Posted: 5:23 p.m. Thursday, May 16, 2013

Developer plans new office space in Uptown Charlotte

Related

Developer plans new office space in Uptown Charlotte photo
Developer plans new office space in Uptown Charlotte

By Scott Wickersham

CHARLOTTE, N.C. —

A developer is planning to build a brand-new office building in Uptown.

The space will go above the parking deck next to the Westin Hotel.

It's the first major office development announced in uptown in six years. It could be the first of many plans in a part of town primed for a burst of new growth.

In 2007, Uptown Charlotte had a boom in office space announcements of large buildings like the Duke Energy Center.

Andrew Jenkins, with Karnes Research, said over time the space has filled.

The building boom before the recession created more than 13 percent vacancy in 2011. That's dropped to 11.9 percent and is falling fast.

The available space is spread out, leaving a void for any large company looking to make a move.

"And I think downtown has missed out on some of those deals just because of a lack of new space available," Jenkins said.

Deals include the one like MetLife which is moving to Ballantyne into two brand new vacant office buildings.

The tide may be turning for Uptown with a developer's plan to build a new 15-story office center above the parking deck next to the Westin Hotel.

Travis Garland, with Portman Holding, said, "There (are) not any blocks of large space, so we think the timing is right. I think this could be a fit for another MetLife project that's coming from somewhere else"

It's great news to Michael Smith, with Center City Partners, who said the space is needed to keep Charlotte growing.

"It's going to be hard to get companies to move to our area, to commit and say, 'I'll wait 36 months for the tower to be built.' They want it now," Smith said.

Smith expects more office space to be coming and the businesses and jobs that come along with it.

The developer at the Westin says the time is right but they're still being cautious. They want to have half the building pre-leased before they start to build.

More News

 
Featured Articles
 

Top Video