Not a bird, not a plane, it’s a crane: Rents rise amid record construction
The market is poised for a strong fourth quarter, with 1.6 million square feet of construction completed and an additional 1.9 million square feet in the pipeline. Leasing activity continues to flourish in Charlotte’s urban submarkets; Midtown/South End and Uptown are both reporting 92,000+ square feet of net absorption and a vacancy rate of 9.7 percent, all while adding over 600,000 square feet of new inventory.
Charlotte developers zero in on cheaper land as walkable mixed-use projects spread to city’s fringes
Just west of Charlotte’s airport, the River District, as it’s known, will rise in an area that’s largely undeveloped and forested. Charlotte-based developers Lincoln Harris and Crescent Communities are partnering on the plan, which is expected to take 20 to 30 years to fully build out.
Charlotte will outpace most markets in ’17 (Despite the likes of HB2)
The Charlotte real estate market is still strong, according to the speakers at our 7th annual State of the Market event held recently at 525 North Tryon. But it’s facing some increasingly stubborn challenges like skittish lenders, the high cost of construction and HB2 hurting North Carolina’s reputation around the world.