Raleigh January 2024 Key Take Aways
Guest Kelly Monroe of Williams Realty & Building Company reports the company is involved in Real Estate, Commercial Construction, Property Management, and High-End Residential.
Marlene Spritzer of Lee & Associates sees subleases of life sciences lab space. Tenants have more opportunities, but prices are still in upper 30s to low-mid 40s, with new product targeted to be in 50s, which is high for the Triangle.
Lee & Associates’ Scott Hadley sees demand in office for 1500 – 5K SF. Industrial vacancy is rising; absorption is slow. 100K+ SF warehouse is not as desirable; 50-60K SF with ability to expand is desired. Demand for logistic space has changed.
Lee-Moore Capital’s Kirk Bradley comments Siler City is working with Sanford for utility needs, which Sanford will first manage. Disney Storyliving’s Asteria was announced at Chatham Park in December. Since then, they have had 165K inquiries. Kirk met with Mike Fox, Chairman of DOT, who reported 540 is coming along well. VinFast signed $84M with Barnhill, so they are ready to go. In 10 years, 35K people will be working at Toyota site.
Terracon’s Caroline Taney reported Terracon saw growth in 2023, covering all market types. Terracon is doing more with site selection and economic development across NC.
Whiting-Turner’s James Larkin had three school projects surface in last 60 days: Durham Tech’s $70M multi-year development of facility and two charter schools. Local Wolfspeed commitments are on schedule to deliver. His firm is building a YMCA at Chatham Park.
Olive Architecture’s Andy Lawrence sees interest in hospitality. His firm completed many restaurants in 2023, including some Starbucks shell buildings. He is working on conversion of giant retail space into pickle ball hub, a commissary kitchen for 30 food trucks in an industry building, and signature restaurants in downtown Raleigh.
Steve Brown of Investors Title reports office is slow, and residential is soaring. Steve says transportation corridors are key, with the Charlotte to Triangle corridor set to change. He is not sure downtown office will recover; commercial is still shaking out.
Guest Speaker Maureen McGuinness of the Triangle East Chamber of Commerce says the chamber’s mission is to move communities toward sustainable economic growth; the chamber has 565 member businesses, with 125 new members in 2023, and members employ 20K people in Johnston County. Industries include mom & pops, biomanufacturing, manufacturing, and construction.
Chamber Initiatives include: Transportation; Infrastructure, including focus on water/sewer systems, land use and fiber access; Workforce Development, including JOCO Works; Childcare; Education and Talent Supply; Healthcare; Events; Size Up, which provides business analytical data to members; and Signature Programs, including Leadership Johnston.
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