state of downtown raleigh

State of Downtown Raleigh

Report overview•94 pages•Overview of market trends, analysis, and facts•Office, Residential, Retail, Transportation, Parks, Arts, Dining, Tourism, Employment, and Future Investments

Downtown

Downtown’s recent growth• $2.75 billion in development over past decade

• 31% increase in overall value in downtown since 2008

• 106% increase in land value since 2008

• Previous decade seen major projects like PNC Plaza, Raleigh Convention Center, Wake County Justice Center, Red Hat Tower

Downtown: Raleigh’s most valuable land

Average property tax yield per acre, per year

$1.1 Billion Pipeline• $321 million recently delivered

• $570+ million planned

• $350 million in current construction

• $182 million in public investment

• 4,000,000+ square feet being added to downtown

Development across districts

$1.1 Billion Pipeline• 3,250+ residential units recently delivered, under construction,

planned

• Over 1.1 million square feet of Class A office space planned or under construction

• 600+ hotel rooms planned or under construction

• 150,000 square feet of ground-floor retail space planned or under construction

What does this boom mean for downtown?

What does this boom mean for downtown?

What does this boom mean for downtown?

What does this boom mean for downtown?

Downtown Population

Rapidly growing downtown

• 133% growth since 2000

• Over 3,000 residential units added

Residential

Residential

Residential

Residential

Residential

Office

Over 1 million square feet of new office space under construction or planned

OfficeAnnounced projects:•The Dillon•One Glenwood•Charter Square II•The Edison•301 Hillsborough Street•HQ Raleigh expansion

Office

Employment• 45,000+

employees• 600+

companies• 30% growth in

employees

EmploymentDensest office market in the Triangle

Tech Sector

• In the last five years, start-ups in Raleigh raised over $310 million in Venture Capital and Angel investment and generated economic activity of over $1.1 billion from IPOs and $9.2 billion in acquisitions.¹

• Raleigh is home to more than 500 start-up companies, totaling 2,500 jobs.

Pendo

Talent

Talent• Three Tier-1 universities with $2.5 billion in combined Research and

Development expenditures• Over 100,000 students in the Triangle with over 40,000 at universities

located in or near downtown

Retail

Retail• Downtown App• Retail Up-fit Grant• Pop-up Retail• Market Data and Analysis• Business Planning

Assistance• Connections with Landlords

and Developers

Dining and Nightlife

Tourism

Tourism

Connectivity and Sustainability

Walkability

Parks and Green Space

• Moore Square• Dix Park• Market and Exchange Plazas• Devereux Meadows• Chavis Park

Arts and Culture• Nearly 40 art galleries and performing arts venues• Newly adopted Raleigh Arts Plan• Vibrant arts and music scene home to innovative artists and creators

Arts and Culture

Future

• Over 10,000 residents by the end of the decade• Over 50,000 employees• Stronger retail base• New parks• More transportation options• 10-year vision plan to guide growth