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Economic Indicators from DTZ
Charlotte’s market fundamentals continue to improve after a strong recovery in 2014. Charlotte ranked among the top 10 large cities for job growth in 2014, as it experienced a 3.5 percent increase in employment. Unemployment fell to 5.5 percent in Q1, down 140 basis points year on year. Outsiders are taking notice of Charlotte’s economic expansion, as evidenced by the Sealed Air and MetLife relocations in 2014. Sealed Air, MetLife, and others are attracted to the high quality of life, low cost of business, and access to the sixth busiest airport in the world. Forecasters are calling for an additional 30,000 new jobs in 2015, lowering the unemployment rate to 4.6 percent by year end. Bolstered by such statistics, it’s safe to say that the Charlotte economy is in expansion phase.
Market Overview
The overall office market continues to tighten quarter after quarter. As a result, cranes have returned to Charlotte with 1.1 million square feet of office product currently under construction. At the start of 2015, overall vacancy declined slightly to 9.8%--down more than one percentage point from a year ago. Despite a slower start to the year, YTD net absorption posted a positive 147,384 SF, with demand concentrated in suburban Class A and B buildings. Asking rental rates for Q1 ended at $20.60 per SF, up nearly an entire dollar per SF year on year. As vacancy continues to shrink and new office product delivers, expect rental rates to continue trending upward as landlords remain in the driver’s seat.
Downtown
For the past two years, downtown has experienced a slow start to the year. YTD net absorption posted a negative 34,188 SF in Q1 and the vacancy rate increased slightly to 8.4%. Despite large blocks of space returning to the market, developers such as CrescentCommunities and Portman Holdings are said to be moving forward with their proposed office developments. Construction of 300South Tryon, the 25-story office tower totaling 632,385 SF, is underway and set to deliver in 2017. As suburban office rents rise and space becomes limited, expect major corporations to eye downtown Charlotte as their future .
In 3 years, this area of uptown will look different. Tryon Place, Portman Office Tower, Crescent Hotels, Whole Foods & Apartments, Camden Apartments, 1 Brevard Condos and Epicentre Hotel. 300 South Tryon should be in this picture also.
All the green lots will be gone in the middle of this picture.
A lot has changed in 6 months…Bwaaaaaahahahahaha!! Riiight
Charlotte jobs are construction, aka "one and done" jobs, also lots of minimum wage and low skilled service industry jobs as the article from Charlotte Business Journal mentioned.
Do they teach basic math in Charlotte/Meck schools, btw? Go back to that article, add the jobs gained to the jobs lost and see which city had the most net jobs gain. It's not hard. The CBJ figured it out you should be able to as well. As the CBJ said, "Raleigh is kicking Charlotte's butt" in jobs.
When you put out old articles, that shows me you can not read. Net gain do not mean much if you are only looking at your self. Charlotte has over 12,000 more jobs than Raleigh just that. If you have over 1 million people working, your percentage will be lower than a place that has 900,000 people working. So Charlotte net may be lower than Raleigh but it is also much larger that Raleigh number of jobs.
You get all up on percentage. You need to take some statistics to understand what you are posting. A lot of your post are garbage because you are trying to compare 2 unlike objects. You do not understand basic math. You get all bent out of shape looking at all those articles, boy I got them now, and post crap 6 months to 2 years ago thinking this great.
All you have shown me is the you are troll and good at cut and past. You do not know how to even post a picture.
Under your posting, you think Raleigh growth is better than New York City. Raleigh is growing by 6.9% and New York City about 2%.
Raleigh add 8,000 people New York add over 200,000 people. You look stupid comparing two unlike objects. Charlotte and Raleigh will not compare by using percentage, to find out what are the real numbers.
Raleigh may show a higher percentage job growth, but it still is not adding as many jobs a Charlotte. You take an article 9 months old and try to make a case that has no meaning today. A lot has change since September of 2014. Charlotte created 42,500 jobs in2014 and Raleigh 30,267 in 2014. So I do not care what article you post that is a year old, it has no meaning on what is going on now.
Charlotte added 26,000 jobs in 2013 and added 42,500 in 2014
Charlotte added 16,500 more jobs in 1014 over 2013 that is about 38.82% percent increase in jobs
Raleigh added 11,700 in 2013and added 30,267 in 2014
Raleigh added 18,567 more jobs in 2014 than 2013 that is About 61.13% growth.
Yes Raleigh added more jobs from 2013 to 2014 than Charlotte but still has more jobs than Raleigh.
In 2013 Charlotte added more jobs 26,000 than Raleigh, but Raleigh with a 61.13% growth is still 12,233 jobs less than Charlotte in 2014.
Which would you rather has 42,500 jobs or 30,267 jobs.
Charlotte added 26,000 jobs in 2013 and added 42,500 in 2014
Charlotte added 16,500 more jobs in 1014 over 2013 that is about 38.82% percent increase in jobs
Raleigh added 11,700 in 2013and added 30,267 in 2014
Raleigh added 18,567 more jobs in 2014 than 2013 that is About 61.13% growth.
Yes Raleigh added more jobs from 2013 to 2014 than Charlotte but still has more jobs than Raleigh.
In 2013 Charlotte added more jobs 26,000 than Raleigh, but Raleigh with a 61.13% growth is still 12,233 jobs less than Charlotte in 2014.
Which would you rather has 42,500 jobs or 30,267 jobs.
When you put out old articles, that shows me you can not read. Net gain do not mean much if you are only looking at your self. Charlotte has over 12,000 more jobs than Raleigh just that. If you have over 1 million people working, your percentage will be lower than a place that has 900,000 people working. So Charlotte net may be lower than Raleigh but it is also much larger that Raleigh number of jobs.
You get all up on percentage. You need to take some statistics to understand what you are posting. A lot of your post are garbage because you are trying to compare 2 unlike objects. You do not understand basic math. You get all bent out of shape looking at all those articles, boy I got them now, and post crap 6 months to 2 years ago thinking this great.
All you have shown me is the you are troll and good at cut and past. You do not know how to even post a picture.
Under your posting, you think Raleigh growth is better than New York City. Raleigh is growing by 6.9% and New York City about 2%.
Raleigh add 8,000 people New York add over 200,000 people. You look stupid comparing two unlike objects. Charlotte and Raleigh will not compare by using percentage, to find out what are the real numbers.
Raleigh may show a higher percentage job growth, but it still is not adding as many jobs a Charlotte. You take an article 9 months old and try to make a case that has no meaning today. A lot has change since September of 2014. Charlotte created 42,500 jobs in2014 and Raleigh 30,267 in 2014. So I do not care what article you post that is a year old, it has no meaning on what is going on now.
"Charlotte lost 72,400 jobs in the recession. It has since added 100,900 jobs, for a recovery rate of 140%. Nice job, Queen City. But Raleigh. Oh, Raleigh. The state's capital lost 33,100 jobs in the recession. It has added 71,000 jobs since then. That's a 214% recovery rate. Wow."
Charlotte 100,900 gained minus 72,400 lost = a net gain of 28,500
Raleigh 71,000 jobs gained lost minus 33,100 jobs lost = a net gain of 37,900
"But, but, but — no. It had nothing to do with government jobs, Connaughton says. That sector has been flat in the Raleigh metro area, he says. The growth is coming from tech and research jobs, plus health and education. Charlotte's growth is coming from professional services and leisure and hospitality, among other sectors."
In other words Raleigh's jobs are mostly high skilled high paying jobs, Charlotte's jobs are mostly low skilled low wage jobs and "one shot" jobs like construction.
Also keep in mind Raleigh's city limits of 144 sq mi vs Charlotte's of 292 sq mi. Even with a city limits over TWICE Raleigh's area Charlotte STILL can't seem to beat Raleigh in jobs numbers AND quality of jobs. Imagine if we extended Raleigh's city limits out to 292 sq mi to include RTP? It would be a jobs numbers and jobs quality bloodbath with Charlotte on the losing side big time
In 3 years, this area of uptown will look different. Tryon Place, Portman Office Tower, Crescent Hotels, Whole Foods & Apartments, Camden Apartments, 1 Brevard Condos and Epicentre Hotel. 300 South Tryon should be in this picture also.
All the green lots will be gone in the middle of this picture.
"All the green lots will be gone in the middle of this picture."
"Charlotte has big parks but they’re not close to where people live, says a national ranking that scored it 74th of 75 cities.The Trust for Public Land, which creates parks and protects land for public use, did the rankings."
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