Invest: Charlotte 2020 Press Release

Invest: Charlotte 2020 Press Release

By: Felipe Rivas

Charlotte’s economic resilience in the face of unprecedented challenges to highlight the launch of the inaugural edition of Invest: Charlotte 2020.

September 2, 2020

Charlotte, N.C. – In this time of uncertainty, it is crucial to showcase the strength and overall resilience of the local community and economy. Invest: Charlotte 2020 does just that. With 152 pages of thoroughly researched analysis, the inaugural edition of Invest: Charlotte 2020 highlights the opportunities in the Charlotte Metro Area economy through C-level insider insights and key business intelligence. Known for its affordability, highly educated workforce and reputation as a major banking hub, the Queen City is poised to continue its growth and economic diversification even through current coronavirus-related challenges. These challenges and the steps taken to overcome them are just some of the focal points in this edition of Invest: Charlotte, published by Capital Analytics. The 2020 edition highlights Mecklenburg County and beyond, including parts of South Carolina, such as Rock Hill and Lancaster County, and includes a special focus chapter on Gaston County.

 

 

Importantly, this first edition of Invest: Charlotte dives deep into the top economic sectors in the Charlotte Metro Area. The business report features exclusive insights from industry leaders, sector insiders, elected officials and heads of important institutions, brought together for the first time in a comprehensive release. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

The official launch of the publication will take place on Thursday, Sept. 10, at 11:30 a.m. via Zoom Webinar. This event will consist of a brief introduction by Capital Analytics’ CEO Abby Melone and will be followed by two robust panel discussions.

The panels will address the current economic climate as well as prevailing themes dominating the Charlotte Metro Area’s economy: finance and banking in the time of a pandemic and the future of development in the Queen City. Charlotte Mayor VI Lyles will kick off the virtual conference as the opening keynote speaker. Truist Metrolina Regional Charlotte President Heath Campbell, Fifth Third Bank  Mid-Atlantic President Lee Fite, and Wells Fargo Managing Director and Senior Economist Mark Vitner will participate in the panel, “Financial recovery for businesses and individuals in the wake of a pandemic.”Cadwalader, Wickersham & Taft LLP Charlotte Office Managing Partner Suart Goldstein will moderate. The second panel, “The future of development in the Charlotte region,” will feature Zach Pannier of DPR Construction, Marcie Williams of RKW Residential-Charlotte, Clay Grubb of Grubb Properties, and Lawrence Shaw of Colliers International. City of Charlotte Planning Director Taiwo Jaiyeoba will moderate. Charlotte Regional Business Alliance CEO Janet LaBar will be the closing keynote speaker. Hundreds of high-level guests and officials from Charlotte’s key industries and economic institutions will be tuning into the event. We are inviting all attendees and those wanting to register for the event to participate in the following survey, the results of which will be presented at the Invest: Charlotte 2020 launch conference. 

“Charlotte was an important expansion for us as it is the nation’s second-largest banking city and a key driver of economic growth in the Southeast. The Queen City is experiencing positive economic activity as national and international companies choose Charlotte as a place to grow or relocate their operations,” said Abby Melone, President and CEO of Capital Analytics. “Despite the challenges put upon us by COVID-19, Capital Analytics remains steadfast in our purpose: to deliver in-depth business intelligence through its print and digital platforms. Now more than ever, information is not only necessary, it is vital.” 

***

About Capital Analytics & Invest: Charlotte

Capital Analytics is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events and top-level interviews via its video platform, Invest: Insights.

Invest: Charlotte is an in-depth economic review of the key issues facing Charlotte’s economy, featuring the exclusive insights of prominent industry leaders. Invest: Charlotte is produced with two goals in mind: 1) to provide comprehensive investment knowledge on the Charlotte region to local, national and international investors, and 2) to promote Charlotte as a place to invest and do business.

The book conducts a deep dive into the top economic sectors in the county, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders and heads of important institutions. It analyzes the leading challenges facing the market, and uncovers emerging opportunities for investors, entrepreneurs and innovators.

For more information, contact: 

Max Crampton-Thomas

Regional Editor

305-523-9708 Ext: 233

 

Charlotte provides relief now while thinking about the future

Charlotte provides relief now while thinking about the future

By: Felipe Rivas

2 min read August  2020 From a census count, to civil unrest, to the health and economic fallout from the COVID-19 pandemic, 2020 has proved to be a pivotal year for the nation. And though uncertainty has remained constant throughout the year so far, the Queen City’s infrastructure investments, diverse business climate and access to talent continue to draw interest from companies and new residents. As the pandemic continues to change the way Charlotteans live, work and play, however, city leaders are juggling the precarious task of providing relief for residents now, while contemplating the future development and growth expected in the Queen City. 

 

From workforce development efforts to small business relief, state, municipal and banking leaders are working to mitigate the pandemic’s immediate economic impact. In August, in an effort to continue to help embattled renters and homeowners, the Charlotte City Council approved an additional $8 million of federal stimulus funding to expand the existing Rental and Mortgage Assistance Program (RAMP CLT). Since April, more than 1,500 households have received $1.4 million in mortgage, rent, hotel and utilities relief and upfront housing assistance due to COVID-19, the city reported. Individuals earning 80% or below the average median income who face COVID-19 hardships and cannot make housing payments may apply for rent or mortgage assistance.

Though the pandemic-infused economic contraction has hit the Charlotte metro area, the region continues to be a favorable destination for new residents. The Charlotte metro continued to be a major draw for new residents coming from the East Coast and as far as California, global property investment giant Jones Lang LaSalle reported in August. “New residents have been drawn by a robust job market, lower cost of living and more pleasant climate,” JLL wrote in its “Tracking population migration in Charlotte” snapshot report. “Year over year migration from the Miami-Fort Lauderdale metro increased by 450%,” while “in-migration from California has increased by 500% year over year as the California diaspora moves further east,” JLL found. 

Charlotte’s appeal to new residents, business owners and companies will likely drive commercial and residential development demand as the region moves past the pandemic. In an effort to maximize the value of development projects expected to come to the city, Charlotte city leaders are considering implementing impact fees on property developers to cover public services for new developments, including any new infrastructure needed. These fees can also help create public green space, support schools and parks, as well as fund public transportation projects. 

Leading the effort on the impact fees proposal is Taiwo Jaiyeoba, assistant city manager and director of Planning, Design and Development, who is expected to present a proposal to the city manager in the coming months, as reported by the Charlotte Observer. Impact fees are vehemently opposed by developers who say the fees can potentially stifle development projects. Additionally, to move forward with impact fees, the city will have to receive permission from the state legislature, which has traditionally opposed the measure. 

During these uncertain times, sound insights and collaboration between the public and private sectors will be pivotal in ensuring financial recovery for both businesses and residents. To learn more about the future of development in Charlotte, register now for the Invest:Charlotte 2020 Virtual Launch Conference. The conference takes place on Sept. 10 at 11:30 a.m. The virtual conference will feature two robust panels, including “The future of development in the Charlotte region,” moderated by Taiwo Jaiyeoba, assistant city manager and director of Planning, Design and Development, and featuring Zach Pannier, business unit leader, DPR Construction; Marcie Williams, president, RKW Residential; Clay Grubb, CEO, Grubb Properties; and Lawrence Shaw, managing partner, Colliers International.

 

To learn more, visit:

https://www.us.jll.com/en/views/snapshots/charlotte-snapshot-8-3-2020

https://events.r20.constantcontact.com/register/eventReg?oeidk=a07eh85c9d965e383fa&oseq=&c=&ch=

 

Financial recovery for businesses and individuals in Charlotte

Financial recovery for businesses and individuals in Charlotte

By: Felipe Rivas

2 min read August 2020 As the summer wanes, Queen City businesses and residents face major challenges related to personal finances and overall financial recovery. With back-to-school season and the November elections looming, uncertainty in an already volatile economic cycle will remain a constant for the rest of the year. 

The Paycheck Protection Program, or PPP loans, has been a major support for local businesses. Data released by the Small Business Administration show that almost 19,000 Charlotte businesses tapped into these resources, the Charlotte Observer reported in July. As a major banking hub, Charlotte’s banking sector plays an important role in the Queen City’s financial recovery. With major institutions such as Truist, Wells Fargo and Fifth Third Bank calling Charlotte home, or having a considerable presence in the region, Charlotte is poised to weather the pandemic-related economic challenges, much like it did during the Great Recession. 

Currently, Charlotte remains in the Safer At Home Phase 2, as Gov. Roy Cooper extended the phase another five weeks in an effort to decrease COVID-19 numbers as students and staff prepare for back-to-school season. Mecklenburg County had reported more than 22,000 cases and 226 deaths as of the beginning of August, according to the Johns Hopkins University Covid-19 Status Report. “Other states that lifted restrictions quickly have had to go backward as their hospital capacity ran dangerously low and their cases jumped higher. We will not make that mistake in North Carolina,” Cooper said in a press release. “In keeping with our dimmer switch approach with schools opening, and in order to push for decreasing numbers, which will keep people healthier and boost our economy, North Carolina will remain paused in Safer At Home Phase 2 for 5 weeks.”

Balancing health and safety with goals for opening the economy has proved to be a precarious task for state and municipal governments across the country. While businesses have measures such as PPP loans, embattled residents laid off by the impact of the pandemic have to rely on local and national governments to help make ends meet. Gov. Cooper has been vocal about urging the national government to extend unemployment benefits as the talks for more stimulus packages continue. “The additional $600 a week unemployed workers have received from the Federal Pandemic Unemployment Compensation program has been a lifeline for struggling families and communities over these past few months,” Cooper said in a press release. “But unless the federal government acts quickly, these benefits will expire and many people will be without money they need to pay bills and provide for their families. I am urging Congress to do the right thing for the health of our families and the health of our economy by extending this critical program.” 

In an effort to help North Carolinians find employment in this current economic cycle, the governor’s office created NCcareers.org, an integrated career information system that offers residents ways to explore careers and job opportunities during the pandemic. “North Carolinians need resources to navigate the quickly changing job market,” Cooper said in a press release. “The new NCcareers.org helps people research the education and training options that lead them to find good, high-paying jobs available right now across our state.”

During these uncertain times, sound insights and collaboration between the public and private sectors will be pivotal in ensuring financial recovery for both businesses and residents. To learn more about financial recovery in Charlotte, register now for the Invest:Charlotte 2020 Virtual Launch Conference. The conference takes place on Sept. 10 at 11:30 a.m. The virtual conference will feature two robust panels, including “Financial recovery for businesses and individuals in the wake of a pandemic,” moderated by Stuart Goldstein, managing partner Charlotte Office, Cadwalader, Wickersham & Taft LLP and featuring Truist Metrolina Regional Charlotte President Heath Campbell, Fifth Third Bank  Mid-Atlantic President Lee Fite and Wells Fargo Managing Director and Senior Economist Mark Vitner.

 

To learn more, visit:

https://governor.nc.gov/news/students-return-school-north-carolina-remain-paused-phase-2

https://governor.nc.gov/news/north-carolina-introduces-new-nccareersorg

 

Invest: Charlotte 2020 Press Release

Invest: Charlotte 2020 Press Release

By: Felipe Rivas

Charlotte’s economic resilience in the face of unprecedented challenges to highlight the launch of the inaugural edition of Invest: Charlotte 2020.

July 31, 2020

FOR IMMEDIATE RELEASE

Charlotte, N.C. – In this time of uncertainty, it is crucial to showcase the strength and overall resilience of the local community and economy. Invest: Charlotte 2020 does just that. With 152 pages of thoroughly researched analysis, the inaugural edition of Invest: Charlotte 2020 highlights the opportunities in the Charlotte Metro Area economy through C-level insider insights and key business intelligence. Known for its affordability, highly educated workforce and reputation as a major banking hub, the Queen City is poised to continue its growth and economic diversification even through current coronavirus-related challenges. These challenges and the steps taken to overcome them are just some of the focal points in this edition of Invest: Charlotte, published by Capital Analytics. The 2020 edition highlights Mecklenburg County and beyond, including parts of South Carolina, such as Rock Hill and Lancaster County, and includes a special focus chapter on Gaston County.

Importantly, this first edition of Invest: Charlotte dives deep into the top economic sectors in the Charlotte Metro Area. The business report features exclusive insights from industry leaders, sector insiders, elected officials and heads of important institutions, brought together for the first time in a comprehensive release. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

The official launch of the publication will take place on Thursday, Sept. 10, at 11:30 a.m. via Zoom Webinar. This event will consist of a brief introduction by Capital Analytics’ CEO Abby Melone and will be followed by two robust panel discussions.

The panels will address the current economic climate as well as prevailing themes dominating the Charlotte Metro Area’s economy: finance and banking in the time of a pandemic and the future of development in the Queen City. Charlotte Mayor VI Lyles will kick off the virtual conference as the opening keynote speaker. Truist Metrolina Regional Charlotte President Heath Campbell, Fifth Third Bank  Mid-Atlantic President Lee Fite, and Wells Fargo Managing Director and Senior Economist Mark Vitner will participate in the panel, “Financial recovery for businesses and individuals in the wake of a pandemic.”Cadwalader, Wickersham & Taft LLP Charlotte Office Managing Partner Suart Goldstein will moderate. The second panel, “The future of development in the Charlotte region,” will feature Zach Pannier of DPR Construction, Marcie Williams of RKW Residential-Charlotte, Clay Grubb of Grubb Properties, and Lawrence Shaw of Colliers International. City of Charlotte Planning Director Taiwo Jaiyeoba will moderate. Charlotte Regional Business Alliance CEO Janet LaBar will be the closing keynote speaker. Hundreds of high-level guests and officials from Charlotte’s key industries and economic institutions will be tuning into the event. We are inviting all attendees and those wanting to register for the event to participate in the following survey, the results of which will be presented at the Invest: Charlotte 2020 launch conference. 

“Charlotte was an important expansion for us as it is the nation’s second-largest banking city and a key driver of economic growth in the Southeast. The Queen City is experiencing positive economic activity as national and international companies choose Charlotte as a place to grow or relocate their operations,” said Abby Melone, President and CEO of Capital Analytics. “Despite the challenges put upon us by COVID-19, Capital Analytics remains steadfast in our purpose: to deliver in-depth business intelligence through its print and digital platforms. Now more than ever, information is not only necessary, it is vital.” 

***

About Capital Analytics & Invest: Charlotte

Capital Analytics is an integrated media platform that produces in-depth business intelligence through its annual print and digital economic reviews, high-impact conferences and events and top-level interviews via its video platform, Invest: Insights.

Invest: Charlotte is an in-depth economic review of the key issues facing Charlotte’s economy, featuring the exclusive insights of prominent industry leaders. Invest: Charlotte is produced with two goals in mind: 1) to provide comprehensive investment knowledge on the Charlotte region to local, national and international investors, and 2) to promote Charlotte as a place to invest and do business.

The book conducts a deep dive into the top economic sectors in the county, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. The publication is compiled from insights collected from more than 200 economic leaders, sector insiders, political leaders and heads of important institutions. It analyzes the leading challenges facing the market, and uncovers emerging opportunities for investors, entrepreneurs and innovators.

For more information, contact: 

Max Crampton-Thomas

Regional Editor

305-523-9708 Ext: 233

Invest: Charlotte 2020 Press Release

Capital Analytics Highlights Charlotte’s Business Growth

By: Felipe Rivas

Capital Analytics Highlights Charlotte’s Business Growth

Invest: Charlotte offers economic insight in a time of uncertainty

July 13, 2020

FOR IMMEDIATE RELEASE

CHARLOTTE, NC — Capital Analytics’ in-depth research into the Charlotte market is an essential tool for economic development in a time of uncertainty. Invest: Charlotte, one of an annual series of business reports from the media and information company, offers comprehensive business intelligence highlighting Charlotte as a place to do business. Known for its affordability, highly educated workforce, and reputation as a major banking hub, the Queen City is poised to continue its growth and economic diversification even through current coronavirus-related challenges and uncertainty. This first edition of Invest: Charlotte dives deep into the top economic sectors in the Charlotte Metro Area, including real estate, construction, utilities and infrastructure, transportation and aviation, banking and finance, legal, healthcare, education, and arts, culture and tourism. 

The business report features exclusive insights from industry leaders, sector insiders, elected officials and heads of important institutions, brought together for the first time in a comprehensive release. It analyzes the leading challenges facing the market and uncovers emerging opportunities for investors, entrepreneurs and innovators.

“Charlotte was an important expansion for us as it is the nation’s second-largest banking city and a key driver of economic growth in the Southeast. The Queen City is experiencing positive economic activity as national and international companies choose Charlotte as a place to grow or relocate their operations. Our Charlotte expansion showcases how metro areas are more than just cities, but rather a diverse ecosystem made up of many companies, locations and environments. Despite the challenges put upon us by COVID-19, Capital Analytics remains steadfast in our purpose: to deliver in-depth business intelligence through its print and digital platforms. Now more than ever, information is not only necessary, it is vital,” said Abby Melone, President and CEO of Capital Analytics. 

Over seven months, the Capital Analytics team conducted extensive research and interviewed over 200 high-profile industry leaders, including Charlotte Mayor Vi Lyles, City Manager Marcus Jones,  Charlotte Regional Business Alliance President Janet LaBar, Bank of America Charlotte Market Leader Charles Bowman, and President and CEO of Atrium Health Eugene Woods. Through intensive research, the Capital Analytics team identified significant business insights that will serve as important knowledge benchmarks for investors, entrepreneurs and innovators. The publication is the first and most comprehensive report on Charlotte’s vibrant business climate, as seen through the eyes of those at the forefront of their sectors. Additionally, Invest: Charlotte features a dedicated Gaston County chapter further highlighting the business opportunities in the region. 

“Over the course of our seven-month research period, we were given the ability to get an insider view into Charlotte’s vibrant and diverse economy and discover what is driving the population and business growth in the Queen City. We found that Charlotte’s forward-thinking attitude, key investments in infrastructure and development, and collaborative business culture has transformed Charlotte into a resilient city ready to weather current economic challenges, while continuing its economic growth and social prosperity,”  said Max Crampton-Thomas, Regional Editor of Capital Analytics. 

About Capital Analytics:

Capital Analytics produces in-depth business intelligence with a focus on providing comprehensive investment knowledge on markets within the United States for the domestic and global business community. Over a seven-month research period, it meets with more than 200 top political, commercial and industry leaders to deliver targeted information, in-depth analyses and strategic insights to the global business community on economic trends and investment opportunities.

Capital Analytics has a global readership and includes among its readers top executives working in real estate, finance, technology, trade and logistics, health, hospitality and others. Books are distributed locally, nationally and globally to trade and investment boards, executives of Fortune 500 companies, institutional investors, consulates and embassies, hedge funds, leading chambers and associations, as well as high-level summits and conferences.

 

For more information contact 

Max Crampton-Thomas 

Regional Editor

mcthomas@capitalaa.com

TEL: 305-523-9708 ext 233

Fourth of July weekend in the Queen City

Fourth of July weekend in the Queen City

By: Felipe Rivas

2 min read July 2020Independence Day traditionally marks the peak of summer travel, events and large gatherings. This year, however, Fourth of July festivities have been significantly reduced or moved to the digital landscape for families to enjoy from the comfort and safety of their homes due to the coronavirus pandemic.

Among the cancellations is The Charlotte Knights’ annual fireworks show over Independence Day weekend. However, not all celebrations have been dampened by the virus. From interactive conversations to races and, of course, fireworks, the Queen City will feature a few in-person events mixed with a large offering of virtual spectacles that will surely foster the patriotic spirit in these uncertain times. Here is our pick of the different in-person and virtual events happening over the Indepence Day weekend. 

Fourth of July Celebration at U.S. National Whitewater Center 

Described as a “summer classic,” the U.S National Whitewater Center will feature a two-day Fourth of July Celebration with plenty of opportunities to enjoy the festivities and keep socially distant. The festival will feature live music, various yoga practices, Battle Royale SUP Sprint, and two days of fireworks overlooking the world’s largest man-made whitewater river, the center wrote on its website. The celebration is free to attend, open to the public, and does not require tickets.

To learn more, visit: https://usnwc.org/relax/festivals/fourth-of-july-celebration/

Gastonia Grizzlies Baseball Game and Fireworks Show

Those wishing to enjoy nine innings of baseball, hot dogs and fireworks can head over to the City of Gastonia on Friday, July 3, for a night of Independence Day celebrations. Dubbed as the “the best fireworks in town at the greatest show in town,” the event is a great place to stretch your legs over the Fourth of July weekend. 

To learn more, visit: https://gastoniagrizzlies.com/schedule/

Park National Bank American 4 Miler

Those wishing to maintain their fitness routine before tackling the celebratory burgers, hotdogs and chips customary of Fourth of July celebrations can enjoy an in-person or virtual 4-mile race. The Park National Bank American 4 Miler is an on-site or virtual run on Friday, July 3 that sets the tone for the rest of the Independence Day weekend. The on-site race will conclude with live music, but there will be no in-person awards ceremony, according to organizers. The cost ranges from $24-$27 and there will be no race-day registration.

To learn more,  visit: https://runsignup.com/Race/NC/Charlotte/American4MilerpresentedbyFamousToastery

Independence Day at the Charlotte Museum of History 

For history buffs and parents looking for daily learning activities, The Charlotte Museum of History will host virtual Independence Day festivities starting June 29 through July 4. The museum’s website offers new resources ready to teach and entertain its audience each day throughout the Independence weekend. Activities are free of charge but registration is needed. 

To learn more,  visit: https://charlottemuseum.org/digital/

Virtual Family Dinner

Use this holiday break to bring the family together virtually. Much like work video calls, schedule a family video call at dinner time to unite family members scattered by social distance and travel restrictions. Though it may be hard to pass the potato salad across a video conference call, it is easy to enjoy a virtual family dinner filled with laughs and smiles. Food always brings people together, use this Independence Day to recreate the Fourth of July weekend you had in mind at the start of 2020.

The Post-Pandemic City

The Post-Pandemic City

By: Abby Melone, President & CEO, Capital Analytics

It’s a truism in today’s hyper-connected world that people go where the jobs are, more so now than ever before. But what happens when your job suddenly can be done from anywhere?

 

The 19th century ushered in the first and second Industrial Revolutions that saw more and more people move to urban environments, precisely because that’s where the jobs were. In the United States, the rise of manufacturing opened a new world of employment possibilities, pushing people from the farm to the factory. It’s a push that in one way or another continued into the 20th and 21st centuries. The result is seen today in the population densities that cram big cities from coast to coast, border to border.

According to the United Nations’ World Urbanization Prospects report and the website Our World in Data, the world crossed over in 2007. That’s the fist year the number of people living in urban areas rose above the number living in rural areas (3.35 billion versus 3.33 billion). In the United States, around 82.3% of the population lives in urban areas, according to the World Bank. Growth trajectories project a steady increase in urbanization as far out as 2050. 

Today, the millennial generation is changing the character of urbanization by spearheading the live-work-play ethos. This generation prefers to skirt the traffic jams and live and play near where they work. The goal to have it all close by has given rise to the mixed-use building concept that puts everything – your living options, your entertainment choices and your shopping – all in one convenient location, which preferably, is near your workplace. 

It also means we are all living closer to each other in smaller and smaller spaces. That seemed to suit a lot of people just fine. Then the COVID-19 pandemic happened, and all of sudden, none of that seemed fine at all.

The pandemic resulted in shelter-in-place orders that forced people to live 24 hours a day in their homes while also working from their home offices, if they had one, or their kitchen tables if they didn’t. The very idea of needing to go somewhere else to do your job turned out to be not so much of a necessity after all. In just a few months, priorities appear to have shifted. Now, many of us seem to crave space, the great outdoors, and we seem to be split 50-50 on whether we want to continue working from home, wherever we choose that to be, or prefer an official office setting, mostly for the socializing.

There is little doubt that the world has changed as a result of the pandemic. Most experts are puzzling on whether that change will last and just what our cities will look like as a result. The fact is, though, that change was already in play before COVID-19 hit.

My company focuses on nine major U.S. markets like Orlando, Miami, Atlanta and Philadelphia. We talk to industry and political leaders to understand the issues their communities face to gauge the direction in which they are moving. Today, everyone is talking about the pandemic’s impact on the retail sector, for example. Yet, e-commerce was already a thing before COVID-19. In 2019, a record 9,800 stores were shuttered, according to a Bloomberg report, with 25,000 closures expected in 2020 due to the coronavirus impact, the report said, citing Coresight Research. Yes, that’s a devastating impact, but the pandemic really has only accelerated the pace of implementation. It pushed more people online immediately, but those people were likely headed there anyway.

Many of the leaders we have spoken with during the pandemic agree that retail and commercial real estate was already undergoing a slowdown as industrial space to accommodate last-mile delivery for the Amazons of the world was booming. Many expect this trend will continue.

More importantly, what the pandemic has done has caused a rethink of priorities among individuals and it is this impact that will likely shape the post-pandemic city. Living in lockdown awakened people to the “smallness” of their space, forced on them by a combination of convenience and higher and higher housing prices in big cities. The median listing price for a home in Miami-Dade, for example, was $465,050 in May compared to the average U.S. listing price of $329,950, according to the Federal Reserve Bank of St. Louis. Interestingly, population growth in Miami-Dade was already slowing as more people moved out, with escalating living costs among the factors. With the pandemic highlighting the risks of living so close together, will more people decide that farther away is not only cheaper, but safer?

Big city living will change in the post-pandemic world as social distancing forces “people places” like gyms and restaurants to accommodate lingering fears from the virus. Tens of thousands of small businesses have already closed down for good, clearly altering the very unique characteristics of cities that attracted people in the first place.

The biggest impact, however, will be on how – and where – jobs are done. Remote working is hear to stay in some form or another. Like the industrial revolutions of the 18th and 19th centuries, people will always go where the jobs are. For many, those jobs will now be done from home, which means that home can be virtually anywhere. It creates choice like never before, and this will dramatically alter the character, although not likely the course, of urbanization. That’s an important difference. 

Big cities have seen the ebbs and flows of population growth before and will likely see them again. Through it all, they have more often thrived than not. The post-pandemic city may look and feel a bit different – the way condo units are built, for example, may change to accommodate working from home, while adding elements like air filters to battle any future virus outbreak – and there may even be a greater push to the suburbs in the short term. Overall, however, continued urbanization likely will remain on the cards. If we’re lucky, there may just be a little more distance between all of us.

 

Charlotte: Toe to Toe with Coronavirus

Charlotte: Toe to Toe with Coronavirus

By: Felipe Rivas

4 min read June 2020—The tenacity of the coronavirus has challenged, and at times highlighted, the economic strength of cities across the nation. While the pandemic has severely bruised the Queen City’s economy, the city’s dexterity and sound fundamentals are helping to soften the blow as Charlotte recoups and prepares for an uncertain future. 

 

Marked by serious losses and promising victories, June has been a roller coaster of economic activity for the Charlotte Metro Region. Unexpectedly, the city’s hospitality sector, an already embattled segment of the economy, suffered a further blow when President Donald Trump and Republican leaders swiftly yanked the Republican National Convention (RNC) out of Charlotte after coronavirus-related concerns prevented North Carolina leaders from guaranteeing a fully operational Spectrum Center, hotels and other amenities. But as Charlotte reeled from this sudden blow, the region jabbed back at the coronavirus-related adversity with positive job expansion and promising rezoning announcements slated to be catalysts for growth in the near future. 

Two years of RNC preparations vanished as RNC leaders decided to move more than half of the August festivities to Jacksonville, Florida. Since winning the bid to host the 2020 RNC in 2018, the host committee and Charlotte’s hospitality and business leaders have toiled to ensure a smooth and enjoyable experience for the thousands of delegates, journalists, and visitors expected for the event. However, as government and business leaders entered 2020 confident about the state of the economy, the contingency plans unsurprisingly failed to factor in a global pandemic and the subsequent reduction in major events and large gatherings of people. 

In late May, in a letter to Gov. Roy Cooper, RNC leaders demanded that Charlotte, which remains in a state of emergency, guarantee a “full convention,” and “full hotels and restaurants, and bars at full capacity,” according to a response letter published by the governor’s office. Citing uncertainty and the state of the coronavirus come August, Gov. Cooper said planning for a scaled-down convention with fewer people, social distancing and face coverings is a necessity. “As much as we want the conditions surrounding COVID-19 to be favorable enough for you to hold the Convention you describe in late August, it is very unlikely,” Gov. Cooper wrote to the RNC leaders. “Neither public health officials nor I will risk the health and safety of North Carolinians by providing the guarantee you seek.” 

This lack of guarantee prompted RNC leaders and President Trump to move three of the four convention days to Jacksonville, according to different news sources. Charlotte will host the first day of the convention, with the traditional speeches and fanfare occurring in Jacksonville. The convention is scheduled to run Aug. 24-27.  

“We wanted to host the RNC because we hosted the Democratic National Convention in 2012 and so we want to prove to the world that we are capable of delivering high-quality events,” Charlotte Mayor Vi Lyles told Invest: Charlotte in the spring, before the RNC decision. She further explained the advantages for Charlotte: “It is a great branding opportunity for the city, as we expect up to 50,000 people, including many international journalists, to visit during the event. It will also provide a huge boost to our hospitality industry.” she said. The convention was expected to generate more than $150 million in revenue for the area’s restaurants, bars and hotels, the Charlotte Observer reported.  

As the hospitality and tourism sector begins to gather its composure after such a punch, Charlotte heavyweights aim to continue to strengthen the region’s foundation. Two significant redevelopments projects moved forward on Monday after receiving unanimous approval from city leaders. Rezonings were approved for the redevelopment of Atrium Health’s Midtown flagship campus and the former Eastland Mall property in east Charlotte, according to the Charlotte Business Journal. 

Atrium Health, the region’s largest employer, seeks to rezone close to 70 acres at the Carolina Medical Center to accommodate a live, work, and play environment, complete with a new bed tower, rehabilitation hospital, office space, affordable housing and more. In 2019, Atrium Health announced more than $1.5 billion investment in the Charlotte metropolitan area to help build new infrastructure, including new hospitals and medical facilities, President and CEO Gene Woods Told Invest:Charlotte in the spring. “This is about more than just adding brick and mortar. It’s about investing in this community because this is the place our friends, our neighbors and our loved ones call home, and we want to see it continue to thrive,” Woods said. “As the major healthcare system in the state of North Carolina, we know we can play a key role in helping our economy flourish as well.”

The Eastland rezoning includes close to 78 acres of mostly city-owned property, according to the Charlotte Business Journal. The site will be the future headquarters of the yet-to-be-named Charlotte Major League Soccer team, owned by business leader David Tepper. Similar to the Atrium Health project, Eastland will be the site of mixed-use development featuring residential units, office and retail space, and athletic fields. 

And while these projects are expected to pay dividends to the community in the future, the region scored significant economic development victories on Tuesday when Chime Solution and Ross Stores announced the addition of 250 and 700 jobs respectively to the region’s economy. 

Georgia-based Chime Solutions, a provider of customer contact services for several industries, will add jobs for licensed life and health insurance agents and will pay $16 an hour and include training and licensing,  WFAE reported Chime Solutions  opened an office in the University City area last fall. Leading off-price apparel and home fashion retail chain Ross Stores Inc. announced it will expand its distribution and warehousing operations in York County, according to the Charlotte Regional Business Alliance. The company’s $68 million investment is projected to create 700 new jobs over five years. 

To learn more, visit:

https://files.nc.gov/governor/documents/files/2020_06_02_RNC-Response-Letter.pdf

https://www.bizjournals.com/charlotte/news/2020/06/16/eastland-mall-atrium-health-rezoning.html

https://www.charlotteobserver.com/news/politics-government/rnc-2020/article243540772.html

https://charlotteregion.com/index.php?src=news&submenu=Relocation_Expansions&srctype=detail&category=Investor%20News&refno=8639&hurl=n

https://www.wfae.org/post/charlotte-says-chime-solutions-250-job-expansion-offers-economic-mobility#stream/0

 

Spotlight On: Tom Finke, Chairman and CEO, Barings

Spotlight On: Tom Finke, Chairman and CEO, Barings

By: Felipe Rivas

2 min read May 2020 Charlotte is strongly positioned to capitalize on the investment diversification push from both local and foreign investors to keep its growth sustainable. Tom Finke, chairman and CEO of Barings, walks Invest: through the key features and challenges of the Queen City’s financial landscape.

 

What is your assessment of the Charlotte market?

Charlotte is a great story. It has grown dramatically since the 1980s, fueled by the growth of the two big banks headquartered here at that time, as well as Duke Energy. It also enabled the expansion of the city’s hospital system and other important institutions, along with other companies growing contiguous to that ecosystem. Today, companies such as Honeywell have chosen Charlotte as their corporate HQ, along with a number of business startups, not necessarily tied to the financial industry but related to either the energy industry, the healthcare sector, education and high tech, to name a few. The Queen City benefits from the fact that through its growth was launched by the financial sector, over the years it has become much more diversified, making it a highly attractive city to any company and industry looking to grow.

 

What challenges are looming in Charlotte’s financial sector?

Asset management, like the rest of the financial sector, is dealing with the ongoing economic and market crisis stemming from the COVID-19 pandemic. It is hard to predict the long-term effects and trends. At Barings, we are primarily focused on the short-term situation, managing risk appropriately for our clients through this crisis. It is likely that the financial markets will change after the crisis subsides, much like they did after the 2008 financial crisis, which ushered in an unprecedented decade of lower rates. The macroeconomic picture remains uncertain in terms of the downturn’s length, albeit clearly severe. Looking ahead, investment decisions will be impacted not only by macroeconomic factors but also by understanding which businesses will survive, grow and thrive, which among them will need restructuring, with inherent opportunities to invest on a distress basis and how it affects different asset classes.

 

How have tax reform and low tax rates impacted your side of the business?

The most recent tax reform enabled corporations to bring capital stranded overseas back into the United States, leading to reinvestments in the home market. It had a positive stimulus effect in terms of growth rates coming into 4Q19, contributing to the strength of the U.S. economy. Over the longer term, lower rates are also an indication that the Fed and other central banks are set on stabilizing inflation at a reasonable level, tangentially worried about deflation. Rates are going to remain low in part because there is a lot of stimulus, both fiscal and monetary, injected into the crisis situation.

 

How would you rate Charlotte’s attractiveness for national and foreign companies?

Charlotte has been on the radar of several international companies for a long time. The large number of multinational European firms that have operations in Charlotte or nearby in the general region between western North Carolina and into South Carolina, demonstrates that it is definitely a place that attracts business. The next level is to not only continue to attract growing businesses such as technology companies, but also attract Foreign Direct Investment (FDI). We work with several asset owners, such as sovereign wealth funds and foreign pensions. We direct our discussions toward Charlotte and its inherent opportunities, whether it is investing in real estate or in local companies. Charlotte is in a strong position to continue to attract global investment. Since the financial crisis of 2008, the investment market has further globalized. Several investors, such as the superannuation funds in Australia, are investing in U.S. markets. This diversification push from home to foreign markets is a sizable opportunity for cities such as Charlotte to tap into. 

 

What strikes you most about the growth of Charlotte’s real estate market?

Barings was the first company to break ground on a new office building post-crisis in Charlotte in 2014. We have seen a significant number of new developments up and down Stonewall Street and other parts of the city since then. It primarily reflects demand coming from within and outside of Charlotte. Coming out of the financial crisis, developers have shown more discipline around ensuring there is demand to support specific types of development.

 

What impact do you anticipate COVID-19 will have on the economy?

The virus outbreak is unlike anything we have experienced in our lives. It is indiscriminately impacting communities across the world. From a business perspective, we anticipate a high level of defaults and bankruptcies, as well as companies that may thrive in terms of the demand for their products and services. Anytime we go through a significant recession of this sort, there is an initial shock that we are still reeling from, as evidenced by overall economic weakness and the erratic stock market. 

 

What is your outlook for 2020?

It will take a period of time for economic growth to get back to where it was in the United States and globally, well beyond 2020. It is a question about the severity and the length of the impact on the economy of this shutdown state and how we start getting out of it so companies can again start building revenue. 

 

To learn more, visit: https://www.barings.com/us/guest