Triangle’s Apartment Demand Pushes to the Region’s Suburban Markets

The impacts of COVID-19 on the U.S. multifamily market vary significantly across metro areas. Not surprisingly, the nation’s denser gateway markets have been hardest hit, while secondary and tertiary markets have fared better.[caption id="attachment_286490" align="alignleft" width="100"] Emily Bostic, Avison Young[/caption]In a reversal of pre-pandemic trends, suburban locations have gained favor over urban submarkets from both renters and investors. As many employees continue to …

Raleigh-Durham Retail Bolstered By Grocery Growth, Offsetting Store Closures

This time last year, we were commenting on the changing retail market, but we were overall very optimistic about 2020. What a difference a year makes!Across the United States, 2020 brought us the closing of the following: 279 SteinMart stores; 1,100 Ann Taylor stores; 950 Pier 1 Imports stores; 350 Gap stores; 248 GNC stores; 145 A.C. Moore stores; 230 Tuesday Morning stores; and 178 Forever 21 stores. Additionally, Macy’s closed 29 stores in 2020 and expects to close another 45 in 2021. …

Raleigh-Durham Office Market Remains Stable, Life Sciences Actively Leasing Space

The Raleigh-Durham commercial real estate market continues to be one of growth and perseverance despite the global pandemic. Its economy is rich with an array of industries, healthcare and university systems that support population growth and expansion. Commercial real estate is experiencing its own challenges and opportunities through this pandemic, including one of the most talked about asset classes, office. The sector is the subject of the big “pause” discussion as there’s uncertainty …

Northwood Office is Adapting and Expanding 535-Acre Ballantyne Office Campus for a Post-COVID-19 World

As one of the largest owners and operators of office space in the Charlotte market, Northwood Office is focusing on what office users want — safety, quality, productivity, flexibility and a sense of community. The firm’s largest asset is Ballantyne, a 535-acre campus featuring 4.4 million square feet of Class A office space situated in the heart of a 2,000-acre community.Ballantyne is home to 17,000 employees and 300 companies. While the COVID-19 pandemic has shifted the landscape for …

Pain Felt in Charlotte Retail Sector, But Phased Reopenings Give Market Hope

The COVID-19 outbreak had a tremendous impact on retail across the country, and Charlotte was no exception. As stores were forced to close, business owners had to devise creative ways to operate during the pandemic. Rent deferral, Paycheck Protection Program funds, layoffs and furloughs were some of the ways owners addressed cash flow. Many restaurants faced questions regarding takeout, delivery service, menu adjustments, table spacing and employee safety.Enhanced cleaning procedures, …

Charlotte Industrial Sector Shows ‘Signs of Life’ as Market Adapts to COVID-19

Like many Southeastern markets, the Charlotte industrial market largely hit the pause button from mid-March until June due to COVID-19. While the impacts of the health crisis remain fluid, the market is showing some signs of life, and trends that have long been at play are not likely to be reversed. For the past 90 days, the market has seen a significant drop in leasing and sales activity. The market was a bit sluggish in 2019, but experienced good activity in the first quarter prior to …

Industrial Deliveries in Charlotte Should Drop in 2020 as New Space is Absorbed

The Charlotte industrial market continues to see strong construction activity, as developers look to tap into demand for modern space. Approximately 12.7 million square feet has been delivered in the last two years, most notably in the Cabarrus County, Stateline and Airport/West submarkets. Overall construction in the pipeline jumped by 32 percent from third-quarter 2019 to fourth-quarter 2019, reaching 7.2 million square feet. As the first quarter of 2020 takes shape, this development …

New Wegmans, Drive Shack Headline Raleigh-Durham’s Attractive Retail Market

In Raleigh-Durham, there is approximately 58 million square feet of retail space with year-end vacancy at 4 percent. The consistently low vacancy has helped drive rental rates up to an average of $22 per square foot. The Raleigh area had approximately 460,000 square feet of retail space constructed in 2019 that was more than 80 percent preleased. The largest projects included the completion of Midtown East in the Wake Forest/Falls of Neuse Road submarket, which heralded the arrival of North …

Triangle’s Office Vacancy is up Due to New Supply, but Job Growth is in a Good Spot

The Raleigh-Durham region’s strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. According to the Bureau of Labor Statistics, the region added 24,200 nonfarm payroll jobs between October 2018 and October 2019 for a growth rate of 2.5 percent. Unemployment rose slightly from 3 percent to just 3.1 percent during this time as nearly 36,000 people entered the local …

Population Gains, Transforming CBDs Drive Triangle’s Multifamily Market Forward

Today, the Triangle market is booming. The once sleepy Raleigh and Durham central business districts have been transformed with development pipelines exceeding $2.5 billion. Since 2009, Kane Realty’s North Hills, which has become our standard bearer for suburban mixed-use planning, has delivered an additional 1,100 multifamily units, 120,000 square feet of retail, 501 hotel keys and 1.1 million square feet of office space that is achieving top rental rates for the market. And there are more …

Content Partners
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‣ NAI Global
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