Ask anyone and they’ll tell you: Charlotte has seen a decade of exponential growth. Recently, Charlotte Observer journalist Danielle Chemtob covered that growth. Here’s what it looks like.
Center City (an area that includes Uptown, South End, midtown, and areas west of I-277) is gaining another 6.9 million square feet of office space. These offices are either planned for the near future or are already under construction. This is up from the 5.1 square feet added last year. With all the construction cranes around town, this should come as no surprise. The additional square footage is reflected in the current construction of the Legacy Union development, the Ally Charlotte Center, the FNB Tower on S. Graham Street, and the Duke Energy Tower on S. Tryon Street.
That’s the number of hotel rooms planned or currently under construction. This is impressive because only 1,495 were added between the years of 2000 and 2009. A number of high-profile hotels are opening up shop in the area which brings not only tourism revenue, but also, jobs.
The estimated residential population in center city has now reached more than 30,000, up 46% over the last 5 years. Michael Smith, Charlotte Center City Partners CEO, is quoted saying that big cities like New York and Chicago may gain more residents overall, but Charlotte retains hers.
People “come here for the jobs, but they stay for the relative affordability,” he says.
And relatively affordable it is! $1,455 is the median monthly rent in Charlotte which is far more reasonable than peer cities where rent can easily run you $2,000 a month. Couple these fair rent prices with equally affordable home prices and it’s no wonder Charlotte has seen such astronomical growth over the past decade.
Are you ready to settle in the Queen City? Are you ready to invest in real estate or find your forever home while the gettin’ is good? Contact us today!
To read the full article, visit Charlotte News & Observer!