The State of Charlotte Center City: An Era of New Growth

April 25, 2016 2:51 pm

SoCC-Screen

Long-term visioning, strategic investments in infrastructure and public-private partnerships have Charlotte Center City well positioned for a period of shaping change. Charlotte Center City Partners today unveiled the latest research and economic development data focused on the city’s urban core at its State of the Center City event.

Event attendees were the first to receive the 2016 State of the Center City (SoCC) report, which provides a snapshot of the current development within Center City Charlotte. Produced by Charlotte Center City Partners, the report is intended to be a resource to brokers, prospects, investors, developers, real estate professionals and economic development professionals as they work to recruit and retain businesses and investors. The 2016 SoCC report is the sixth report published.

Charlotte Mayor Jennifer Roberts was the event’s special guest, and shared with attendees her desire and commitment to promote economic development in Charlotte. “We will continue to aggressively recruit new companies to Charlotte and work to retain the companies we have to spread economic opportunity to all corners of our city,” Roberts said. “Charlotte has a reputation of getting things done and even though we are a city of nearly one million, we will always have the heart of a small town.”

Michael Smith, President and CEO of Charlotte Center City Partners, hosted the event and said Charlotte Center City is becoming a complete place in myriad ways. “Great cities create the context for tomorrow’s vibrancy,” Smith said. “This year offers us a unique opportunity to create beloved places that will shape our city for decades to come.”

During the event, facts and data covering everything from development, transit, sustainability and retail were highlighted. A few data points were called out, including:

  • A total of 3.5 million square feet of office space is currently under construction or in planning in Charlotte Center City.
  • By 2020, 44 percent of all office space and 53 percent of all Class A office space will be in Charlotte’s Central Business District (CBD).
  • Co-working is on the rise, growing from 34,200 square feet in 2014 to nearly 100,000 square feet today.
  • The 8,772 new residential units under construction or in planning are expected to bring more than 14,000 new residents to Center City.
  • By the end of the decade, the population of Center City is estimated to grow to 40,000.
  • 32 percent of Charlotte residents work within three miles of Uptown; nationally, 23 percent of Americans work within three miles of a downtown.
  • When all current projects deliver, Center City will add 2,251 hotel rooms, an increase of 45 percent.
  • The visitors, workers and residents of Center City offer an attractive market for retailers with an annual spending potential of $1.18 billion.
  • 75 percent of new residents in Uptown and South End are between the ages of 18 and 34.

Download the report here. Charlotte Center City Partners has produced an annual State of the Center City report since 2010. Contents of the report pertain to Uptown, South End, and a portion of the Midtown neighborhood.

About Charlotte Center City Partners

Charlotte Center City Partners envisions and implements strategies and actions to drive the economic, social and cultural development of Charlotte’s Center City. The organization envisions a Center City in Charlotte that is viable, livable, memorable, and sustainable, with modern infrastructure, a tapestry of unique neighborhoods, and a diversity of thriving businesses. For more information, please visit www.charlottecentercity.org.

Category: , ,