The Good News Report

[CLT2014]

I hope it happens so bad!

Interesting that on one hand the article mentions a campus: 

" More recently, though, Charlotte appears to have the edge to land the project, which may take the form of a campus "

followed by....

" CoStar is said to prefer an intown setting where its young employees can be closer to walkable amenities. "

Edited August 4, 2016 by CLT2014

[KJHburg]

Yes I did not understand those 2 comments but Charlotte has both with some suburban locations like Coliseum Center where LPL is moving out to uptown locations like the newly renovated 300 South Brevard. I do hope this comes to Charlotte and this is a business to business company who sells information to developers, brokers, real estate people across the country. I think many of their jobs are located in DC which is an expensive place to do business. 

[atlrvr]

I would think that Capitol Towers or 300 S Brevard are 2 most likely candidates.

CoStar would be a good win for Charlotte.  It's sort of FinTech maybe more professional services jobs, but clearly a big vendor for financial companies and real estate companies.  They employ a lot of young people who then go on to work in these 2 industries, so it would really help build a bigger talent pool to support growth in these industries.

[KJHburg]

Look where young millenials are moving to in the US and Charlotte is in the top 10 metros along with Durham in NC  http://www.avalancheconsulting.com/blog/

[CLT704]

15 minutes ago, atlrvr said:

I would think that Capitol Towers or 300 S Brevard are 2 most likely candidates.

CoStar would be a good win for Charlotte.  It's sort of FinTech maybe more professional services jobs, but clearly a big vendor for financial companies and real estate companies.  They employ a lot of young people who then go on to work in these 2 industries, so it would really help build a bigger talent pool to support growth in these industries.

I'd like CoStar to lease space in 300 South Tryon, if they need about 200,000 SF thats 7/8 floors and it would be good to see 300ST to be almost fully leased.

Plus, its always good to see a company bring more young workers to Charlotte. 

[RiverwoodCLT]

17 minutes ago, KJHburg said:

Look where young millenials are moving to in the US and Charlotte is in the top 10 metros along with Durham in NC  http://www.avalancheconsulting.com/blog/

 

17 minutes ago, KJHburg said:

Look where young millenials are moving to in the US and Charlotte is in the top 10 metros along with Durham in NC  http://www.avalancheconsulting.com/blog/

Charlotte is gaining about  9,203 at 1.1%

Durham is gaining about 3,370 at 1.3%

 

[RiverwoodCLT]

Charlotte claimed the first spot on CBRE's top "momentum markets" that ranks cities based on tech talent growth rates between 2010 and 2015. During that time period, CBRE shows the Queen City's tech talent growth rate at 74.7%. That's followed by Nashville, with a 67.9% rate, and the San Francisco Bay area, at 61.5%.

From Charlotte Business Journal

http://www.bizjournals.com/charlotte/news/2016/07/01/heres-why-momentum-in-charlottes-tech-market-tops.html

[rancenc]

 

Helivision helicopter airport flyover

Here is a cool video taken this month from a Helivision helicopter on approach to Concord Regional Airport flying over Concord Mills and then doing a quick circle of the new airline terminal building under construction then flying past an Allegiant flight on the ground.

Posted by Concord Regional Airport on 26hb Julai 2016

Was trying to post in the Concord site, but here is a June overview of the Concord Regional Airport in which can see progress on the new passenger terminal and parking deck being built. The project is supposed to finished by September of this year!

Edited August 7, 2016 by rancenc

[Squid7085]

On August 5, 2016 at 11:42 AM, KJHburg said:

Look where young millenials are moving to in the US and Charlotte is in the top 10 metros along with Durham in NC  http://www.avalancheconsulting.com/blog/

Can confirm. Am a millennial that moved to Charlotte from one of the cities on the other list.

[cjd5050]

9 hours ago, Squid7085 said:

Can confirm. Am a millennial that moved to Charlotte from one of the cities on the other list.

While a great thing I am not sure this trend belongs exclusively to millennials.  

I am from Western New York and went to a high school of less than 1000.  There are about 30 people from my high school who live in Charlotte that graduated between 1992-1998.  It was like series of waves in the early 2000s of people leaving the rust belt to the 'new south'...I'm sure there are similar stories from PA and OH.  

Charlotte is a bit of a melting pot from this and it's a good thing. 

[atlrvr]

On 8/4/2016 at 6:20 PM, KJHburg said:

A big out of town firm is snooping around Charlotte according to the Atlanta Business Chronicle. Costar the real estate data group is looking for 200,000 sq ft and this article says Charlotte is a leader contender because we have more available space. Beside the new options of 300 South Tryon, 615 South College and 300 South Brevard (all uptown), Capitol Tower 2 (Southpark) and Bissell's new 287,000 sq ft building in Ballantyne we also have the space the LPL Financial is vacating in the Airport area. ATL does not have the kind of spec construction we have in the office market and that new building they mentioned in Buckhead has a higher lease rate than our new uptown high rises. 

Heres the article and does anyone know anything about this. Costar had some kind of office here before off Arrowood Rd then consolidated it elsewhere so they do know our market. Article is further down this page in this link http://www.bizjournals.com/atlanta/news/2016/07/29/turner-field-lci-creates-master-plan-for-downtown.html

In CoStar's earnings call from July 28th, there was this info disclosed:

We anticipate opening a major new operations and research center in the coming months, in a lower cost of living city such as Charlotte or Kansas City. We believe that compared to a location that we operate in today such as San Francisco or Washington D.C., these markets will allow us to recruit and retain employees more easily by providing more competitive local salaries to our staff, who could then afford a relatively higher quality of life.

We will not be shifting jobs, but more looking to build new hires in these locations. This will cost have higher costs at startup or create higher costs as we start up a new low-cost center, but should produce savings over the intermediate-term and long-term.

^^^ What's odd is it says it won't be shifting jobs, so it's unclear if they plan on firing people in existing locations, or if this is a new research center and relocation of their existing Atlanta operations are also on the table.

[CLT2014]

Turnover is probably decently high, maybe just a bit higher than a call center turnover rate. Pay starts at $19 per hour and the average Research Analyst at Costar makes $45k. Most probably stick around 2 years and use this to build their resume and do something else in real estate after getting experience.

As people leave you just replace them in a city like Charlotte and close hiring in the high cost cities.

With cost being a major factor for a new site and this job being in the $35k - $55k salary range, I'd be surprised if they anchored one of the new towers. These aren't Wells Securities or Duke engineering salaries if CoStar picks Charlotte.

Edited August 8, 2016 by CLT2014

[cjd5050]

1 hour ago, atlrvr said:

In CoStar's earnings call from July 28th, there was this info disclosed:

We anticipate opening a major new operations and research center in the coming months, in a lower cost of living city such as Charlotte or Kansas City. We believe that compared to a location that we operate in today such as San Francisco or Washington D.C., these markets will allow us to recruit and retain employees more easily by providing more competitive local salaries to our staff, who could then afford a relatively higher quality of life.

We will not be shifting jobs, but more looking to build new hires in these locations. This will cost have higher costs at startup or create higher costs as we start up a new low-cost center, but should produce savings over the intermediate-term and long-term.

^^^ What's odd is it says it won't be shifting jobs, so it's unclear if they plan on firing people in existing locations, or if this is a new research center and relocation of their existing Atlanta operations are also on the table.

 

Based on the use of research centers I could see them placing a focus to building new products in the Charlotte or KC office.  From what I have been told software companies are more about the product you work on than being just an employee.  For example, they could want to build a new Loopnet iOS app and instead of having the team who built the first one (in DC or SF) the would spin up a new team in Charlotte to build the 2.0 version.  Once 1.0 is rolled out of use they have essentially replaced the location of their mobile app team.  

That's the cold version.

The other is they are distributed company and it does not matter where you work.  As teams in SF or DC need people they just hire and locate in Charlotte.   This can work but eventually the scales tip towards the new locations.  

Either way is good news for either CLT to KC.

 

 

 

 

 

 

Edited August 8, 2016 by cjd5050

[KJHburg]

and both cities in the running are Google Fiber cities KC and now Charlotte. The original ATL Business Chronicle article mentioned campus and then in another sentence said in town locations. I would say 300 Brevard as others have mentioned would be the low cost alternative uptown. Costar dominates the commercial real estate information world and they better than anyone know of the available space.  But we have plenty of campus style space available as well with LPL leaving for Ft Mill this fall and there are several big chunks of relatively cheap space uptown in Independence Center, First Citizens Plaza and 525 N Tryon. 

[ssh214]

50 minutes ago, KJHburg said:

and both cities in the running are Google Fiber cities KC and now Charlotte. The original ATL Business Chronicle article mentioned campus and then in another sentence said in town locations. I would say 300 Brevard as others have mentioned would be the low cost alternative uptown. Costar dominates the commercial real estate information world and they better than anyone know of the available space.  But we have plenty of campus style space available as well with LPL leaving for Ft Mill this fall and there are several big chunks of relatively cheap space uptown in Independence Center, First Citizens Plaza and 525 N Tryon. 

If it's an either or situation the stakes should be decided when the Panthers play the Chiefs this year in Charlotte 

[CarolinaCrown]

5 hours ago, atlrvr said:

In CoStar's earnings call from July 28th, there was this info disclosed:

We anticipate opening a major new operations and research center in the coming months, in a lower cost of living city such as Charlotte or Kansas City. We believe that compared to a location that we operate in today such as San Francisco or Washington D.C., these markets will allow us to recruit and retain employees more easily by providing more competitive local salaries to our staff, who could then afford a relatively higher quality of life.

 

I gave them this exact reason as to why I couldn't go on in the interview process as there were only positions open in DC. 

[KJHburg]

Here is some more detail on Charlotte's tech community from JLL. We were the 3rd fastest growing tech job market from 2014 to 2015 and grew 17% and total tech job employment is 23,613.  Avg salary is $100.834 and that is 91.6% of the average.   Raleigh Durham for example has slightly higher labor costs and total employment of 56,000 and growth of 4.5%  It is good to see our rapidly growing tech community good press and great growth. 

[KJHburg]

4 companies targeting Cabarrus County for expansions and new facilities. With lots of warehouse space available or to be built Concord and Cabarrus County should be able to attract most of these.

http://www.independenttribune.com/news/cabarrus-edc-pursuing-million-expansion-project/article_59de9078-5f31-11e6-8e80-5b73b8887a4a.html

Plus Yokohama Tire company looking to build a Research and Development center in Concord too

http://www.independenttribune.com/townnews/commerce/japanese-based-tire-company-may-still-invest-more-than-million/article_3101cca4-5f33-11e6-9a4e-0b47f3af984c.html

Widening I-85 plus lots of warehouse and business parks underway with spec space plus incentives equals more jobs for Cabarrus and the Charlotte metro. 

Edited August 11, 2016 by KJHburg

[dcharlotte]

On August 8, 2016 at 1:14 PM, cjd5050 said:

 

Based on the use of research centers I could see them placing a focus to building new products in the Charlotte or KC office.  From what I have been told software companies are more about the product you work on than being just an employee.  For example, they could want to build a new Loopnet iOS app and instead of having the team who built the first one (in DC or SF) the would spin up a new team in Charlotte to build the 2.0 version.  Once 1.0 is rolled out of use they have essentially replaced the location of their mobile app team.  

 

"research centers" = call centers. They are paying $60 NNN for space in downtown DC and are not replacing many "research" jobs there due to the cost. Charlotte offers lower real estate costs and can afford them to pay lower salaries. 45k jobs are hard to compete with in DC these days (you can argue that hill staffers make the same or less but let's be honest: mom & dad are paying for that internship or low level job for some access).

[Dale]

Quality of life is better here for all save the over-stimulated. More bang for the buck. And plenty of stuff to do.

[CLT2014]

Dollar Express, the small discount chain that acquired 330 Family Dollar/Dollar Tree stores as a result of the merger, has set up their HQ in Charlotte off of Independence. The HQ has grown from 8 to 50 employees over the last couple months and the stores will convert to the Dollar Express banner this year.

Dollar Express is back by Sycamore Partners. Still bad we lost the Family Dollar HQ, but it is nice to see the brand that acquired 330 of the stores will be in Charlotte.

http://www.charlotteobserver.com/news/business/article95125122.html

Edited August 11, 2016 by CLT2014

[AP3]

Family Dollar still has a presence in Charlotte - only shared services such as IT, Finance, etc. have migrated to VA.

[cjd5050]

15 hours ago, CLT2014 said:

Dollar Express, the small discount chain that acquired 330 Family Dollar/Dollar Tree stores as a result of the merger, has set up their HQ in Charlotte off of Independence. The HQ has grown from 8 to 50 employees over the last couple months and the stores will convert to the Dollar Express banner this year.

Dollar Express is back by Sycamore Partners. Still bad we lost the Family Dollar HQ, but it is nice to see the brand that acquired 330 of the stores will be in Charlotte.

http://www.charlotteobserver.com/news/business/article95125122.html

I wonder/hope that the reason why Sycamore put the HQ in Charlotte is because they know there is going to be a lot of unemployed but highly experienced people in the same industry soon.  

Also, I am sure there is market research that supports the use of 'Dollar' in the name but I would just love for these types of stores to have a different name that doesn't feel so cheap.  It's not like everything in these stores is garbage.  

[cjd5050]

23 hours ago, dcharlotte said:

"research centers" = call centers. They are paying $60 NNN for space in downtown DC and are not replacing many "research" jobs there due to the cost. Charlotte offers lower real estate costs and can afford them to pay lower salaries. 45k jobs are hard to compete with in DC these days (you can argue that hill staffers make the same or less but let's be honest: mom & dad are paying for that internship or low level job for some access).

Ah.   Didn't see them having that many call center jobs.  I thought they were more of a software / technology company.

FWIW, I worked for a real estate platform company in San Diego 20 years ago doing 'call center' type inside sales.  Was making 80k but it was a horrible experience...because you had to deal with real estate agents.  lol.    I hope they pay more than $45k to deal with agents.

[kermit]

2 hours ago, cjd5050 said:

I wonder/hope that the reason why Sycamore put the HQ in Charlotte is because they know there is going to be a lot of unemployed but highly experienced people in the same industry soon.  

Also, I am sure there is market research that supports the use of 'Dollar' in the name but I would just love for these types of stores to have a different name that doesn't feel so cheap.  It's not like everything in these stores is garbage.  

I wouldn't get too excited about Dollar Express. Sycamore has been pretty clear that they plan to get the stores to stand on their own and then flip them to the highest bidder, most likely Dollar General or Wal-Mart. They won't be in town for long. 

(Where is the buzzkill emoji?)