Jump to content

Triangle Economic News


KJHburg

Recommended Posts

Alabama is the most unionized state in the South by far, now at 11% representation which is down from over 30% in the 1940s.  The prospect of unionized auto plants was not scary to Alabama. Of course, most auto plants in the south that are still open have turned out to be non-union... but NC business leaders in the 1980s and 1990s were not certain that it would work out that way. Note that both Ford and GM closed large plants in Atlanta over the last 20 years.

Edited by ctl
Link to comment
Share on other sites


JLL office leasing report is out for the Triangle and this last year was the BEST ever for the Triangle.

Quote ""2017 has been a record-setting year for Raleigh-Durham. Despite 1.7 million square feet of deliveries, the market experienced 1.5 million square feet of positive net absorption, in part thanks to an average preleasing rate of nearly 60.0 percent. The vacancy rate has fallen to a 10-year low of 10.7 percent, and the average asking rate is on the rise, reaching $24.18 per square foot. The construction pipeline is jam packed, totaling over 2.0 million square feet of future office supply. ""

The Triangle as a whole region absorbed more office space than Charlotte a larger market did (and Charlotte had a great year too)  The Triangle office market has to be in the top 5 or so in the country and we will find out soon once JLL releases their national report. 

Download your own copy here  http://www.jll.com/raleigh-durham/en-us/research

What this means?  More office buildings will be announced all over the area. 

  • Like 1
Link to comment
Share on other sites

53 minutes ago, KJHburg said:

JLL office leasing report is out for the Triangle and this last year was the BEST ever for the Triangle.

Quote ""2017 has been a record-setting year for Raleigh-Durham. Despite 1.7 million square feet of deliveries, the market experienced 1.5 million square feet of positive net absorption, in part thanks to an average preleasing rate of nearly 60.0 percent. The vacancy rate has fallen to a 10-year low of 10.7 percent, and the average asking rate is on the rise, reaching $24.18 per square foot. The construction pipeline is jam packed, totaling over 2.0 million square feet of future office supply. ""

The Triangle as a whole region absorbed more office space than Charlotte a larger market did (and Charlotte had a great year too)  The Triangle office market has to be in the top 5 or so in the country and we will find out soon once JLL releases their national report. 

Download your own copy here  http://www.jll.com/raleigh-durham/en-us/research

What this means?  More office buildings will be announced all over the area. 

Hopefully this will result in more highrise construction downtown.

  • Like 1
Link to comment
Share on other sites

To me this is right  in the Research Triangle Park's wheelhouse.  Apple looking for second major office location.  They employ 6000 in suburban Austin and of course based in Cupertino CA both suburban campuses.    I would expect NC to vigorously go after this and I think this would be perfect in the Triangle somewhere.  Apple you may not know has about $1 Billion in planned or existing operations in their huge data center and solar farm in Maiden in Catawba County.  https://www.bizjournals.com/triangle/news/2018/01/17/apple-plans-to-build-another-u-s-corporate-campus.html?ana=e_ae_set1&s=article_du&ed=2018-01-17&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1516221923&j=79521291

and the snow is not stopping NC from starting the pursuit of Apple  

https://www.bizjournals.com/triangle/news/2018/01/17/n-c-economic-developers-make-initial-pitch-to-land.html?ana=e_trig_bn&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1516226616&j=79522421

Edited by KJHburg
  • Like 1
Link to comment
Share on other sites


4 hours ago, KJHburg said:

^^^ I thought some of the sites discussed in the Triangle were the RTP, downtown Raleigh and some others I think Centennial Campus might have been on there but can't remember.  

I remember different sites too, but not precisely the breakdown. Edit: Best I could come up with was 'several in RTP' one in Durham and no specifics on the rest, totaling 7 total. The folks submitting the bid(s) were mum on details. 

Edited by Jones_
Link to comment
Share on other sites

The official announcement names "Raleigh".  Not Durham, Research Triangle, Raleigh-Durham.  Gotta think that means Raleigh proper.  My opinion... Centennial-Dix land still makes the most sense to me.  Near highway, rail, outdoor activities, and opportunity to create urban campus from scratch. 

amazon at dix.JPG

  • Like 1
Link to comment
Share on other sites

45 minutes ago, Green_man said:

The official announcement names "Raleigh".  Not Durham, Research Triangle, Raleigh-Durham.  Gotta think that means Raleigh proper.  My opinion... Centennial-Dix land still makes the most sense to me.  Near highway, rail, outdoor activities, and opportunity to create urban campus from scratch. 

amazon at dix.JPG

That land bounded in yellow, is it a real option? 

Link to comment
Share on other sites

48 minutes ago, Green_man said:

The official announcement names "Raleigh".  Not Durham, Research Triangle, Raleigh-Durham.  Gotta think that means Raleigh proper.  My opinion... Centennial-Dix land still makes the most sense to me.  Near highway, rail, outdoor activities, and opportunity to create urban campus from scratch. 

amazon at dix.JPG

Are there anymore partnership or other private office building sites left on Centennial Campus proper? I'm not sure the outlined area is nearly enough space on it's own but would be an interesting core...

I agree it's telling that RTP and Durham were left off the announcement...

I still also think, in a far away land, that you could cleave off half of the State Government complex and combine it with Kane's new stuff over at West/Harrington, and maybe get the County to give up it's operations center, and voila. Urban campus. So many pieces at the State level make this not a big deal for them including, DHHS campus being sped up, and could most likely be built to accommodate other State personnel, Revenue has been on the short list to move out of downtown for a while now (their building was designed to accommodate paper tax filing, only, ever), the Legislature is always looking for reasons to lay off a few more people, and large swaths of State land in DTR remain heavily underutilized such that the State with Kane's or Amazon's help, could consolidate it's employees downtown, in a much smaller footprint. Malik also made a point I think is being discussed in the background, that MLS and Amazon are looking for the same thing...I think such a pairing is been discussed and presented by potential host cities for these things. 

Link to comment
Share on other sites

3 hours ago, Jones_ said:

Are there anymore partnership or other private office building sites left on Centennial Campus proper? I'm not sure the outlined area is nearly enough space on it's own but would be an interesting core...

I agree it's telling that RTP and Durham were left off the announcement...

I still also think, in a far away land, that you could cleave off half of the State Government complex and combine it with Kane's new stuff over at West/Harrington, and maybe get the County to give up it's operations center, and voila. Urban campus. So many pieces at the State level make this not a big deal for them including, DHHS campus being sped up, and could most likely be built to accommodate other State personnel, Revenue has been on the short list to move out of downtown for a while now (their building was designed to accommodate paper tax filing, only, ever), the Legislature is always looking for reasons to lay off a few more people, and large swaths of State land in DTR remain heavily underutilized such that the State with Kane's or Amazon's help, could consolidate it's employees downtown, in a much smaller footprint. Malik also made a point I think is being discussed in the background, that MLS and Amazon are looking for the same thing...I think such a pairing is been discussed and presented by potential host cities for these things. 

It's worth noting (again) that Amazon currently hosts its Seattle HQ across 30+ buildings spread throughout the city. I was just there earlier this week.

With the amount of space needed, it's more than likely going to require the same approach for HQ2. There will be highrises, midrises, and lowrises. My guess is that most of the buildings will be located in or close to downtown Raleigh, where their executives, other white collar employees, and some of the development teams will be located. There may also be other buildings spread throughout the Triangle to house other corporate functions.

Link to comment
Share on other sites


15 hours ago, DwnTwnRaleighGuy said:

Did anyone else see the 5:30 news on WRAL about HQ2? Had an extremely small comment that referenced John Kane’s idea to put this project between The Warehouse district and Dorothea Dix Park...very interesting imho! 

https://www.wraltechwire.com/2018/01/18/developer-john-kane-raleigh-can-win-amazon-hq2-offers-prime-corridor-plan-for-real-estate/

Here's the blurb about real estate: 

Quote

 

“We submitted a proposal to Amazon through Wake County Economic Development that illustrates the ability to provide ample square footage on a Prime corridor extending from several sites downtown that we control combined with other sites that other partners control,” Kane explained.

“The Prime Corridor extends from the edge of Dix Park through the Warehouse district and downtown through West and Peace, Capital and Atlantic Blvds and to Midtown North Hills.

“Further,” he added, “this corridor could be further enhanced with Transit connectivity.”

 

Essentially sounds like nodes of development around the old LRT line proposed like a decade ago.  Probably the bulk of the campus at Peace/West/Harrington/Capital area since that has the most available land and potential (and also adjacent to the MLS stadium Kane is partners on).  I like the idea of spreading it out which would hopefully spread out the traffic.

 

LRT-dt.JPG

lrt-midtown.JPG

  • Like 1
Link to comment
Share on other sites

Kane has been mentioning transit being needed at North Hills. It would be pretty funny if he ends up single-handedly getting light rail up and running given that his political affiliation's spokesmen have doggedly referred to it as a "boondoggle" for 20 years now. Strengthening connections between North Hills and Downtown is really important for Raleigh to feel like one, seamless place, and it's been nearly impossibly to do with the road network in place. Light Rail would fix that and fix it in a permanent way. 

The Atlantic/Capital part of this must be the Peeden Steel area. Perfect I think. 

PS, I told y'all Peace/West was being dangled out there. 

Edited by Jones_
  • Like 1
Link to comment
Share on other sites

27 minutes ago, Jones_ said:

Kane has been mentioning transit being needed at North Hills. It would be pretty funny if he ends up single-handedly getting light rail up and running given that his political affiliations spokesmen have doggedly referred to it as a "boondoggle" for 20 years now. Strengthening connections between North Hills and Downtown is really important for Raleigh to feel like one, seamless place, and it's been nearly impossibly to do with the road network in place. Light Rail would fix that and fix it in a permanent way.

This could be a fun exercise in the creativity of people on here.  If you had to figure out how to run a light rail line between downtown (let's say the new Union Station) to North Hills, how would you route it?  Would you go straight up Capital and over?  Would you add a jog over to Five Points?  Go go go!

I made a dedicated topic to spiral my above question off from here to avoid going off the rails:

 

Edited by DPK
  • Like 1
Link to comment
Share on other sites

I just read an article in where Amazon’ real estate chief John Schoettler emphasized key priorities for the company’s HQ2 search at an event that was held at Seattle's Sheraton Hotel on Friday. He stated:

“We look to it being a combination of buildings and facilities probably within walking proximity to one another,” Schoettler said.

I am thinking that the Triangle/Raleigh won’t look as desirable from that perspective due to no one specific area in the Triangle region has the ability to have that much space within walking distance?

I believe that specifically in Downtown Raleigh we have boxed ourselves in (pun intended) with “you can’t build taller than” which really limits companies like Amazon and Apple? Maybe the best thing to do is to wait a few more decades and hope that home grown companies like Red Hat etc will start requiring much more space than they do now. Not that I want instant gratification mind you, but just not so much regulation that we’re almost building a wall around downtown Raleigh. 

Link to comment
Share on other sites

The Tripps website shows only 3 restaurants remaining, all in the Triad. Tripps in Ridgewood has been closed for quite a while. Garner is gone too, although Battleground Restaurant Group opened their new concept Kickback Jack's across the street. 

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

  • Recently Browsing   0 members

    • No registered users viewing this page.
  • Similar Content

    • By nicholas
      I think this deserves its own thread.  ALP's newest high-rise, which will take the place of the current South Bank building in at the five points intersection in downtown.

    • By nicholas
      This project is looking more and more likely, with approved zoning and preliminary plans announced.  The original part of the Creamery building as well as the 1940ish expansion will remain.




    • By nicholas
      Appears that this project is finally underway, and I think is big enough for its own thread.  Dual-branded Hilton Garden Inn/Homewood Suites at the corner of McDowell and Davie St.  I believe this is the current rendering, good to finally see another hotel in downtown Raleigh.

      Drive by from yesterday (sorry for all the glare):


    • By nicholas
      Didn't see another thread for the Boylan Heights neighborhood (bounded by Western Blvd, the prison, the railroad tracks, and briefly Dawson/McDowell St).  Not sure what the status on The Lynde is, but fencing is up with marketing graphics.  Also a pic of some townhomes around the corner.
       



    • By nicholas
      There have been several recent residential developments along New Bern/Edenton, and with the coming BRT line, redevelopment will likely accelerate in this part of Raleigh.
      Here are some new townhomes nearing completing at I believe Seawell Ave.




×
×
  • Create New...

Important Information

By using this site you agree to our Terms of Use and Privacy Policy. We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.