Preliminary data for the first quarter of 2014 show that the I-77/Southwest office submarket will lead the region in demand during the first quarter of 2014 with nearly 155,000 square feet of positive net abortion.
Significant leases reported in the I-77/Southwest office submarket during the first quart of 2014 include:
- Red Classic Services, a transportation division of Coca-Cola, leased 16,250 square feet at Patriot Plaza.
- Shelco moved into 20,822 square feet at LakePointe’s Corporate Center One.
- LPL Financial Services signed a temporary lease for 62,795 square feet at Airport Plaza.
- Carolinas HealthCare System occupied the 66,864-square-foot Arrowpoint One.
Two buildings were removed from the Karnes dataset of multi-tenant for lease office inventory during the first quarter of 2014 in Charlotte’s second largest suburban submarket. The Atrium Corporate Centers at 4421 Stuart Andrew Blvd. and 4335-4339 Stuart Andrew Blvd. were purchased by Mecklenburg County Schools for $7.5 million and will serve as their headquarters allowing for consolidation of their offices across the region. The buildings which total nearly 150,000 square feet had almost 50,000 square feet marketed vacant when removed.
I-77/Southwest’s office vacancy fell 2.2% points from the end of 2013 to during the first quarter of 2014. At 19.1%, I-77/Southwest’s first quarter of 2014 office vacancy was 8.1% points lower than the 27.2% high reported at the end of 2011.
The U.S. Department of Veterans Affairs chose a site next to LakePointe Corporate Centers Five and Three for a six-story health-care center that will be developed by Childress Klein-Cambridge Healthcare Solutions, designed by RPA Design and constructed by J. E. Dunn Construction Company. The 295,000-square-foot facility will offer out-patient primary care and specialty services and is expected for completion by the third quarter of 2016.
Continued leasing success and pre-leasing could prompt developers to break ground on portions of the 2.4 million square feet of proposed office space in the I-77/Southwest office submarket. One of the largest and most recently announced proposed projects in the I-77/Southwest office submarket is the 400,000-square-foot expansion at Coliseum Centre that could attract current neighboring tenants in the area like The Lash Group and LPL Financial to expand their foot print into new space.
The post I-77/Southwest Office Submarket Highlight for First Quarter 2014 appeared first on KARNES.
