June 25, 2009
Charlotte Observer
The Charlotte branch of the Federal Reserve Bank of Richmond is looking to become a landlord. The Fed has chosen Percival McGuire Commercial Real Estate to lease 34,000 square feet within its uptown office….Real estate analyst Andrew Jenkins with Karnes Research said the Fed may have trouble finding a taker in this market. The vacancy rate for office space of all types is rising and average lease rates have been falling in an economy where tenants are skittish about signing long-term commitments. The building’s age could also hurt, particularly as about 3 million square feet of new office space is due to come on the market soon…Still, Jenkins said, some companies, such as those that work with both of Charlotte’s major banks, may prefer to be in what he called a “bank-neutral” building…
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Fed offering space in Charlotte office
June 25, 2009
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