Today’s Real Estate Whispers is sponsored by The McIntosh Law Firm. At The McIntosh Law Firm, we offer experienced legal guidance in real estate development, property revaluation appeals, government relations, land use, estate planning, and business law—helping clients navigate complex legal and regulatory challenges.
Welcome back to our weekly look at Charlotte real estate and development news. Charlotte Commercial Real Estate Whispers is the best way to get the latest dirt on transactions, rezonings and projects happening across the Queen City.
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In today’s edition:
Even in a market with lots of tenant activity and scarce new construction, older office towers aren’t guaranteed a boon
County signs off on two real estate deals, including a new office for CMS
Morehead site lit up with chatter in local CRE circles
Manor Theatre plans filed, but groundbreaking timeline isn’t certain
A look at a proposed apartment project on Park Road
And a wrap-up of land deals and real estate news from us and other sources
Renovated office towers have recently seen a boost, but construction costs, ‘volatile’ market and other factors are complicating decisions and delaying deals
A space at One Independence Center in uptown that Capital Group will eventually upfit for its offices. (File photo by Ashley Fahey/The Charlotte Ledger)
by Ashley Fahey
The bevy of tenant demand in Charlotte right now should mean that office owners are starting to feel pretty good because long-vacant towers will finally get filled — right?
Well, it’s not quite that simple.
Even though a lack of new office construction has, indeed, benefited some of Charlotte’s existing towers, especially in uptown, there are still companies that may choose to hold out for a new build — even if it comes at a high cost and takes three years to move in.
But where that tipping point lies is tough to say, and rising interest rates and high construction costs make that picture even less certain. It’s also factoring into how and when office buildings on the market in Charlotte sell.
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