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Old 07-02-2015, 12:04 AM
 
7,278 posts, read 13,527,643 times
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Quote:
Originally Posted by WFW&P View Post
If this were sole determining factor then most businesses would be in states where the rent is cheap.
Of course it isn't the sole determining factor, but we're not comparing Manhattan and Iowa City. We're comparing Greensboro and Greensboro. Where's the incentive to move across the street?
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Old 07-02-2015, 04:32 PM
 
12,577 posts, read 13,309,010 times
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Quote:
Originally Posted by CarolinaBredChicagoan View Post
Of course it isn't the sole determining factor, but we're not comparing Manhattan and Iowa City. We're comparing Greensboro and Greensboro. Where's the incentive to move across the street?
Shiny and new?
Name plastered on the building?
Being seen as an innovator?
All these are reasons why we've moved beyond caves and log cabins.
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Old 07-02-2015, 04:56 PM
 
Location: Southport
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Quote:
Originally Posted by WFW&P View Post
Shiny and new?
Name plastered on the building?
Being seen as an innovator?
All these are reasons why we've moved beyond caves and log cabins.
Most shareholders won't be impressed by those reasons.
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Old 07-02-2015, 09:28 PM
 
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Originally Posted by carolinadawg2 View Post
Most shareholders won't be impressed by those reasons.
As long as profits rise shareholders don't care.
If this were the case Wachovia had no good reason to build the new building, nor the old one. The original LF building (Jefferson Pilot) would have not received the intricate exterior details.
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Old 07-03-2015, 02:53 PM
 
Location: Greensboro, NC USA
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Quote:
Originally Posted by CarolinaBredChicagoan View Post
Again, no one is doubting Carroll's ability. If anything, we're managing your expectations. Roy is a smart guy and a businessman, and right now he's pitching a building that represents a significant leap in terms of construction height, and he's doing so knowing that such a project would command rents that other smart businessmen would be unlikely to pay.
So why do companies choose to move to uptown Charlotte where rates are far more expensive than other areas of the city where rates are cheaper. That logic doesn't make sense.
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Old 07-03-2015, 05:22 PM
 
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Originally Posted by gsoboi78 View Post
So why do companies choose to move to uptown Charlotte where rates are far more expensive than other areas of the city where rates are cheaper. That logic doesn't make sense.
Uptown Charlotte has a prestige about it that commands higher rates. Downtown Greensboro doesn't have that kind of prestige yet.
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Old 07-03-2015, 05:29 PM
 
Location: Greensboro, NC USA
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Originally Posted by JoeTarheel View Post
Uptown Charlotte has a prestige about it that commands higher rates. Downtown Greensboro doesn't have that kind of prestige yet.
downtown Greensboro doesn't have to have the kind of prestige uptown Charlotte has to get companies to pay a little high rates. The companies that are currently located downtown already pay higher rates than the rest of the city. Its more about location than anything. Downtown Greensboro is becoming a destination and businesses and residents want to be downtown. This is the current trend and we are already seeing small office projects going up downtown. Office vacancy in downtown Greensboro is at an all time low.
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Old 07-03-2015, 05:42 PM
 
6,611 posts, read 6,927,632 times
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Originally Posted by gsoboi78 View Post
downtown Greensboro doesn't have to have the kind of prestige uptown Charlotte has to get companies to pay a little high rates. The companies that are currently located downtown already pay higher rates than the rest of the city. Its more about location than anything. Downtown Greensboro is becoming a destination and businesses and residents want to be downtown. This is the current trend and we are already seeing small office projects going up downtown. Office vacancy in downtown Greensboro is at an all time low.
"Is becoming"...Uptown Charlotte is already there. The two aren't in the same universe, and to imply that they are is complete nonsense. The comment was that downtown Greensboro doesn't yet command the kind of rates that this tower would have to charge to be profitable. That seems awfully obvious for anyone other than a dreamer.
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Old 07-04-2015, 03:59 AM
 
Location: Southport
4,639 posts, read 4,811,900 times
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Quote:
Originally Posted by gsoboi78 View Post
downtown Greensboro doesn't have to have the kind of prestige uptown Charlotte has to get companies to pay a little high rates. The companies that are currently located downtown already pay higher rates than the rest of the city. Its more about location than anything. Downtown Greensboro is becoming a destination and businesses and residents want to be downtown. This is the current trend and we are already seeing small office projects going up downtown. Office vacancy in downtown Greensboro is at an all time low.
Data, please.
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Old 07-04-2015, 06:49 AM
 
7,278 posts, read 13,527,643 times
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Quote:
Originally Posted by gsoboi78 View Post
So why do companies choose to move to uptown Charlotte where rates are far more expensive than other areas of the city where rates are cheaper. That logic doesn't make sense.
We're not talking about a different part of town. We're taking about a different building with a 25+% premium over buildings in the immediate vicinity. This isn't a knock on Greensboro. I'm not comparing Greensboro to any other city. I'm comparing Greensboro to Greensboro, and the financial case has to be made in order for existing companies in the city to move into the building, or for new companies moving to GSO to choose that specific building. This is all part of why I prefer more low and mid rise growth (and I say this about WS also) that is less costly and can broaden the urban fabric of the CBD. A single expensive project that soaks up tenants isn't always a good thing if tenants DO choose to pay the premium. And in this case I'm not sure that they would. I wouldn't. If my company were moving to Greensboro, I'd repurpose existing space. There's still plenty of beautiful vacant space.
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