Mar
31

Is Charlotte Near the End of the CRE Boom?

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charlotte 2016If Charlotte’s real estate boom were a baseball game, the general consensus seems to be we’d be somewhere between the seventh inning stretch and heading for the stadium exits.

That’s what a panel of experts concluded at the annual Charlotte Commerical Forecast, hosted Wednesday by the North Carolina Chapter of the CCIM Institute at Carmel Country Club. While they agreed that 2016 is likely to be another good year, all kinds of uncertainties – from the presidential election to the state of China’s economy to interest rate hikes in the U.S. – could derail the local real estate market beyond that.

“We’re somewhere between the seventh and the ninth inning,” said Mark Vitner, Charlotte-based economist for Wells Fargo. He was trying to quantify where Charlotte is in the real estate cycle before the next bust hits.

Local economic indicators are mostly positive. Apartments are under construction at a record pace in Charlotte, with about 25,000 either planned or underway. Office buildings are being built from uptown to Ballantyne, and the $284 million sale of One Wells Fargo Center that closed last week set a new record as the most paid for an office building in the state. Home prices are rising, and jobs growth continues in Charlotte.

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