Triangle Economic News

[RALNATIVE]

2 hours ago, ctl said:

One could say it's an accident of history that the company we now know as Labcorp came to be HQ'd in Burlington. Labcorp is notoriously thrifty, and  as a relatively low-cost location Burlington has suited it well so far. You may have seen a former Citi building on I-85 that Labcorp snapped up. But as the company continues to grow, there isn't much office and lab space still on the market in Burlington. Also, Burlington is a drag on Labcorp's recruiting... either living there or having to commute there. So yes, RTP makes sense for Labcorp as long as they can find inexpensive space as they're accustomed to. The former GSK building, like the former Citi space in Burlington, probably had an attractive lease rate.

Makes perfect sense.

[KJHburg]

The Triangle area is the best place to be a renter in USA according to Forbes magazine.  https://www.forbes.com/sites/samanthasharf/2018/04/13/north-carolinas-research-triangle-tops-our-2018-list-of-the-best-places-to-rent/#59acef1b6c6c

[KJHburg]

250 more jobs this time for downtown Raleigh for Ipreo.  Sounds like they will need more space somewhere  Good win for Wake County. 

https://www.bizjournals.com/triangle/news/2018/04/24/ipreo-to-add-another-250-jobs-in-wake-county.html?ana=e_ae_set1&s=article_du&ed=2018-04-24&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1524599080&j=81203551

[Merthecat]

3 hours ago, KJHburg said:

250 more jobs this time for downtown Raleigh for Ipreo.  Sounds like they will need more space somewhere  Good win for Wake County. 

https://www.bizjournals.com/triangle/news/2018/04/24/ipreo-to-add-another-250-jobs-in-wake-county.html?ana=e_ae_set1&s=article_du&ed=2018-04-24&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1524599080&j=81203551

The article doesn't say the expansion will be in downtown, only that the company's last 250-job expansion was in downtown.  But, it would probably make sense to continue expanding near their existing base.

Definitely good for Wake County!

[KJHburg]

^^ I would assume they would want to stay downtown but space is tight it sounded like they had expanded in 1 City Plaza before not sure how much space there is there but obviously with the Dillon there is new space available.  Depends on what their space needs are I guess.  But I don't think they would want to yank their existing staff out of downtown if other options are available. 

[Rufus]

1 hour ago, KJHburg said:

^^ I would assume they would want to stay downtown but space is tight it sounded like they had expanded in 1 City Plaza before not sure how much space there is there but obviously with the Dillon there is new space available.  Depends on what their space needs are I guess.  But I don't think they would want to yank their existing staff out of downtown if other options are available. 

I wonder if this bodes well for the Edison Office tower that has stalled it seems...

[Trent Y]

Didnt the last downtown report place the office space vacancy rate as like 97% or something like that. I know most projects need "pre-leasing" but man it seems like some of these office towers could get off the ground beforehand. Now a company needs to expand and theres virtually no space.

[Jones_]

I think it was 95% leased. It's always just been a slow steady absorption rate downtown, and Dillon and One Glenwood will eat up another two years worth of that. Kane is all there is who can (or will....publicly traded companies like Highwoods *could, but are cautious with their cash on hand) build on spec so he's your best bet for. Beyond Kane, you're just hoping for another Citirix or Red Hat to show up. Everyone else needs leases to leverage financing. 

Edited April 25, 2018 by Jones_

[KJHburg]

150 new jobs at Biogen http://www.newsobserver.com/news/business/article210169154.html

[KJHburg]

Raleigh named by Forbes at 7th best place this year for jobs.  https://www.bizjournals.com/charlotte/news/2018/05/08/charlotte-ranks-high-on-forbes-best-cities-for.html?ana=e_ae_set1&s=article_du&ed=2018-05-08&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1525818626&j=81467701

[KJHburg]

Indian tech firm choses Durham for new operation employing up to 200.  Zensar of Pune India.  https://www.bizjournals.com/triangle/news/2018/05/10/indian-tech-services-firm-could-bring-200-jobs-to.html?ana=e_ae_set3&s=article_du&ed=2018-05-10&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1525981176&j=81516511

[Jones_]

Anyone else hearing major 'whispers' about Apple? 

[Trent Y]

3 hours ago, Jones_ said:

Anyone else hearing major 'whispers' about Apple? 

Have you??

[Jones_]

7 hours ago, Trent Y said:

Have you??

I have. Related to a certain CEO being in the triangle this weekend and some speaking he'll be doing. I'm a good 3 levels down this whisper tree, so I guess just sit back and we'll see if this is correct...

[ctl]

Of course, last year the same certain CEO gave the commencement address at MIT and George Washington in DC the year before... lots of opportunities to scout the Triangle's competition.

[Jones_]

1 hour ago, ctl said:

Of course, last year the same certain CEO gave the commencement address at MIT and George Washington in DC the year before... lots of opportunities to scout the Triangle's competition.

Indeed. Perhaps that was enough scouting to make a decision. I am up to two people, who are telling me the same thing now (work for different groups in the same building) so that rumor mill is running full steam. One happens to be married to an Apple employee who apparently knows nothing. 

[Scotchman]

I think the CEO being whispered about got MBA from Duke,  so knows the triangle.

[KJHburg]

The CEO Tim Cook  is a Duke grad  IBM RTP vet and the COO is a NCSU grad IBM  RTP vet you tell me if they know the Triangle?   I live in Charlotte and I think absolutely the best place for this third campus is in the Triangle area some where and since they love suburban campuses I would suggest the new Chatham Park.   Apple has a huge data center operation, solar farm in Maiden in Catawba county and someone I know here in Charlotte said he saw plans for a huge campus somewhere lots of acreage and buildings.    Honestly this is a much better fit than Amazon HQ2 for NC as it will grow organically over many years. 

Here is his profile https://www.apple.com/leadership/jeff-williams/

Edited May 11, 2018 by KJHburg

[Trent Y]

5 minutes ago, KJHburg said:

The CEO Tim Cook  is a Duke grad  IBM RTP vet and the COO is a NCSU grad IBM  RTP vet you tell me if they know the Triangle?   I live in Charlotte and I think absolutely the best place for this third campus is in the Triangle area some where and since they love suburban campuses I would suggest the new Chatham Park.   Apple has a huge data center operation, solar farm in Maiden in Catawba county and someone I know here in Charlotte said he saw plans for a huge campus somewhere lots of acreage and buildings.    Honestly this is a much better fit than Amazon HQ2 for NC as it will grow organically over many years. 

Here is his profile https://www.apple.com/leadership/jeff-williams/

Yup agreed with all of this.

[DanRNC]

On 5/10/2018 at 9:08 PM, Jones_ said:

Anyone else hearing major 'whispers' about Apple? 

Looks like this is gaining momentum. Just have to hope the yocals don’t screw it up out of spite.

[KJHburg]

This would be YUGE for the Triangle and as I said above a better fit for the Triangle and NC than Amazon HQ2.   From a subscriber only article

""Multiple sources say Silicon Valley electronics giant Apple is zeroing in on Research Triangle Park for a new jobs-heavy campus.The company has been looking at sites across the country and, according to people with knowledge of the project, the Triangle area is a top contender.  Sources in the real estate and legal communities, as well as people inside North Carolina government say discussions are underway to build a customer center with room for future expansion on the Wake County side of RTP. Gov. Roy Cooper and state Commerce Secretary Tony Copeland are negotiating an incentive package with state Senate leader Phil Berger and House leader Tim Moore before presenting it to the General Assembly.  Cooper and Copeland met with Apple CEO Tim Cook on May 11 while Cook was in town to speak at Duke University's commencement May 13, according to sources.""

https://www.bizjournals.com/triangle/news/2018/05/15/sources-research-triangle-park-tops-apples-short.html?ana=e_trig_bn_breakingnews&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1526420928&j=81604781

[KJHburg]

On ‎4‎/‎24‎/‎2018 at 3:47 PM, KJHburg said:

250 more jobs this time for downtown Raleigh for Ipreo.  Sounds like they will need more space somewhere  Good win for Wake County. 

https://www.bizjournals.com/triangle/news/2018/04/24/ipreo-to-add-another-250-jobs-in-wake-county.html?ana=e_ae_set1&s=article_du&ed=2018-04-24&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1524599080&j=81203551

and they are indeed adding these tech jobs to downtown Raleigh.   https://ipreo.com/press-releases/ipreo-to-expand-raleigh-operation/

[urbanlover568]

1 hour ago, KJHburg said:

This would be YUGE for the Triangle and as I said above a better fit for the Triangle and NC than Amazon HQ2.   From a subscriber only article

""Multiple sources say Silicon Valley electronics giant Apple is zeroing in on Research Triangle Park for a new jobs-heavy campus.The company has been looking at sites across the country and, according to people with knowledge of the project, the Triangle area is a top contender.  Sources in the real estate and legal communities, as well as people inside North Carolina government say discussions are underway to build a customer center with room for future expansion on the Wake County side of RTP. Gov. Roy Cooper and state Commerce Secretary Tony Copeland are negotiating an incentive package with state Senate leader Phil Berger and House leader Tim Moore before presenting it to the General Assembly.  Cooper and Copeland met with Apple CEO Tim Cook on May 11 while Cook was in town to speak at Duke University's commencement May 13, according to sources.""

https://www.bizjournals.com/triangle/news/2018/05/15/sources-research-triangle-park-tops-apples-short.html?ana=e_trig_bn_breakingnews&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1526420928&j=81604781

WOW! This is their new campus.  Hope Amazon picks the area also!  

[KJHburg]

^^^ Not sure they will do the spaceship design if they come to RTP but in Austin they employ 6500 people in a multi building campus.   I think Amazon HQ2 is going to Atlanta or Northern VA suburbs of DC both along transit lines.  But if NC wins this Apple campus it is huge! 

[urbanlover568]

15 minutes ago, KJHburg said:

^^^ Not sure they will do the spaceship design if they come to RTP but in Austin they employ 6500 people in a multi building campus.   I think Amazon HQ2 is going to Atlanta or Northern VA suburbs of DC both along transit lines.  But if NC wins this Apple campus it is huge! 

RDU is on "transit lines". LOL