Charlotte March 2021 – Key Take Aways
- Joe Kinsey with CoStar reports a great sense of optimism coming from the brokerage community. Industrial remains hot with the search of land at a high. CoStar has also assembled information on the CMBS market and will be tracking distressed assets. Activity in the office market is heating up, but with primarily smaller leases getting signed.
- Charlotte Champion Brian Schoeck of Johnston Allison Hord reports deals that were put on hold are starting to come back to life. Industrial remains hot, while the hospitality industry is devastated. It is anticipated that the industry will see some recovery in the third and fourth quarters of 2021 due to leisure travel recovery, but business travel will lag well into 2022.
- Bohler’s Andrew Moriarty is seeing activity across all market sectors. Supply chain / industrial markets are looking at ‘just in case’ vs. ‘just in time’. Cold storage is also in heavy demand and grocery anchored retail sites remain hot. The biggest issue right now is the delay in getting materials delivered especially steel joists even for small projects – the delays will significantly impact the delivery of new spaces companies have anticipated.
- Neal McElveen and Patrick Korn of Terracon have seen an uptick in front end due diligence work across almost all market sectors. They too are seeing materials being delayed, but the weather also hasn’t helped timing of getting construction done.
- Visiting Member Matt Berry with The John Buck Company conducted an informal survey of a number of their real estate clients and reports that there is more focus on potential investments in the southeast than any other region, with a particular focus on renovating older buildings. The John Buck Company is currently focusing on what the next generation of high density multi-family projects will look like.
- Guest Joe Colucci with Whiting-Turner echoes there is a continued surge in the industrial market, and they are conducting several assessments and studies for challenges. Delays in materials are impacting delivery schedules by 6 to 7 months. Clients are having to get very flexible with their schedules and are also engaging them earlier in the process, which is beneficial.
Recent Comments