2Q 18. Charlotte Retail Market Report
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1 2Q 18 Charlotte
2 Greater Charlotte Area (28 ± Mile Radius from Uptown Charlotte) Q Total Number of Buildings 10,244 Total Square Feet 126,565,309 Average Asking Rates $.30 Overall Vacancy 3.8% Net Absorption Deliveries Under Construction 1,000, , , , , , , , , , % 8% 7% 6% 5% 4% 3% 14.0% 13.0% 12.0% 11.0% 10.0% 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 347,466 SF 573,412 SF 1,397,467 SF Absorption (RSF) / Asking Rates Avg. Asking Rate Vacancy Rates Absorption SF 4.7% Average Vacancy Rate Charlotte Unemployment Rate $17.00 $.50 $.00 $15.50 $15.00 $14.50 $14.00 $13.50 $13.00 Charlotte s Economy Continues to Climb in 2018 with Low Unemployment and Increasing Home Values... Local Economy Charlotte s economy continues to climb during the first half of 2018, driven by the combination of low unemployment and skyrocketing home values. The unemployment rate for Charlotte s metro area fell to 3.4% during the second quarter, according to the U.S. Bureau of Labor Statistics. That marked its first journey below 4.0%. The figure was down from 4.0% at the end of the previous quarter and 4.3% a year earlier. Charlotte s rate compares favorably to both state and national figures. The Charlotte Chamber reported that total employment in the Charlotte MSA rose to just less than 1.3 million during the second quarter from 1.26 million the prior year. Median home prices climbed to $245,000 from $226,500 a year earlier, the Chamber said, while monthly retail sales rose to $2 billion from $1.8 billion. 2Q17 vs. 2Q18 NET ABSORPTION VACANCY RATE DELIVERIES Charlotte Retail Market Overview ASKING RATES Charlotte s retail market continued to see positive trends at midyear. Vacancy rates have reached record lows over the past year, while average rents have hit record highs. A flurry of construction activity in 2017 has put more product on the market this year, including high-profile projects like the Whole Foods development uptown. Construction has slowed compared to last year, however, partly because of a dwindling supply of available land. That might be one reason the number of leasing deals has also declined. The retail market s vacancy rate was 3.8% at the end of the second quarter, little changed from the previous quarter and year. Rates haven t been above 4% since the first quarter of 2017, and remain well below a decade ago, when they pushed into double digits. Leasing activity continued to slow compared with A total of 192 lease deals were signed during, down from 226 the prior year. It was the second straight quarter that fewer than 200 deals were signed, ending a seven-quarter run of 200-plus deals. Square footage involved in the deals fell to 676,343 from 862,078 a year earlier.
3 The biggest retail lease signing for the quarter was for 51,000 square feet by Aviation Institute of Maintenance at Independence Square in the East Charlotte submarket. The second biggest deal of the year was inked during Q1, when Ultimate Performance Sports signed on for 37,176 square feet at East Independence Boulevard. Twenty retail buildings spanning 573,412 square feet were delivered during. That compares to 22 buildings spanning 307,087 square feet the previous quarter and buildings totaling 383,615 square feet the previous year. The quarter s biggest delivery was Harris Square, a 67,000-square-foot building in the University submarket. The top delivery so far in 2018 was the 150,000-square-foot Life Time athletic facility at Rea Farms in South Charlotte. Meanwhile, construction activity slowed. Fifty-eight buildings totaling 1.3 million square feet were under construction at the end of, down from 65 buildings totaling 1.8 million square feet the previous quarter and 79 buildings totaling 2.2 million square feet the previous year. The number of buildings under construction was the lowest in six quarters. First-quarter net absorption was positive 347,466 square feet. That compares to positive 620,480 square feet the previous quarter and positive 266,004 square feet the previous year. The average rental rate across all types of retail properties was $.30 per square foot, up from $.01 the first quarter and about the same as a year earlier. Year-to-date, rates are lower than they were in 2017, though they re still at their second-highest level of the decade. Central Business District An affiliation between AP Stonewall Station Phase 1 LP and Asana Partners spent around $34 million to buy 47,000 square feet of retail at Novel Stonewall Station in uptown Charlotte. The deal included the 38,000-square-foot Whole Foods Market. Midtown - South End The Charlotte City Council approved a 20-story office tower and mixed-use project in Elizabeth that will include up to 512,500 square feet of office space, 30,000 square feet of ground-floor retail and a 240-room hotel. The project, being developed by NAI Southern Real Estate, is bounded by Baldwin Avenue and Third and Fourth streets and is located adjacent to the Lynx Gold Line streetcar system. Charlotte-based The Spectrum Cos. announced plans for a mixed-use project in South End that will likely include two midrise office buildings, ground-floor retail and restaurant space, a boutique hotel and a pedestrian plaza. The development is located over a five-acre block bounded by Carson Boulevard and Tryon, Catherine and Winnifred streets. It currently contains surface parking lots and a 58,500-square-foot office building at 1100 South Tryon Street. No delivery date has been announced. A number of new tenants signed leases at the Atherton Mill mixed-use site in South End. Columbia, S.C.-based Edens, which owns the property, said the following retailers signed on and will likely open during the summer of 2019: Cava, a Mediterranean restaurant; Indaco, a rustic Italian restaurant; The Eagle Food & Beer Hall, an eatery specializing in Southern dishes; Las Olas, a swimwear maker; Paint Nail Bar, a luxury nail salon. About 60,500 square feet of retail space is being developed at Atherton Mill Southpark A partnership between Ascentris and Childress Klein paid $15 million for a 5.54-acre tract of land at the corner of Morrison Boulevard and Sharon Road in the Southpark submarket. The seller was Southpark United Methodist Church Inc. Plans for the mixed-use property include a pair of 12-story apartment buildings as well as nearly 90,000 square feet of ground-floor retail space. $27 $26 $24 $23 $21 $20 $18 $17 $15 $14 $12 $11 $ Q1 Downtown Inner Southeast Southwest Outer Southeast Northeast Northwest East York County Iredell County Union County North Cabarrus County Lincoln County Gaston County Lancaster County 2015 Q1 Asking Rates by Building Class 20 Q Q1 Class A Class B Class C Rates by Submarket n 11,065-square-foot mixed use project was delivered at the City Park development in Southwest Charlotte during the first quarter. City Park will include residential, office, retail and hotel development. East Charlotte A partnership between Selwyn Property Group and SunCap Property Group said it will develop a 13.6-acre site into a 60,000-square-foot commercial center near Monroe and Idlewild roads in East Charlotte. The center, dubbed MoRA Point, will be anchored by a 22,000-square-foot grocery store. Broadstone KKD Portfolio LLC paid $1.8 million to buy the roughly 3,000-square-foot Krispy Kreme store at 9301 East Independence Boulevard in the East Charlotte submarket. Krispy Kreme signed a 20-year lease at the property on the day of the transaction. Outlook Charlotte s rapid economic and population growth have bolstered the area s retail market, even as online retailers take more market share from brick-and-mortar chains. Mixed-use projects have driven much of the retail market s expansion over the past couple of years and should keep doing so in the near term. The year-over-year slowdown in leasing deals is something to keep an eye on, though that might be more a product of dwindling supply than a lack of interest on the part of prospective tenants. The macro outlook remains robust in both Charlotte and North Carolina. Speaking at a mid-year Economic Outlook forum, Charlotte economist John Connaughton said the state should add 113,000 net jobs in He also forecast that North Carolina s GDP growth rate will accelerate to 2.8% this year from 1.6% the previous eight years Q1 $8 $10 $12 $14 $ $18 $20 $22 $24 $26 $28 $30 $32 $34
4 Class A, B & C Submarket Statistics and Submarket Specific Statistics *Class A-C covers the entire 28± Mile Radius Market Total SF Notable Lease Transactions Total # of Buildings Total Available SF Vacancy Rate % Net Absorption Building Deliveries Building Submarket SF Qtr Tenant Name N New Hope Rd Gaston County 103,000 2nd Curt s Premium Outlets 2 21 E Independence Blvd East 51,000 2nd Aviation Institute of Maintenance Morganton Blvd SW Caldwell County 48,000 2nd N/A Blowing Rock Blvd Caldwell County 38,660 1st Big Lots E Independence Blvd East 37,176 1st Ultimate Performance Sports Cherry Rd York County 32,798 1st Adventure Air Johnston Rd Outer Southeast,990 2nd Crunch Fitness Matthews Township Pky East 25,6 2nd Fab Fun Furniture Company Independence Blvd Union County 24,800 2nd N/A N Salisbury Ave Rowan County 20,000 2nd To The Pointe Dance E Independence Blvd East 18,2 2nd N/A st Ave NW Catawba County 18,000 1st N/A One Norman Blvd North 15,752 2nd Carolina Office Solutions Burkemont Ave Burke County 15,000 1st Harbour Freight Tools Conover Blvd Catawba County 14,550 1st Walgreens 314 S Main St Rowan County 13,000 1st Railway Crossfit Nelda Dr Union County 12,000 1st Diamond Indoor Soccer Academy South Blvd Inner Southeast 11,766 2nd Party City US Highway 70 SE Catawba County 11,400 1st Sunrise Appliances Highway 70 SE Catawba County 11,0 1st Guitar Center South Blvd Inner Southeast 11,060 2nd N/A Union St N Cabarrus County 10,409 1st N/A Under Construction End of 2Q Average Rental Rate Class A / (4 & 5 Star) 23,955, ,479,0 5.9% 375, ,933 $22.06 Class B / (3 Star) 70,118,646 5,0 4,051, % 122, ,864 $.11 Class C / (1 & 2 Star) 32,491,509 4,817 1,722, % (150,545) 0 8,500 $13.53 Dowtown 1,336, , % (1,079) 1 15,000 $32.59 Inner Southeast 11,002, , % 99,0 2 23,000 $25.34 Southwest 3,845, , % (4,195) 0 20,980 $20.05 Outer Southeast 11,907, , % 44, ,813 $19.87 Northeast 11,5, , % (11,565) 1 172,550 $17.17 Northwest 7,190, , % (115,046) 0 453,925 $.73 East 13,465, , % 69, ,0 $.30 York County 13,023,5 1, ,4 3.9% (18,265) 3,308 $14.63 Union County 10,051, , % (19,728) 3 33,400 $13. Iredell County 10,713, , % 62, ,100 $14.38 Cabarrus County 13,995,533 1, , % (47,960) 2 32,389 $12.97 North 5,481, ,3 4.0% 15, ,000 $13.26 Lincoln County 4,272, , % 66, ,282 $12.86 Gaston County 13,870,255 1, , % 136, ,100 $11.25 Lancaster County 3,966, , % 196, ,200 $10.39
5 Notable Lease Transactions Building Submarket SF Qtr Tenant Name N Polk St Outer Southeast 9,150 2nd N/A Wilkinson Blvd Northwest 9,100 1st AVR Rental Car N Statesville Rd North 8,943 2nd Shapes for Women S New Hope Rd Gaston County 8,800 2nd For Left University Center Blvd Northeast 8,547 2nd Seafood Connection Main Ave NE Catawba County 8,400 2nd Steele Construction 541 E Club Dr Gaston County 8,400 2nd Sellers Automotive E Franklin Blvd* Gaston County 8,127 1st Tuesday Morning E W.T. Harris Blvd East 8,100 1st King of Spicy S Tryon St Inner Southeast 7,600 2nd N/A E Highway Union County 7,522 1st N/A Perfection Ave Gaston County 7,104 1st King Tiger Tae Kwon Do Cliffside Pl SE Caldwell County 7,000 2nd Auto Correct Paint and Body Len Patterson Rd York County 7,000 1st Pet Supplies Plus Cherry Rd York County 6,700 1st Quality Golf Conlan Cir* Outer Southeast 6,600 1st Duckworths Grill & Taphouse E Main St Lincoln County 6,500 2nd N/A N Tryon St Northeast 6,500 1st Bridgestone * Renewal Notable Sales Transactions: 2017 through Building(s) Price SF Seller Buyer Mooresville Consumer Square $48,230, ,310 DDR Corp. Slate Retail REIT Hickory Ridge Shopping Center $44,020, ,487 Retail Properties of America, Inc Acadia Realty Trust Ballantyne Village Way $43,150, ,000 Vision Ventures American Realty Advisors 400 S. Stonewall St $34,050,000 47,500 Crescent Communities Asana Partners Matthews Township Shopping Center $27,500, ,651 Invesco ECHO Real Estate Services The Arbors at Mallard Creek $25,100,000 55,323 Principal Real Estate Investors, LLC Westwood Financial Corp. The Shops at Whitehall Commons $15,600,000 42,245 Weingarten Realty Advisors Westwood Financial Cannon Crossroads $14,525,000 67,055 Pacolet Miliken Enterprises, Inc ECHO Real Estate Services West Town Market $14,250,000 67,940 Retail Properties of America, Inc New Market Properties, LLC
6 Retail Submarkets den 1 Downtown 2 Inner Southeast 3 Outer Southeast 4 East 5 Northeast 6 North 7 Northwest 8 Southwest Lake Norman of Catawba Denver 28 ± Mile Radius Westport Iredell County Cornelius Mooresville Davidson Landis Enochville Rowan County Salisbury China Grove Gran Fai Shoals Iron Station Lincoln County Lowesville Huntersville 6 Kannapolis Mou 21 Concord Stanley Dallas Mount Holly 4 5 Harrisburg 601 Gaston County Ranlo Lowell McAdenville Cramerton Belmont Mecklenburg County Cabarrus County Midland Charlotte Mint Hill Fairview Lake Wylie Tega Cay 4 21 Pineville 3 4 Matthews Union County Hemby Bridge Stallings Indian Trail Unionville 601 India Hook Fort Mill Riverview Marvin Weddington Wesley Chapel Monroe Newport Rock Hill York County 521 Lancaster County WaxhawMineral Springs Wing Lesslie Catawba JAARS
7 1Q 2Q RETAIL Billy Cooper Ragan Rose Louis Rose III NAI Southern Real Estate 4201 Congress Street Charlotte, NC NAI Southern Real Estate-Charlotte, NC. We obtained the information above from sources we believe to be reliable. However, we have not verified its accuracy and make no guarantee, warranty, or representation about it. No part of this document is to be reproduced without our written permission. This document has been prepared and issued by NAI Southern Real Estate on the basis of publicly available information, internally developed data and other sources believed to be reliable. The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. NAI Southern Real Estate or its affiliates does not assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions provided herein. Any expressions of opinions are subject to change without notice. This document does not constitute an offer or an invitation to invest, lease, rent, purchase or conduct any real estate activity, business activity, or personal activity based upon its data or purpose. No party should treat any of the contents herein as advice.
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