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Real Estate
CityWatch: Charlotte
The Queen City
Our research team has analyzed more than 4,000 cities and identified the top 2% we believe are best positioned to benefit from global megatrends. Charlotte is one of these cities:
Banking powerhouse
Home to more than 53,000 banking sector jobs, ranking fifth on an absolute basis and first when adjusted for the size of the local labor force.1
Best places to live
Placed first in the extra-large metro category (population greater than 2.5 million) in the latest “Best Places to Live in the U.S. in 2023–24.”2
Migration magnet
Metro area continues to grow rapidly, adding 424,000 new residents over the past 10 years, a cumulative 18% increase, more than tripling the national average growth.3
Resilient local economy
7.5% more jobs than prior to the pandemic, versus 3.3% for the U.S. overall. Only six U.S. markets with employment bases greater than 1 million have had a stronger recovery.4
Business friendly
North Carolina is ranked highly for corporate tax structure, a favorable regulatory environment, access to capital/funding and workforce training programs.5
Nuveen is proud to have acquired Commonwealth, a new mixed-use development in the trendy Plaza Midwood neighborhood of Charlotte. By enhancing this turn-of-the-century site, we aim to create a walkable, vibrant community with apartments, coffee shops, fitness centers, restaurants and services.
- 3.5X
Ratio of banking jobs as a share of overall employment versus the national average.1 - 3rd
Growth rate ranking among metro areas with a population greater than 2 million.3 - 9 Fortune 500 & 18 Fortune 1000
Companies headquartered in Charlotte.6
In this issue
Alternatives
Diving into private markets
Shedding light on alternatives. We address investor concerns and questions.
Real Estate
The remote work revolution has changed office space
Sizing up the state of office space. Trends are transforming offices around the globe.
Private Capital
Private capital: four critical themes for 2024
Capitalizing on private capital dynamics. Ushering in a new Goldilocks era of growth and opportunity.
Endnotes
Sources
1 Source: Moody’s Analytics, U.S. Bureau of Labor Statistics. Charlotte has a location quotient of 3.54 for credit intermediation employment (NAICS: 5221) as of 2023 Q4. This ranks first for U.S. metro areas with at least 15,000 credit intermediation jobs.
2 Source: The best places to live in the U.S., ranked. https://realestate.usnews.com/ places/rankings/best-places-to-live
3 Source: Moody’s Analytics, U.S. Census Bureau.
4 Source: Moody’s Analytics, U.S. Bureau of Labor Statistics. Compares total nonfarm employment between 2020 Q1 and 2023 Q4 in metro areas with at least 1 million employed workers as of 2020 Q1.
5 Source: Kaelble, S. (14 Sep 2023). 2023 top states for doing business meet the needs of site selectors. Area Development. https://www.areadevelopment.com/Top-States-forDoing-Business/Q3-2023/2023-top-states-for-doing-business-meet-the-needs-ofsite-selectors.shtml
6 Source: Editors, F. (18 Dec 2023a). Fortune 500. https://fortune.com/ranking/ fortune500/2023/
This material, along with any views and opinions expressed within, are presented for informational and educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as changing market, economic or other conditions, legal and regulatory developments, additional risks and uncertainties and may not come to pass. There is no representation or warranty (express or implied) as to the current accuracy, reliability or completeness of, nor liability for, decisions based on such information, and it should not be relied on as such.
Important information on risk
Past performance is no guarantee of future results. All investments carry a certain degree of risk, including the possible loss of principal, and there is no assurance that an investment will provide positive performance over any period of time. Certain products and services may not be available to all entities or persons. There is no guarantee that investment objectives will be achieved.
Investors should be aware that alternative investments are speculative, subject to substantial risks including the risks associated with limited liquidity, the potential use of leverage, potential short sales and concentrated investments and may involve complex tax structures and investment strategies. Alternative investments may be illiquid, there may be no liquid secondary market or ready purchasers for such securities, they may not be required to provide periodic pricing or valuation information to investors, there may be delays in distributing tax information to investors, they are not subject to the same regulatory requirements as other types of pooled investment vehicles, and they may be subject to high fees and expenses, which will reduce profits.
Alternative investments are not appropriate for all investors and should not constitute an entire investment program. Investors may lose all or substantially all of the capital invested. The historical returns achieved by alternative asset vehicles is not a prediction of future performance or a guarantee of future results, and there can be no assurance that comparable returns will be achieved by any strategy.
As an asset class, real estate-related assets are less developed, more illiquid, and less transparent compared to traditional asset classes. Real estate investments are subject to various risks, including but not limited to, fluctuations in property values, higher expenses or lower income than expected, changes in economic conditions, currency values, environmental problems and liability, the cost of and ability to obtain insurance, and risks related to leasing of properties.
Nuveen, LLC provides investment services through its investment specialists.
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