Whereas development within the life sciences, vitality, schooling, and manufacturing industries is contributing to Charlotte’s rise, it’s the monetary providers/fintech trade that offers the town its energy to the throne. Financial institution of America, Truist Monetary, and Wells Fargo all have both a headquarters workplace or a regional hub within the Queen Metropolis. As of 2023, monetary companies within the Charlotte-region MSA help over 100,000 jobs, which is greater than ever recorded earlier than, even previous to the pandemic. Sure, this sector’s return to the workplace was gradual following the pandemic depths and the unsure local weather precipitated by the downfall of FTX in late 2022 and Silicon Valley Financial institution in early 2023. Nonetheless, the latest arrival of Credit score Karma and expansions introduced inside different industries are cushioning the town’s economic system.
Tourism in Charlotte is bolstered by the town’s sporting and leisure occasions. Whereas the Bojangles Coliseum misplaced its declare as host of the Huge South Convention basketball tournaments beginning in 2024, Financial institution of America Stadium stays the house of the Carolina Panthers and Charlotte FC soccer. Following the sale of the stadium in 2019, the venue has been internet hosting extra concert events, occasions, and festivals than ever. The stadium and Spectrum Heart, alongside quite a few leisure sights, are anticipated to proceed to help the market’s energy as a leisure vacation spot. Exercise within the metropolis’s South Finish neighborhood, airport, and conference heart add glimmer to the Queen Metropolis’s crown and illuminate the latest and anticipated traits in hospitality.
Charlotte’s skyline continues to alter following the pandemic, with development within the Uptown and South Finish markets:
- Honeywell moved into its new Uptown headquarters in late 2021. The Fortune 500 firm relocated from New Jersey, creating its new headquarters as a technical showcase for a wide range of merchandise. The Honeywell Tower is a part of the bigger Legacy Union growth, which additionally consists of the Financial institution of America Tower, SIX50 Tower, and Seven20 parking deck. The ultimate section of this venture, Legacy Union 6Hundred, is presently beneath development and is anticipated to open in This autumn 2024.
- Duke Power is consolidating its operations in Uptown, transferring all its workers to the brand new 40-story Duke Power Plaza by the tip of 2023. The corporate’s different former Uptown holdings are anticipated to be redeveloped by their new homeowners into multifamily, retail, and different makes use of.
- The troubled former Epicentre leisure district is beneath redevelopment and is now often called Queen Metropolis Quarter.
- In Could 2023 on the intersection of the Uptown and South Finish neighborhoods, floor was damaged on the two-million-square-foot Queensbridge Collective. This growth is deliberate to incorporate a 42-story residence tower, a 35-story workplace tower, and greater than 30,000 sq. ft of retail area.
- The $153-million Lowe’s Tech Hub opened within the South Finish in 2022.
- The South Finish neighborhood has attracted the relocation of a number of firms from different Charlotte neighborhoods, together with LendingTree, Armstrong Transport Group, and Winstead PC, which all moved into the spectacular Vantage South Finish growth. The event’s two workplace towers got here on-line in 2022, providing 635,000 sq. ft of retail and workplace area, together with eight eating places and a central courtyard. A resort is deliberate to be constructed over the parking deck sooner or later.
Charlotte Douglas Worldwide Airport (CLT) stays a gem within the crown of the Queen Metropolis. It has an annual state financial impression of $32 billion. American Airways considers Charlotte as its secondary hub and operates roughly 90% of the flights on the airport. The airport has been present process an in depth, multi-phase growth since 2015 referred to as Vacation spot CLT, which is anticipated to be accomplished by the tip of 2025. Whereas the report development in passenger site visitors by way of 2019 was halted in 2020 by pandemic-related journey restrictions, the year-to-date 2023 knowledge illustrate 18.6% development over the identical interval in 2022, in addition to 1.4% development over YTD 2019. Guided by a grasp plan to boost terminal capability, CLT is poised to fulfill the longer term development potential of the area’s journey demand.
The Charlotte Conference Heart’s $127-million growth was unveiled in October 2021. The venture added 50,000 sq. ft of assembly and pre-function area, refreshed the prevailing areas, and added a pedestrian walkway bridge connecting the Heart to the adjoining Westin Resort, Complete Meals, and LYNX Blue Line mild rail. The growth is already paying off, permitting the Charlotte Regional Guests Authority (CRVA) to ebook extra and bigger occasions than ever, in addition to overlapping teams using the middle concurrently to maximise using the area. The restricted variety of resort rooms immediately adjoining to the conference heart stays a stumbling block for some teams, however the reserving tempo for the conference heart has accelerated within the final six to eight months. Bookings are presently at or forward of the goal tempo by way of 2028. Charlotte will probably be on full show in 2027 when it hosts the American Society of Affiliation Executives’ Annual Assembly & Exposition, giving assembly planners a style of Charlotte’s conference capabilities.
The Charlotte lodging market has been considerably gradual to rebound from the impacts of the pandemic, however the general outlook for the market is vibrant. In keeping with the CRVA, ADR ranges in 2022 in Mecklenburg County have been greater than these achieved in 2019, however the tempo of demand development didn’t sustain with the tempo of provide development, leading to a decrease occupancy degree for 2022 as in contrast with 2019. This common development has continued by way of March 2023, though it was famous that weekday and weekend demand in March improved relative to demand ranges in March of 2019 and 2022.
Since March 2020, the better Charlotte area has realized a resort provide improve of just about 10%, totaling greater than 3,600 guestrooms. There are presently 660 guestrooms deliberate to open by the tip of 2023, with greater than 5,300 further guestrooms within the growth pipeline. This tempo of resort provide development in Charlotte is under that of the opposite prime 25 markets within the U.S., which bodes nicely for occupancy ranges sooner or later as demand continues to extend. Uptown Charlotte welcomed the Autograph Assortment Grand Bohemian Resort in 2020 and the JW Marriott in 2021. New resort provide scheduled to open in Uptown in 2023 consists of the Homewood Suites by Hilton Charlotte Uptown First Ward in August and the Ingredient by Westin Charlotte Uptown at Stonewall Station by year-end. The Moxy Resort Uptown venture was bought in early 2023 and is on monitor to open in late 2024, whereas the long-paused InterContinental deliberate for development atop the Carolina Theatre might lastly be gaining momentum once more.
HVS continues to repeatedly seek the advice of in Charlotte, with the native workplace led by Janet Snyder, MAI, and assisted by Courtney Vris of the Atlanta workplace. Each Janet and Courtney are able to help you on any consulting wants you will have. Eric Guerrero with HVS Brokerage can even talk about any Charlotte property you could be contemplating promoting.
