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Pop Quiz: How Many Employees Work in Uptown?

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I’m working with a client on a headquarters relocation. Uptown Charlotte is an option, so we visited with Michael Smith at Center City Partners.

Michael met my client and me at his offices. The presentation was impressive!

Here are the highlights:

  • Charlotte continues to lead the country in CBD office construction. Uptown is 4th in the country behind Chicago, Dallas, and Seattle. Speculative office development is rare these days, so this is remarkable.
  • There is 7.7 million SF (5.5 Bank of America Corporate Centers) announced or under construction in Uptown.
  • Soon the CBD will have 35 million SF of office space, which is half of all the class A space in Mecklenburg County.
  • The absorption of office space last year was 1.5 million SF – which is a record.

Now for living in the Center City….great place to work but who lives there?

But first, a pop quiz to test your uptown savvy. (Answers are at the end of this post.)

1. How many employees work in uptown? Now, this is for a Harris Teeter VIC card, so waive your fingers high.

  • A. 65,000
  • B. 95,000
  • C. 114,000
  • D. 1 BILLION

2. What’s the average office rent? I can’t see you!

  • A. $25 per SF
  • B. $3 3.50 per SF
  • C. $38.50 per SF
  • D. $40 per SF

3. How many companies call the Center City home?

  • A. 1,010
  • B. 1,240
  • C. 1,500
  • D. You stopped counting at 1,625

Back to what it’s like to live in the Center City, at least from a recruiter’s perspective.

The 2018 estimate was that 32,300 residents call Uptown home. Projections call for the population in Uptown and Southend to exceed 40,000 by the end of next year 2020!

The population has grown more than 30% since 2010. What’s amazing to me is that the number of residents with degrees has grown by 61%.

Also this:

  • There’s been a 95% growth in residents ages 18 to 24.
  • And a 77% jump in residents ages 25 to 34 since 2010.

We all know the number of apartments is growing at a fast clip. There are 4,254 units under construction in the Center City and an extra 3,603 units planned.

The most startling statistic has to do with the hotel demand that’s increased in the Center City. There are 1,206 rooms under construction and 1,124 rooms are in the planning stages.

Six, SIX, SIX new hotel completions in 2019! When all that’s planned is complete, the Center City will have 7,900 rooms. This will be a whopping 73% increase in supply over 2015.

That is a lot free continental breakfast. How do they know if I am a guest or not?

My client gave Uptown a thumbs-up on tech talent. Tech employment has grown by 58 percent since 2012, which placed Charlotte as No. 1 on compTIA’s list for top cities for tech workers. Another thumbs-up from the client for hospitality, arts, and sports options.

And I’d never leave you hanging. Here are the answers to the pop quiz:

Question 1, C. 114,000.

Question 2, B. $33.50 (but keep in mind that you need to add parking to this number. You can assume $175/mo. pp)

Question 3, B 1,240

Real estate transactions can be fraught with frustration and pitfalls.

Sometimes the hardest part turns out to be working with your broker, the person who is supposed to help you through the complexities. Veteran commercial real estate broker and client advisor John Culbertson discovered that brokers’ interests aren’t always aligned with those of their clients. He realized there was a better way to advocate for clients and get the deal done.

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I got to know John while serving on a state board and observed him be one of very high integrity and commitment to his clients. His approach to serving clients in the real estate business is unique and results-focused. I have no hesitation recommending him to any of my clients. I know he is a true professional and an expert in his field. He understands partnering like no one else!

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Truth is, we can easily find real estate that is available in SouthPark. But Cardinal called the landlord of one of our competitors and helped us make a deal for an awesome Charlotte branch. I am extraordinarily pleased with the engagement in every possible dimension.

Ronnie Bryant
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Working with a smaller shop gets you more personal attention. I got the top guy’s attention. You don’t get that with a large organization where sometimes you end up with junior people doing the work. John is detailed; he’s professional, he’s aggressive, and not in a negative way, but in terms of wanting to get it right. He’s tenacious. He would be my No. 1 choice for any real estate deal. I know what to expect. He’s a good guy, and over the years, he's become a good friend, too.

Stephen Pandos
Director of Finance, Insite Properties

Few people have a Rolodex like John. He's about the most networked person I know and people take his call. He has deep contacts with all the major players, both locally and around the region. As a result of John's introductions, we have found several exceptional deals and developed some valuable relationships. You can't put a price tag on this type of access and speed of trust.

Stephen Pandos
Director of Finance, Insite Properties

John has a high tolerance for the mental pain it takes to solve a complex problem. Frankly, his peers in the brokerage industry just don’t have it. I think John’s experience as an operator, investor, developer, and broker gives him a unique perspective when looking at opportunities. His vision, his ability to think forward, is unique in his profession. His ability to see the bigger picture and what the future looks like on opportunities is remarkable. He also is networked - he has deep contacts with all the major players, both locally and around the region. John’s network has opened doors for us. People take his call.

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