North Carolina: A Growing Technology Hub

Charlotte is now the top city in the country for technology professionals to live and work, according to the Computing Technology Industry Association’s 2018 Tech Town Index. Major Fortune 500 companies—including Lowe’s and Honeywell—are relocating to or expanding in the Charlotte area thanks to the city’s highly-trained, highly-educated workforce. The city’s South End neighborhood is attracting a lot of investor attention because of its easy access to the Lynx Blue Line and the Charlotte Rail Trail, along with plentiful parking and a wide variety of housing options.

Lowe’s Expansion in Charlotte

In late June 2019, Mooresville-based Lowe’s (NYSE: LOW) announced that it has selected Charlotte as the future home of its new global technology center. Founded in 1946, the North Carolina-based home improvement company has long been a key partner in the success and rapid growth of the Charlotte area economy. The company plans to invest approximately $153 million in the technology center, which will be in Charlotte’s South End neighborhood.

Set to open in late 2021, the Lowe’s technology hub will be housed in a 23-story, 357,000-square-foot office tower in the bustling neighborhood immediately south of uptown Charlotte. Associates at the facility will help create advanced technology solutions that will help Lowe’s become a best-in-class, omni-channel retailer. The available positions—which include everything from infrastructure engineers to data scientists—will ultimately employ up to 2,000 associates and will help grow the state’s economy by $6.3 billion over a 12-year term.

By locating its newest facility in the heart of the state’s largest metropolitan area, Lowe’s will be perfectly positioned to attract top-tier technology talent from the growing technology industry in the Charlotte-Mecklenburg region. “Lowe’s decision to establish its global technology center in the Charlotte region and grow its regional footprint further proves that we’re a burgeoning tech talent and innovation hub,” said Janet LaBar, CEO of the Charlotte Regional Business Alliance.

Lowe’s currently employs nearly 11,000 associates in the Charlotte area and more than 28,000 associates across the state of North Carolina. The success of Lowe’s “exemplifies North Carolina’s strengths as a business location and demonstrates how our state provides everything a company might need, no matter the state of growth or level of skill sought,” said Anthony M. Copeland, North Carolina’s Commerce Secretary. Building on their commitment to the Charlotte region, Lowe’s plans to work closely with city, county and state economic development leaders, as well as local tech schools, universities and other organizations to help foster and add to the developing pipeline of talent that is already a major driving force in the state’s economic growth.

Interested in commercial real estate investment in North Carolina? Ground + Space is a leading commercial real estate brokerage firm that specializes in single-tenant and retail NNN investments. Contact us today to find out more about our current listings!