APG Advisors regularly compiles the biggest headlines to provide a highlight reel with the updates for North Carolina commercial real estate news every quarter in the Triangle, Raleigh-Durham, and beyond.
Raleigh-Durham CRE News – Q1 2022
Q1 2022 North Carolina commercial real estate news highlights include: the recent industrial real estate boom, several office real estate updates, and other North Carolina CRE news updates.
AUTOMOTIVE MANUFACTURER VINFAST SELECTS NORTH CAROLINA FOR NORTH AMERICAN ASSEMBLY PLANT
It was recently announced that VinFast, a Vietnamese electric vehicle and battery company, is bringing its first North American automotive assembly and battery manufacturing plant to North Carolina. The company plans to invest $4 billion and create 7,500 jobs in Chatham County, making this the largest economic development project in North Carolina’s history. Read More.
DOWNTOWN RALEIGH’S NEWEST TOWER OPENS AMID FLURRY OF DEVELOPMENT
After years of planning, design and construction, the developers behind downtown Raleigh’s newest complete tower held a grand opening for the building last week. The Fallon Company announced the official opening of 301 Hillsborough, a 19-story mixed-use office building. The project features 280,000 square feet of Class A office space over structured parking and 12,000 square feet of ground-level retail. Read More.
NEXT PHASE OF GARNER DEVELOPMENT CALLS FOR 260K SQUARE FOOT BUILDING
Developers HM Partners and Beacon Partners plan to begin work on a 260,000-square-foot industrial building making up the second phase of the Beacon Commerce Park. The work comes as construction wraps up on the first phase, featuring two buildings totaling more than 370,000 square feet combined. The park is situated on 48 acres at the corner of Jones Sausage and Wilmington roads, near the Amazon distribution facility in Garner. Read More.
FUTURE INTERSTATE WOULD BE BIG BOOST TO SANFORD’S JOB RECRUITMENT EFFORTS
A part of U.S. Highway 421 linking I-85 in Greensboro with I-95 in Dunn was labeled a “high priority corridor” in the Infrastructure Investment and Jobs Act passed by Congress in November, a major step for the corridor one day becoming I-685. Read More.
DOWNTOWN DURHAM’S NEW ‘MICRO’ APARTMENTS TRADE FOR $48M TO CHARLOTTE FIRM
Charlotte investor Collett paid $48.7 million for the 6-story, 171-unit Atlas Durham in a deal coming out to 284,853.80 per unit. Read more.
RALEIGH SCRAPS PARKING REQUIREMENTS FOR DEVELOPERS
The City of Raleigh has eliminated requirements for developers to provide a minimum amount of parking for projects in the city in order to allow for additional density and walkability. Read More.
BY THE NUMBERS: HOW OFFICE DEMAND HAS CHANGED SINCE THE EARLY DAYS OF THE COVID-19 PANDEMIC
With more large companies disclosing their return-to-office plans, the office industry is as optimistic as it’s been in two years that leasing activity and occupancy will finally start to recover. But, even the most optimistic in the industry would likely admit, the chances of the office market returning to the same levels as prior to the pandemic seem unlikely with the widespread adoption of remote and hybrid work. Read More.
NORTH CAROLINA TOURISM, TRAVEL AND OUTDOOR RECREATION INDUSTRIES TO RECEIVE $6 MILLION INVESTMENTS
North Carolina was awarded $6.4 million to establish a new tourism-focused economic recovery initiative. The new program, Supporting and Strengthening Resiliency in North Carolina’s Travel, Tourism, and Outdoor Recreation Sectors Initiative, will help develop and implement economic-building strategies for the recovery of North Carolina’s travel and tourism industries that suffered economic losses due to the pandemic. Read More.
2021: A RECORD-BREAKING YEAR FOR NEW JOBS AND INVESTMENT IN NORTH CAROLINA
Governor Roy Cooper announced 24,224 new jobs in North Carolina last year, representing 185 business recruitment, expansion or rural development projects that engaged with the North Carolina Department of Commerce or its team at the Economic Development Partnership of N.C. in 2021. These projects will bring $10.1 billion of capital investment into the state. Read More.
AS APPLE PREPARES FOR RTP BUILDOUT, IT SEEKS MORE TRIANGLE OFFICE SPACE
Nearly a year after announcing its massive Triangle hub, Apple is looking for as much as 150,000 square feet of additional temporary space in Cary, according to some executives in the commercial real estate industry in the Triangle. Read More.
RALEIGH RENTS CLIMBING FAST. BUT A DIFFERENT STORY IN DURHAM
As part of its annual list of largest apartment property management companies, Triangle Business Journal took a wider view of multifamily housing in the Triangle, in North Carolina and in the U.S. Read More.
SURVEY FINDS MOST BUSINESSES MEETING OR EXCEEDING REVENUE GOALS
Sixty nine percent of businesses responding to an ongoing survey of North Carolina businesses report they either met or exceeded their revenue expectations in the month of January, according to preliminary results from the state’s Business Pulse Survey. Read More.