How a Toyota-Mazda plant could help unite North Carolina's major real estate markets
Great article in the Business Journal about how just one of these "mega-site" deals will help to unify the entire commercial real estate market in NC.
As Charlotte creeps Northward it is closing in on the Southern Triad. As RDU creeps Westward it is closing in on the Eastern edge of the Triad.
The most appealing "megasite" is basically right in the middle of the triangle - which puts many areas within a one-hour drive.
Regardless of this one particular deal it is rapidly becoming clear that the Triad (in particular) could end up being in a very desirable location!
From the article:
Could the three largest metro areas in North Carolina — the Triad, the Triangle and Charlotte — soon grow together to form a market with a population of 7 million as well as three international airports, six interstate highways and several world-class colleges and universities?
It's an argument touted by proponents of the Greensboro-Randolph megasite, which is reported to be a finalist for a Toyota-Mazda automotive plant....
Along Interstate 40, the Triad and Triangle markets meet near Mebane. The southern edge of the Triad along Interstate 85 is also very close to reaching the growing northern edge of the Charlotte market.
Major auto plants have been known to attract complementary businesses. BMW's move to Spartanburg County, S.C., in the early 1990s attracted companies such as Michelin and Bosch, which makes many automotive components.
"In my primary business, I'm talking to investors in North Carolina — most from outside North Carolina," Smith said. "Many of them look at North Carolina as a single market. We're right in the middle of a 7-million-person corridor. We are guilty of having a myopic viewpoint. We're a much bigger animal than we consider ourselves."
Hagan said a combined Triad-Triangle-Charlotte would rank near the top among U.S. markets in criteria such as transportation, education, labor force and quality of life that Amazon.com Inc. (NASDAQ: AMZN) has listed among its priorities in selecting a site for its HQ2.
In its marketing of the old JP site, CBRE (NYSE: CBG) shows Greensboro circled on a map of North Carolina with photos on the periphery of Pinehurst Resort, the Blue Ridge Mountains from the Linville Gorge Viaduct, an N.C. beach and the downtown Charlotte skyline — each with the drive time from Greensboro written underneath.
"At the end of the day, CEOs want a high quality of life for themselves and their employees," Hagan said. "I can't think of another place with a higher quality of life."