"We haven't seen as much new development lately as in the past few years, but rents remain steady, and there are some new developments expected to come in line around this summer," Paxton Hollar, a broker with Lincoln Harris, tells Globest.com.
The area's retail market has not been affected by the national slowdown, adds Steve Vermillion, executive vice president of Lincoln Harris.
Charlotte's retail market includes about 31.2 million sf. The vacancy rate is 6.4%, according to Carolinas Real Data. Vacancies in recent years have been around 4% to 6%, with rents rising about 2% or so a year, Hollar says.
The largest concentration of retail is in Pineville in south Charlotte with almost six million sf. The vacancy rate there is 4.2%. The second largest market is the east, with 3.9 million sf and a 7.6% vacancy rate. Rents in the area range from a low of $9.94 per sf in the west to $25.70 per sf in the mid-south.
"We have some high density residential developments coming on line that will create a demand for neighborhood shopping centers with possible grocery-anchored malls," Hollar says. Areas that could attract future retail include Downtown, where new multifamily housing has been brisk.
Hollar also predicts that one or two power centers could start by this summer, though he declined to be more specific about possible locations. Some activity could also follow the lines of the proposed I-485 Beltway. Its route is still in the planning stages.
The Shopping Center conference last year drew 2,000 people. Participants typically include Payless ShoeSource, McDonald's Corp., Hallmark Cards, Great Clips Inc., CVS Realty Co., Wal-Mart Stores Inc., Starbucks Coffee Co. and Wendy's International.
Sessions will be held next week on a variety of retail-related topics, including small-box stores, out-parcel users, neo-traditional development and the newest real estate technology tools.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
