New South Properties - We Know the Carolinas

No Challenge Too Great

Kenny SmithNews

In 2014, the New South Properties team was hired by Level Office, an emerging leader in the entrepreneurial co-working/shared office market, to locate their first Charlotte office.

Level Office specializes in re-developing undervalued/underutilized properties. The requirement called for a 20,000-40,000 square foot, free-standing building, at most 30% occupied and located in Uptown Charlotte.

The Charlotte commercial market rebounded more quickly than most urban metropolitan statistical areas. The market was not overbuilt prior to the recession and the recovery was driven primarily by strong multi-family market demand. As a result, minimum product and increasing land cost meant very few options for our client to consider.

Needless to say, this was a challenging project.

But navigating market challenges is what the New South Properties office team does best. Prior to going to market, the team performed an in-depth analysis on client operations and desired outcomes. This thorough approach allowed us to find the most practical and economically sound solutions.

The tight market led us to an 22,000 square foot, aged office building with inefficient structural design and floor plans that could not be overcome by many office users without a serious overhaul. The New South team negotiated a below-market purchase price that allowed for a complete building renovation while also assembling the construction team that could best perform the work.

In the end, our detailed preparation, diligent analysis, and strong execution helped our client open the premier millennial co-work office space in Charlotte.

Check out the Case Study