GREENSBORO, N.C. -- Hundreds of people who work in commercial real estate gathered in Greensboro Wednesday to find out what they can expect to see in the Triad this year.
Speakers at the CCIM Triad Market Forecast say the economic outlook is good.
“Institutions are moving to a lot smaller markets,” said Michael Ortlip, of Grandbridge Real Estate Capital. “Greensboro, High Point, Winston-Salem and surrounding areas, we have no problems bringing institutional lender interest to this market, which is a really exciting thing. A couple years ago when I was here, it wasn't such a robust picture.”
Ortlip has nearly 30 years of experience in financing commercial real estate. He says there is plenty of money, but there is a shortage of projects.
Tanger Factory Outlets President and CEO Steven Tanger shared his point of view with the crowd of real estate professionals. Tanger is building a new outlet mall in Charlotte and several more across the nation, but he says old ways of thinking just won’t cut it.
“Regional malls tend to fail because the demographics in the trade area have changed over time. Or two or three regional malls have taken their anchors and cut up the trade area,” said Tanger.
Tanger has found a model that works for his company, but he says it is up to developers to figure out where and how customers want to shop.
The North Carolina CCIM Institute organizes the Triad Market Forecast annually.