San Francisco, CA (PRBuzz.com) November 12, 2012 -- Following the NASCAR Plaza and rumored sales of the 525 N Tryon Street office tower later this fall, Charlotte's uptown section may set a record for building sales in a year.
Charlotte's uptown office market may have sales above $553 million, according the CBRE Group Inc. and other sources that are close to the action. If the numbers are met, then it would beat the 2007 numbers of $500 million in a single year.
The moving and shaking of the business space is seen as reflecting the optimism in the Charlotte economic prospects. Increasing competition for property shows that commercial sector players have a good sense of the futures of Charlotte's ability to move upward after bottoming out.
Executive Vice President of investment properties group CBRE, Ryan Clutter, stated that his experience tells him similar cities to Charlotte are not likely to see the same activity.
"I think it says Charlotte continues to be very attractive for investors. It's a very strong secondary market that has proven its resiliency in the wake of the financial crisis," said Clutter, who has been involved in many of the deals. "It says (investors) are really bullish on the market."
The area is not all roses, as it is still dealing with a 9.1% unemployment rate, and that number is lower than recent years.
Analyst remains optimistic despite the past. Most noteworthy is the sale of NASCAR Plaza for $100 million, a property that only two years ago epitomized the abrupt economic downturn and continual uncertainty of the area.
The tower's owner had defaulted and went bankrupt, and the property then failed to lease up while lenders fought among themselves, unloading the project in the end.
"It's huge," veteran real estate appraiser Fitzhugh Stout said of the sale, announced last week. "I think people feel things are bottoming out and there's positive movement underway."
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