Charlotte retail is not only fully recovered, it's preparing for another strong year in '17, riding a wave of restaurant and entertainment growth, The Shopping Center Group leasing adviser Darrell Palasciano, in the Charlotte office, told us.
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"Many of our clients are developing again, with restaurants and entertainment users by far the most active in the retail space," Palasciano said. People want new concepts, with the fast-casual segment as the front-runner in meeting that demand. "This allows our clients to create nicer projects around a variety of desirable restaurant concepts."
Grocery competition and grocery-anchored centers continue to play a large part in the market, he said. "That said, urban infill projects are some of the most promising. We're also involved in a number of dense, mixed-use projects, and, with so many active intown quadrants, there's no reason to believe infill will slow down anytime soon."
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On the whole, Palasciano said the Charlotte retail market has enjoyed strong demand and brisk growth in recent years and "we expect that to continue into next year. There's a lot to be optimistic about in the Charlotte market. New retail means job creation as well as providing consumers with goods, services, dining and entertainment options, which leads to an increase in consumer spending and a boost for the economy."
Investors have gotten the message about Charlotte retail. In Q4 2016 alone, Slate Retail acquired Mooresville Town Square; InvenTrust Properties Corp bought Northcross Commons in Huntersville; and Armada Hoffler Properties snapped up Renaissance Square in Charlotte.
Find out more about the retail sector, and the rest of the Charlotte real estate market, at the 7th annual Charlotte State of the Market event on Jan. 17.
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