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KJHburg

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KJHburg Ecumenopolis

KJHburg

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Yet another California tech firm is growing in the area this time in Durham with San Fran based Credible.

Quote: 

“The talent pool in the Raleigh-Durham area, the whole Research Triangle – I’ve been really pleasantly surprised with the quality of the talent in the area.”   In Credible’s home turf of San Francisco, there’s a sizable shortage of engineers, making filling openings a challenge for the 7-year-old firm.  “There just seems to be more availability of high-quality talent in Durham,” he says, noting hires are across the board, from engineering to client success. The Durham-based client success team has grown to be larger than its San Francisco client success team, he says.

Plans to add 25 jobs this year in Durham

https://www.bizjournals.com/triangle/news/2019/01/23/san-francisco-fintech-plans-to-double-in-durham.html

Office market reports are out with end of year stats from JLL  More office space absorbed means more new office buildings.

Raleigh Durham area with almost 2x the office space absorbed as Charlotte metro! and in pure numbers absorbed more square feet of office space than Atlanta (a market 3x the size) Nashville or Charlotte.  

Charlotte:   51,003,234 sq ft total market size  480,566 sq ft net positive absorption  0.9% f occupied this year  12.9%  total vacancy rate  3,337,970 sq ft under construction

Raleigh Durham 49,764,904 sq ft total market size 902,519  sq ft net positive absorption 1.8% occupied this year 11.1%  total vacancy rate 2,090,730 sq ft under construction

download your own reports here

https://www.us.jll.com/en/locations/southeast

Look for more office buildings starting all over the area. 

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KJHburg
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MAJOR NEWS: Apple finally announces their new campus on their company owned land in the RTP off Davis Dr and  Louis Stephens in the Wake county side of RTP . 3000 jobs avg. salary $187,000.  Will be A

KJHburg
KJHburg

this is HUGE for Durham and the Triangle.  Here is the article from TBJ today ""The California-based company said in a release that the office will serve as a hub for the Google Cloud's engineeri

KJHburg
KJHburg

After driving around the Triangle the last 2 days I more convinced than ever this is ONE metro and needs to be designated as ONE MSA.  I went to the part of the town of Cary that is in Chatham County

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Green_man Hamlet

Green_man

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6 hours ago, KJHburg said:

 

Charlotte:   51,003,234 sq ft total market size  480,566 sq ft net positive absorption  0.9% f occupied this year  12.9%  total vacancy rate  3,337,970 sq ft under construction

Raleigh Durham 49,764,904 sq ft total market size 902,519  sq ft net positive absorption 1.8% occupied this year 11.1%  total vacancy rate 2,090,730 sq ft under construction

 

Sometimes I try to picture what a Triangle urban area would look like if it was a single centralized city.  Seems like the numbers say it would be Charlotte.

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Jones_ City

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14 hours ago, Green_man said:

Sometimes I try to picture what a Triangle urban area would look like if it was a single centralized city.  Seems like the numbers say it would be Charlotte.

In numbers only. Vibe totally different of course. I imagine Durham would be the industrial, artsy neighborhood in the early 1900's part of town, Chapel Hill would be the old colonial core, and Raleigh would be the starched collar office hours area where nothing is holy except for Sunday. Duraleigh Hill perhaps. 

As an off subject aside, wikipedia says Charlotte's 2017 estimated population is 860,000! JFC is grew fast. I still had like 600k in my head... it'll be 1M before we know it. Not sure this is all a good thing talking those kind of numbers...

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KJHburg Ecumenopolis

KJHburg

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Yet another Silicon Valley startup is ramping up operations in downtown Raleigh.  

""Silicon Valley-based Egnyte is expanding its footprint in Raleigh with a new 17,500-square-foot office space at PNC Plaza, laying the groundwork for growth at the virtual storage startup.  The new space will allow Egnyte to grow its workforce to more than 100 employees by the end of 2019, Egnyte spokesman Colin Jordan writes in an email.  In the short-term, the Raleigh operations will continue to be largely focused on sales and implementation services, but the long-term vision could include jobs in engineering, product management and customer support.  “We believe this is the perfect location to centralize our workforce and provides us a significant amount of room to expand over time,”""

from a subscriber article https://www.bizjournals.com/triangle/news/2019/01/30/silicon-valley-firm-plans-hiring-binge-with-new.html?ana=e_du_prem&s=article_du&ed=2019-01-30&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1548896138&j=86368571

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KJHburg Ecumenopolis

KJHburg

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I predicted this about wherever Amazon HQ2 split in 3 along with Nashville landed.   I think the Raleigh Durham area could be a winner in this with other companies. 

From a subscriber article in the Business Journal today

Conway referenced the Amazon HQ2 search, which occupied much of the business news cycle last year as the e-commerce giant put out an open call for proposals to decide where to land 50,000 jobs and billions in investments. Amazon said in late 2018 that it would split HQ2 between New York City and northern Virginia.  When analyzing skills gap markets in the U.S., New York and the Washington, D.C., metro areas are among the toughest markets to find a labor force with particular skills to meet demand from a company, Conway said.  He said that since Amazon's announcement, at least 10 companies have contacted him "scrambling" to do site selection to relocate out of northern Virginia and New York.   "Amazon is already poaching workers" there, he continued. The states that companies are analyzing the most for potential relocation: Texas, North Carolina and Georgia. "I predict three to five years from now, we’ll look back and see New York and northern Virginia lost jobs and (other states) are going to be huge, huge beneficiaries," Conway said.

emphasize mine

https://www.bizjournals.com/charlotte/news/2019/02/06/expert-commercial-real-estate-disruptors-volatile.html?ana=e_du_prem&s=article_du&ed=2019-02-06&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549484483&j=86507741

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Crabpeople Crossroads

Crabpeople

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5 hours ago, KJHburg said:

I predicted this about wherever Amazon HQ2 split in 3 along with Nashville landed.   I think the Raleigh Durham area could be a winner in this with other companies. 

From a subscriber article in the Business Journal today

Conway referenced the Amazon HQ2 search, which occupied much of the business news cycle last year as the e-commerce giant put out an open call for proposals to decide where to land 50,000 jobs and billions in investments. Amazon said in late 2018 that it would split HQ2 between New York City and northern Virginia.  When analyzing skills gap markets in the U.S., New York and the Washington, D.C., metro areas are among the toughest markets to find a labor force with particular skills to meet demand from a company, Conway said.  He said that since Amazon's announcement, at least 10 companies have contacted him "scrambling" to do site selection to relocate out of northern Virginia and New York.   "Amazon is already poaching workers" there, he continued. The states that companies are analyzing the most for potential relocation: Texas, North Carolina and Georgia. "I predict three to five years from now, we’ll look back and see New York and northern Virginia lost jobs and (other states) are going to be huge, huge beneficiaries," Conway said.

emphasize mine

https://www.bizjournals.com/charlotte/news/2019/02/06/expert-commercial-real-estate-disruptors-volatile.html?ana=e_du_prem&s=article_du&ed=2019-02-06&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1549484483&j=86507741

 

Intriguing.  The law of unintended consequences can be a head scratcher, and then you wonder why you didn't see it from the start.  I count myself among the crowd who was dazzled by the possibility and prestige Amazon HQ2 could bring to Raleigh, but as time went by and I thought about it, I started having second thoughts.  It will be almost comical if central North Carolina ends up just as economically well off as the HQ2 arrival, but spread out over a longer period of time and a larger geographic area, so costs of living don't jump up quickly and our infrastructure manages to keep pace, when it wouldn't have kept pace with HQ2 arrival.  Texas has had the proverbial "last laugh" with economic relocations and booms for a few decades.  I look forward to seeing if we end up benefitting from relocations from NY and VA on a parallel to Texas scale.   

 

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Merthecat Whistle-Stop

Merthecat

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2 hours ago, InitialD said:

Is that supposed to be the site of the Residence Inn hotel, or is that going to only be on the corner of McDowell and Davie?

Actually, the Residence Inn was already constructed at Salisbury and Lenoir.  A hotel brand for the Firestone lot hasn't been announced, but the owner, Winwood Hospitality, is also planning to build a Courtyard by Marriott around the corner at McDowell and Cabarrus.  The hotel at the corner of McDowell and Davie is reported to be a dual-branded Hilton Garden Inn / Homewood Suites, but there's been no movement on the site in almost two years.  Finally, also on that block, a developer is planning a "Nash Square Hotel" at the southeast corner of Martin and Dawson.

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MidTenn1 Town

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Apparently Oracle is scouting other cities as well for their new expansion, so Nashville is not a lock. Raleigh appears to be one of the candidates. 

More behind the Nashville Post paywall here:

https://www.nashvillepost.com/business/technology/article/21050296/oracle-eyes-cities-in-addition-to-nashville

From the Urban Planet Nashville forum. Oracle was reported as looking for 800,000 sf of office space for jobs which would primarily be inside sales, marketing, and sales support teams.

My daughter lived in the R-D area for quite a while so I got to know it well and grew a certain fondness and appreciation for the area, so if my home of Nashville doesn't get this prize, I would not be disappointed to see Raleigh get it.

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KJHburg Ecumenopolis

KJHburg

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New manufacturer moving its HQ to Triangle area specifically Morrisville with 50 jobs initially however expecting it grow to 500 in a few years.  From a Subscriber article of the Business Journal

https://www.bizjournals.com/triangle/news/2019/03/26/manufacturer-picks-triangle-for-hq-ceo-predicts.html?ana=e_du_prem&s=article_du&ed=2019-03-26&u=oAaDx%2B74FoP4qOJ%2By4AU6dhJPpc&t=1553629581&j=87461051

From the article:

""A manufacturer whose waterproofing technology is already featured on big name products from brands such as Nike, Motorola and Dell is relocating its headquarters from Salt Lake City, Utah to Morrisville – a move that could mean 500 jobs in the next four years.  Initially, it means Utah's HZO will be relocating 50 jobs to the new Morrisville facility.  “But we’re going to grow dramatically in the next year,” says CEO Simone Maraini in an interview, predicting 300 employees in 2020. “And, in 2023, I would say close to 500.”  And it's the area's rich engineering talent pool that won HZO's interest over other locations on the east coast, he says. HZO develops protective nano coatings aimed at safeguarding and waterproofing electronics – and the rise of the Internet of Things is creating more demand for that mission. And keeping up with that demand requires a tech-centric talent pool, Maraini says.""

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