The developer solved the problem by creating a second level withreinforced steel beams. Now the asset is renting for $17.50 per sf.Renovations and tenant build-outs, however, are expected to cost$2.6 million, according to Chris Moffat, Morehead's manager. Theproperty is in the 432,000-sf Vanguard Park, just off Interstate 77in south Charlotte.
The second-quarter office vacancy rate in the I-77/Southwestmarket was 11%, down from 12.5% in the first period, according toKarnes Research Co. The countywide vacancy level was 8% in thesecond quarter. Average asking rents in this market are $17 persf.
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