Oct 22

APG’s Own Gabe Cunningham Shares Highlights and Insights on Downtown Raleigh

“Downtown Raleigh, N.C. is where historic neighborhoods, world-class museums, Southern eateries, outdoor green spaces, performing arts venues, local shops, breweries and underground cocktail spots all work together to create one incredible cultural hotspot.” VisitRaleigh


By Gabe Cunningham


Recently named America’s 2022 Top State for Business, North Carolina’s capital city of Raleigh is no stranger to growth and success.  It is among the top three hottest job markets in the nation, and ranks #1 Best City for Working Women, 5th Best City as a Gen Z Hotspot, and 8th most attractive MSA for millennials.  At the heart of all these happenings is Downtown Raleigh. Known for the incredible restaurant scene, booming tech companies, renowned creative culture and prominent government presence, downtown Raleigh has proven to be the heart of the city, year after year.

Downtown Districts

  • Capital District: The largest district in downtown Raleigh, the Capital District is home to the national historic landmark State Capitol, the Legislative Building, the Governor’s Mansion and many other government buildings. You can also visit the North Carolina Museum of History and the Museum of Natural Sciences, which is the largest natural history museum in the Southeast.
  • Fayetteville St: Known for the beautiful buildings that make up Raleigh’s iconic skyline, the Fayetteville Street district is home to lawyers, bankers, entrepreneurs, and a growing number of tech companies. This district showcases the perfect mix of Raleigh skyscrapers and Class A office buildings to nightlife and event space. This district is widely known for its major arts and culture festivals held along Fayetteville Street each year.
  • Glenwood South: Starting at the southernmost end of Glenwood Avenue next to the Bloc [83] Business Park, Glenwood South spans only .23 square miles, but is the most densely populated district in Raleigh and represents the main business district of downtown. As a hotspot for all things nightlife, incredible and wide-ranging restaurants, or the college and young professional club scene, Glenwood South has something for everyone.

“No district in Downtown Raleigh does hip and trendy like the Glenwood South District.”  Downtown Raleigh Alliance

  • Moore Square: This district extends one-block from each side of the newly renovated 2.5-acre urban green space, Moore Square Park.  The historic district is home to some of the best restaurants in the area, arts and outdoor markets and entertainment. The Moore Square has benefitted from recent Raleigh investments including the $12.6 million redevelopment of Moore Square Park as well as the $9 million renovation project of the Raleigh bus system’s central hub.
  • Warehouse District: Known for its former industrial buildings now turned-retail and tech startups, the Warehouse district is rapidly growing. As one of the most eclectic areas in downtown Raleigh, this district has historical roots of the industrial era which have now been renovated and now showcase the history through new retail and residential spaces.
  • Seaboard & Pearson St: As the most northern district of downtown Raleigh, the district of Seaboard & Pearson St. has seen an incredible amount of redevelopment these past couple of years. Named after the Seaboard train station which opened for business in 1942, this area of downtown Raleigh is the home of William Peace University along with restaurants, bakeries, and hardware and garden stores.


Founded in 1996, the Downtown Raleigh Alliance has been at the forefront of community engagement and connection, inclusion and diversity, and overall economic well-being of Downtown Raleigh. Not only do they continue to do this, but they are also an incredible source of data and happenings. The data used in the statistics below are from the Downtown Raleigh Alliance Q2 2022 Market report as well as their recently published ‘State of Downtown Raleigh’ report.

Downtown Quick Facts

  • Total Area of 1.18 Square Miles, or 754 Acres
  • High Walkability Score of 97
  • 491 Acres of Parks Downtown
  • 12,000 Downtown Residents ( 21,000 within one mile)
  • 40% of the Population is between 20 and 34 years old
  • Average Age is 32.9 years old
  • 66% of residents have a bachelor’s degree or higher
  • Average Household Income of $85,800
  • 7,914 Housing Units
  • Average Rent: $1,883
  • 48,000 Downtown Employees
  • Office Occupancy: 88.4% (Q2 2022)
  • 115+ Retailers
  • 165+ Restaurants (22 James Beard Nominations since 2010)
  • 72 Arts and Culture Venues
  • 2 Million Visitors to Top Attractions in 2021
  • 1,652 Hotel Rooms
  • Q2 2022 Hotel Occupancy: 4%

“An incredible State of Downtown Raleigh event by Downtown Raleigh Alliance! This city continues to fascinate me with all the opportunity and growth going on here in Raleigh, NC. Thank you APG Advisors APG Capital for the opportunity to attend!” -Gabe Cunningham

Select Recent Land and Property Sales


  • Q1 2022 | 700 S Salisbury St: 4.9 acres zoned DX-20 sold for $35,500,000.

Buyer: Dominion Realty Partners and New York Life Real Estate Investors

Seller: NC Assoc of Education

This site will be redeveloped into two 20 story multi-family buildings, with estimated delivery in Q2 2024.

  • Q2 2022 | 3-Property Portfolio | 406 W. Davie, 324 S. Harrington and 333 S West St | Combined 21,282 SF sold for $13 million

Buyer: Tidal Real Estate Partners

Seller: Raleigh Warehouse District Holdings


  • Q1 2022 | 1 Glenwood Ave | 229,024 Sq Ft Tower 1 of Bloc[83] sold for $158,000,000.

Buyer: City Office REIT Inc

Seller: Heritage Capital Partners

  • Q1 2022 | 621 Hillsborough St | 241,320 Sq Ft Tower 2 of Bloc[83] sold for $172,000,000.

Buyer: City Office REIT Inc

Seller: Heritage Capital Partners

  • Q2 2022 | 603 W Morgan St |126-Room Hotel 83 Raleigh sold for $31,500,000.

Buyer: Pyramid Global Hospitality

Seller: The Thrash Group

Select Office Lease Deals

  • Q1 2022 | 621 Hillsborough St | 54,460 SF Leased by a Civil Engineering & Design Firm | Asking Rate $39.95
  • Q3 2022 | 301 Hillsborough St | 26,603 SF Leased by a Law Firm | Asking Rate $42.50

Select Development Projects

  • The Nexus is one of multiple sites approved for up to 40 stories. Located right across from Nash Square Park, this development will feature 414 residential units, 264 hotel rooms, 327,375 sqft of office space and 48,000 sqft of retail space. No planned start date or completion date has been released.
  • Civic Campus – Phase I of this redevelopment project will feature a 20-story tower on the southeast corner of 110 S. McDowell Street. This tower will consolidate city staff and customer services. Budgeted at $190 million, this project looks to break ground in late 2022 or early 2023.
  • 865 Morgan St. – On the site of the former Goodnights Comedy Club is a newly planned 7 story mixed use building, totaling 438,000 sqft that will include 401 residential units and 9,000 sqft for retail. Delivery is expected in Q2 2024.
  • Seaboard Station – Located in the northern part of downtown Raleigh, phase 1 of this development is currently under construction, featuring a mixed use space with 298 residential units and retail space. Phase 1 construction is set to be completed in late 2022, Phase 2 plans to break ground in summer 2022.
  • Salisbury Square – This two-tower project will consist of a 20-story residential tower and a 20-story mixed use tower. Located on Salisbury Street, this development will provide 333 residential units and 150 hotel rooms. Phase 1 of this $300 million investment is planned to be completed in 2023.


Stay informed on new development projects currently under construction across the Triangle and Triad regions, by visiting APG’s brand new Area Developments page.