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Development forecast for Charlotte, N.C., region focuses on steady growth.

The Charlotte Observer (Charlotte, NC )

| January 02, 2005 | COPYRIGHT 2005 The Charlotte Observer. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

Byline: Doug Smith

Jan. 2--Veterans of the real estate industry fondly remember the surge in office and warehouse construction in Charlotte that followed the early 1990s recession.

This time around that's highly unlikely, they say.

This recovery has occurred slowly, fueled mainly by demand for shops and services in outlying areas and commercial clustering near Interstate 485 interchanges.

"We're looking at very stable and methodical growth -- but it is growth," said Paul Herndon, president of American Asset Corp. "Charlotte continues to be well positioned to capture whatever growth there is out there."

His company, which is developing Whitehall Corporate Center, at I-485 and Arrowood Road, recently announced plans to build a third mid-rise office building there on speculation without any signed tenants.

Suburban office builders are getting a boost from I-485.

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