News
NOWHERE TO GO BUT UP
October 13, 2011
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| Optimism infused most, but not all, of the commentary at Charlotte CREW's monthly luncheon this week. 150 attendees at the sold-out show at the Ritz uptown walked away understanding that office development is still in the tank and lenders, whether private or public, are still expecting as much as 50% equity up front before agreeing to fork over capital for new development. The CRE rock star speakers: Reznick Group's Josh Northcutt, JLL?s Louis Stephens, and Cassidy Turley's Steve Gassaway. ?Among the people who arestill standing, decisions are being made,? Louis tells us. | |
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| Greensboro-based GC Samet Corp.?s Charles Blankinship tells us, like many before him, building is centered on multifamily. Industrial development, office upfits and healthcare also are reasonably strong. But new spec office, Charles, says, ?is in the toilet.? That holds true with the folks with their hands on the money. Prudential Mortgage?s Paige Hood, who will be a panelist at Bisnow'supcoming Capital Markets Summit Oct. 20 (sign up), tells us lenders aren't thrilled with the idea of financing new spec office. ?As long as we have high vacancy and tepid demand, it just doesn?t make sense,? he says. |
