June 4, 2009
News and Observer
On the surface, West Village has lived up to its promise. Its offices, apartments and restaurants, carved out of former Liggett & Myers Tobacco Co. factories, are teeming with workers, renters and diners, who crave more offerings in this reviving downtown…Ninety-nine percent of the 455 West Village apartments are full, and 80 percent of its completed offices are leased. An Amtrak stop is nearing completion, and other prospective tenants abound. The performance is remarkable, considering that average occupancy at apartment complexes in the region fell to a six-year low of 89.7 percent in March, according to Karnes Research of Raleigh. Or when you consider that many of West Village’s offices became available just as the economic slowdown began to pinch demand. Indeed, leasing at West Village has helped downtown’s office vacancy rate drop each quarter in the past year, bucking the regional trend.
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Clouds over West Village
June 4, 2009
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40 Under 40: Andrew Jenkins
May 20, 2009
40 Under 40
View all 40 winners for 2009
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Landlords opt for flexibility
May 8, 2009May 8, 2009
Charlotte Business Journal
Charlotte landlords aren’t bending over backward just yet, but some are becoming more flexible. In a real estate market where supply is up and demand is down, some property owners are looking for ways to market space to companies wary of being tied down to a long-term lease…According to Karnes Research Co., the Charlotte market’s office vacancy rate increased to 13.9% in the first quarter, up from 13.4% at the end of 2008. The average asking rental rate in the market dipped slightly to $22.34 per square foot from $22.38 per square foot at year end…
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Triangle landlords deal to lure and retain renters
April 30, 2009April 30, 2009
The News and Observer
…During the same period, the region’s apartment vacancy rate climbed to a six-year-high of 10.3 percent, up from 9.2 percent a year earlier, according to new data from the Triangle Apartment Association/KARNES.
As more units stayed empty, landlords slowed rent increases and started offering more perks, such as free months of rent…For now, “property managers are being a little more aggressive in retention,” said Brian Reece, managing partner at Karnes Research, the Raleigh firm that collects data for the apartment association. “But they’re not going to give away the shop.” Meanwhile, there’s competition from single-family homes for rent and, increasingly, those for sale, as prices drop and incentives for first-time home buyers take hold…”We’re going to see rent growth slow down,” Reece said. “And we’re going to see creative concessions coming back to the marketplace.”…
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Triangle awash in office space
April 23, 2009April 23, 2009
The News and Observer
A wave of empty offices splashed across the Triangle during the first quarter as the demand for space waned amid a deepening recession…”But we’re now going to see it going to zero,” said Brian Reece, a partner at Karnes Research, a Raleigh company that analyzes the Triangle commercial real estate market. “No new projects are going to be starting.”…..
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University-area building going green
April 21, 2009
Source: Charlotte CPE (Click for Listing)
April 21, 2008
The Charlotte Observer
The new owner of a 23-year-old University Research Park building plans to renovate it to the highest level of Leadership in Energy and Environmental Design (LEED) certification and create a hub for green businesses….Renovated space is to be leased to green-related businesses in blocks of at least 5,000 square feet. The introductory rate is $16.50 a square foot annually. The average annual lease rate in the University City area is $17.77 a square foot, according to Karnes Research Co….
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BofA readies plan for University site
April 17, 2009April 17, 2009
The Charlotte Business Journal
…BofA’s proposed development could be a boost for the University office market, says Andrew Jenkins, managing director of Karnes Research Co. In the first quarter, office vacancy on the northeast side of town rose to 21.7% from 21.1% at the end of 2008. And the market saw a net loss of 27,000 square feet of occupancy in the latest quarter…
Source: KARNES
“That area needs something,” Jenkins says. “All in all, it hasn’t had much new (office) supply. Sometimes you never build anything new, and then no one wants to move into the area. It kind of gets stagnant.”
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Silver lining for new businesses during down economy
March 26, 20096:14 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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Trinity launches ‘stimulus’ plan for Perimeter Woods
March 13, 2009
Linville Builing - Source KARNES
March 13, 2009
The Charlotte Business Journal
…Trinity’s lease rate on the building is $21.50 per square foot. The average annual rental rate in the north Mecklenburg office market was $20.10 in the fourth quarter, according to Karnes Research Co. Vacancy in that area jumped to 17.5% in the fourth quarter, up from 15% in the third…
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Lauth scales back office here as tower nears debut
March 13, 2009
Source: Karnes Research Company
March 13, 2009
The Charlotte Business Journal
One of Charlotte’s most aggressive real estate developers is slashing jobs and dramatically scaling back its office here….Still, industry analysts have yet to see a wave of similar job cuts within other development companies here. “It might be something for companies not headquartered in this area,” says Andrew Jenkins, managing partner at Karnes Research Co. “If it’s a satellite office, maybe you’ll see that. But I don’t see a lot of local dramatic numbers yet. It’s more status quo because they’re certainly not hiring.”…..
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