KARNES Blog

July 17, 2009
Charlotte Business Journal
The developer of Riverwalk, a planned $600 million mix of businesses, homes and shops, has a new partner that could help get the stalled project near the Catawba River off the drawing board….Andrew Jenkins, managing partner of Karnes Research Co., a real estate consulting firm in Charlotte, says big projects such as Riverwalk are viable if financing can be found. The banks and big investors need some positive economic news to bring them back to the real estate development market. “So if (developers) are able to convince investors that their project is a long-term project with modest returns and a less risky investment to, say, the stock market, there should always be opportunity for larger projects in the future,” Jenkins says.
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June 16, 2009
Charlotte Observer
Phillips Place has snagged a new tenant: luxury sporting goods retailer Orvis Company Store, a relative coup in a recession that will soon add a vacancy to the high-end shopping center…Retail vacancy rates in the Charlotte area have been steadily rising since hitting a low of 4.9 percent in 2004, according to Karnes Research Co. Still, the latest rate – 6.9 percent as of the end of 2008 – is better than in previous downturns, said Karnes real estate analyst Andrew Jenkins. In 2002, area vacancy rates hit 7.6…
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6:14 PM EDT on Wednesday, March 25, 2009
NewsChannel 36 |  Tony Burbeck

Tough times for Charlotte-area retail could be a silver lining if you want to open a new store. There’s a big “if” involved here — it’s if you are willing to take the risk and can afford to ride it out…”The pipeline of proposed projects is increasing dramatically,” said Andrew Jenkins, managing partner with Karnes Research. Jenkins says 11 million square-feet of retail is waiting to be built when the economy turns around. He says recently closed big box stores will be cheap, but in general “new” space raises rents. ”Because new space is just new and it’s forcing owners to redevelop older spaces,” Jenkins said. He thinks this will be the retail story of 2009: “I think we’ll probably look back and say, ‘Hey, we weathered that storm. We’re poised for the next three, four years. Let’s pick and choose the best projects to do.’”

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