Urban Land Institute report musings

The Charlotte Market appears strong at the moment, but according to a survey by the Urban Land Institute, it has slipped from #3 down to #9 in the country. The Institute ranks cities across the nation to see which are the top 10 markets for investment. Per their mission statement, The Urban Land Institute is “an independent global nonprofit supported by members representing the entire spectrum of real estate development and land use disciplines.”

The survey stated that HB2 was part of the cause for the city falling towards the bottom of the list. There have been substantial monetary losses due to sporting event cancellation that are responsible for a cooling in the market. HB2 has also dissuaded many large corporations from investing further in the region at this time.

Industrial development remains strong in Charlotte and is expected to continue. Multi-family development is expected to stall. There are multiple multi-family projects underway in the Queen City at this time. It remains a waiting game to see if the demand lives up to the new supply that will soon be available. This could be a strong predictor of future multi-family projects.

Single family homes appear to be holding steady, but there is less inventory available than at the same time last year. This could be people waiting out the uncertainty before listing their homes. It could also be that nobody wants to leave here so they are less likely to list their homes. There has also been a population increase here in the area so there is still high demand for any home that is listed.

Charlotte remains a strong market at the moment, but with continued fallout from HB2 and rioting, it is not as strong as it once was. Time may heal a lot of these wounds. Charlotte still has a lot of things going for it. There is no lack of jobs here. The weather is fantastic. Location is great, being midway between the mountains and the coast. Rich history and culture abound here. The arts community is thriving. There is great diversity. If we can weather this storm, there should be continued growth.

If you would like to read more about the survey by the Urban Land Institute, click here.