Raleigh April 2022 Key Take Aways
- Wyrick Robbins’ Philip Hackley is working with local client on dairy farm in New Mexico and organic farms in Hawaii and Washington.
- Paul Scott with CoStar reported 2021 was a good year for his firm as marketing analytics were key. He introduced Chris Shultz, his partner in covering the Raleigh-Durham-Fayetteville market.
- First Horizon’s Spencer Wilson reported long-term fixed rate debt is creating problems. Bifurcation of the market will happen. He’s worried about residential. There’s no safety in shorter money.
- David Koehler of Wells Fargo said he sees the most investor activity in flex/storage in submarkets, like Sandhills, Clayton and Durham, on existing sites with excess land, and expansion in multi-family. Demand for warehouse continues.
- Wells Fargo’s Rich Walters congratulated Lee & Associates brokers on their TCAR Elite Broker Awards and Kirk Bradley on his Keynote on the Chatham & Lee Counties’ Development Ecosystems at this event. Michael Crooke reiterated that rates are most topical now.
- GFD Management’s Stephanie Sparrow reported her centers are performing. If she has vacancy, several tenants are interested. Construction costs complicate new deals.
- Lee & Associates’ Scott Hadley said since the VinFast announcement, all his Sanford industrial properties are under contract. He sees interest in the I-85 corridor, but sewer is an issue.
- Joe Starr of Terracon is experiencing due diligence activity, with Phase I site assessments up 47% YTD over last year. Drilling schedule is strong; his firm is booking 6-12 weeks out, normally 3 weeks.
- Little’s Sharon Crawford sees tons of repositioning. She works with Lee & Associates’ Marlene Spritzer on life sciences space, from 7-12K SF to 20-40K SF. Also working on workplace strategy. Marcus Acheson added Little works on MOBs, student housing, flex conversion, suburban retail developments and a 1.5M SF mixed use, half life science, half office.
- Andrew Moriarty of Bohler said industrial (manufacturing, warehouse distribution) is strong. Attended conference about the I-85 corridor, Richmond to Montgomery. The corridor is experiencing good job growth, but there’s worry about interest rates and time/cost pressures.
- NC State’s Tom White sat on the Natl Association of Workforce Boards panel with Chris Rivera, Executive Director, GuilfordWorks. Tom is glad to win OEM VinFast, with $4B in capital investment, 7500 jobs. Tom discussed offshore wind industry potential in NC.
- Investors Title Company’s Steve Brown reported Greensboro is booming as a logistics center.
- Matt Martin of the Federal Reserve Bank of Richmond said an optimistic view is inflation has peaked, and there’ll be a soft landing. Others claim a policy response is necessary for a soft landing.
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