Tax-value reality check

Plus: Cathy Bessant talks leadership; Data center for University area?; New tenant at former Second and Charles; South End hotel renderings; Condos for Myers Park; Former EpiCentre to hit market

Today’s Real Estate Whispers is sponsored by NiceDay - A creative branding and placemaking partner for commercial real estate and hospitality in the SouthEast. NiceDay helps teams build relevance through culture, community, and brand strategy—because places succeed when people come first.

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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. Got a tip on a deal, a development or a debacle? I’m all about it. Drop me a note at ashley@cltledger.com.

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In today’s edition:

• Next year’s tax revaluation could be a wakeup call, considering how many uptown office towers have sold at deep discounts since 2023

• Why Cathy Bessant used to hike through uptown with a weighted backpack

• Data center expansion on deck in University Research Park

• Shoe retailers plot new local stores

• Ground-floor conceptual renderings of South End’s upcoming hotel

• A wrap-up of land deals and real estate news from us and other sources

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Most uptown office towers have sold at hefty discounts since the last countywide revaluation

Although the office market is recovering, many uptown office towers have traded at such deep discounts since the last Mecklenburg County revaluation in 2023. (Photo courtesy of Shutterstock)

Charlotte’s office market is, by several metrics, awakening from its post-Covid slumber. There’s a lot more inbound corporate tenant activity. New office space is getting snapped up quickly. Even some of the dated buildings in prime locations like Trade and Tryon that’ve been updated and renovated are leasing up, albeit slower than the newest towers.

But there are still a lot of office buildings — whether you want to call them “distressed,” “dated,” “old as hell,” “antiquated,” “not cute,” or “vintage” — sitting empty and losing a lot of value. And that’s going to be felt in next year’s countywide property tax revaluation, those who watch the local CRE market predict.