 by - Greensboro/Winston-Salem/High Point, Retail, Triad CIE

Lexington Parkway Plaza

Magic Mart moved into 91,152 square feet of the Lexington Parkway Plaza during the 4th Quarter of 2013. This space was previously occupied by a Walmart Supercenter which relocated elsewhere within Lexington, North Carolina. The 91,152 square feet of positive net absorption accounted for 86% of the net demand retail space reported during the 4th Quarter of 2013 in the Davidson County retail submarket. Davidson County’s retail vacancy rate decreased to 8.2% during the 4th Quarter of 2013, which was below the 10.2% averaged in the Triad region at the end of 2013.

New KARNES Subscribers Ready For 2014!

Posted on January 8, 2014 by - Asheville, Chapel Hill, Charlotte, Commercial Property Exchange, Durham, Greensboro/Winston-Salem/High Point, New Subscribers, Office, Raleigh, Retail, Triangle, Western NC

2014 KARNES CPENow that 2013 is officially in the books, we would like to welcome our newest KARNES subscribers looking to make 2014 their best year yet!

In 2014, KARNES will continue to enhance and improve our products and services to provide the quality of service and information our users have come to expect.

Many new companies and brokers across North Carolina have joined a KARNES-powered commercial property exchange during December 2013. The following firms and/or individuals will now be utilizing the vast tools and features of a KARNES-powered commercial property exchange:

Welcome New Subscribers

  • Lynette Glenn at Highland Realty & Development
  • Brian Craver at Cushman & Wakefield | Thalhimer
  • Peter Hitchens at RE/MAX Executive – Commercial Division
  • Roger Baldwin at REID Real Estate Company
  • Gene Poore at Builders Realty
  • Ken McWilliams at Crescent Communities
  • Jason Morris at The Baldwin Companies
  • Jason Severt at The Baldwin Companies
  • Nick Gonzalez at Linville Team Partners
  • Deborah Carpenter at KW Commercial Cary

Are you ready to be the latest organization or subscriber to harness the tools and features of a KARNES-powered commercial property exchange ? Contact our sales team today!

Happy New Year!

Katuah Market Opens At Biltmore Station

Posted on December 13, 2013 by - Asheville, Retail, Western NC

Biltmore Station Hendersonville Road

Biltmore Station Hendersonville Road

Katuah Market  opened its 11,333-square-foot store at Biltmore Station December 18, 2013.

One of the former founders of Asheville’s Greenlife Grocery, John Swann, announced plans to open Katuah Market in February of 2013 and began preparing for its opening. The opening of Katuah Market comes on the heels of the recently completed Harris Teeter on North Merrimon in the Village at Chestnut and the neighboring Trader Joe’s during the third quarter of 2013.

Katuah Market specializes in carrying local sourced products and in-house prepared foods.

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.

See You At CRCBR’s Annual Meeting Luncheon

Posted on December 2, 2013 by - Charlotte, Commercial Property Exchange, Events

LuncheonRepresentatives from KARNES will be attending today’s CRCBR Annual Meeting luncheon.   According to the CRCBR website, not only will the event honor outstanding member achievements and welcome new 2014 board members, but it will also be a celebration of CRCBR’s 20th anniversary!

While present, any member of the KARNES Team will be happy to answer any questions you may have about SiteIndex, the online source for commercial listings, research, and analysis in the Greater Charlotte Area.

Not a subscriber to SiteIndex? Be sure to speak with someone from KARNES about the many benefits that come with being a subscriber.

Already a SiteIndex Subscriber? If you are looking for more ways to maximize your investment, we will be happy to discuss how you can utilize SiteIndex to reduce marketing costs, harness analytics, and increase the exposure of your listings.

The event will be held Monday, December 2nd at Quail Hollow Club, from 11:30am-1:30pm.

KARNES Is Thankful For Our Subscribers

Posted on November 27, 2013 by - Charlotte, Commercial Property Exchange, Durham, Greensboro/Winston-Salem/High Point, Industrial, New Subscribers, Office, Raleigh, Retail, Triangle, Uncategorized, Western NC

Thank YouAs we reflect on what we are thankful for during Thanksgiving, it’s hard to deny that we would not be here without you… our wonderful subscribers!

We continue to enhance and improve our products and services to provide you with the tools and information necessary for users to become successful real estate professionals.

With November coming to an end, we would like to reflect on the new companies and brokers across North Carolina that have joined a KARNES-powered commercial property exchange during the past few months. The following firms and/or individuals will now be utilizing the vast tools and features of a KARNES-powered commercial property exchange:

Welcome New Subscribers

  • Eric Osterhus at Trinity Partners
  • Kevin Kempf at CBRE
  • Dene E. Ecuyer at Conerstone Property Advisors
  • Lawrence Story at Total Care Realty, LLC
  • Gopal Kasarla at Bipin Parekh Realty
  • Monte L. Ritchey at Legacy Real Estate Advisors, LLC
  • David Jones at Realty World – Carolina Landmark
  • Nancy Thompson at Distinctive Homes of WNC
  • Stephen Martyn at Distinctive Homes of WNC
  • Knox Campbell at The Keith Corporation
  • Luiz Leonetti at Town And Mountain Realty
  • Dave Davis at Sperry Van Ness/Commercial Real Estate Advisors
  • Martin Sorensen at All Points Realty Partners LLC
  • Jack Ingle at KW Commercial

Are you ready to be the latest organization or subscriber to harness the tools and features of a KARNES-powered commercial property exchange ? Contact our sales team today!

Happy Thanksgiving!