Very interesting article on Wral techwire, regarding other companies expanding into the triangle.
Of course all hear-say at this point, but begins to give an outlook into the potential for growth in the next couple years. I just hope conversations in the public/private sector have begun to increase density to get ahead of this and not turn into Atlanta traffic. Exciting stuff either way.
It looks like we’re actually going to get Apple. I had initially thought it was 6,000 but this article seems to say it’s 20,000. That would/will be an enormous impact on the region. Something to keep in mind is this expansion is slated for western Wake County, not DTR or even Raleigh.
Apple comes across as a suburban company more interested in being secluded or separate. And while that’s not nessasaryly a bad thing, Amazon seems more interested in being nearer a more urban environment imho
Some of the larger companies we have in RTP do prefer that physical seclusion. I like to think of it as the gated community (yes there are actual gates) for offices. I wonder though if that mindset is just lingering from an aged mindset or that’s still what companies want today.
I’d also think it’s an economic thing. If those companies already have sprawled-out office parks from the 70s and 80s, it makes more sense to keep renovate what’s already there…
…that is, unless you want to kick out every employee there, tear down all the existing buildings, and spend millions to rebuild everything from the ground up.
(That might make sense if you get to the point where retrofitting would cost too much, or there’s something like asbestos involved. If you try to step into IT/biotech companies’ shoes and see what they see, I’m not sure if that’s their first instincts for a good investment)
With that said, if Apple starts a trend, then that might encourage companies to make their campuses more urban and compact from a recruiting/amenities perspective (as is the case of Parmer) -but that’s just hopeful speculation more than anything based on facts and truth.
Ah, good point. I see that I over-interpreted the article. I agree, 6-10,000 people would make them one of the larger employers in the region. I think the reputation boost and the ancillary companies would be almost more important than the actual jobs, since NC’s reputation hasn’t fared particularly well of late.
I think the general trend is towards more interesting spaces, as Alexandria Life Science’s new campus was intended. My only issue with these plans is that none of them except Park Center include housing. RTP is like 11 square miles, which means it could easily be home to 50-60,000 people.
At what point would this positive economy cause a developer to start building another residential tower in Downtown Raleigh? Occupancy rate is already at full capacity which in other cities means build more luxury apartments but seems like all development that hasn’t broken ground yet has ground to a halt in DTR. Edison Tower and 400H might as well be dead with 301H at this point.
10,000 IT jobs would mean thousands of wealthy engineers that want to live in either Downtown Raleigh or Durham. Heck, if I can’t find the right property in the next 5 years I would look into a DTR condo eventually but there’s no supply hence the crazy prices. I love Raleigh but it’s not worth $760,000 ATM.
@Franciso, I agree with you. DT needs more condo projects. The lack of condos is driving the prices higher, and developers who are building multifamily for sale are just driving the market higher.
I already own a condo downtown but totally get what you are saying. I wouldn’t spent 760K on a condo either unless it was absolutely huge and was just perfect. Then again, I don’t want to live in anything huge anyway.
If I were buying today, I’d look at existing properties before I’d look at anything new. There seems to be value in buildings like West. It’s currently sitting adjacent to a construction shit-show, but that’s usually when you can get a good deal. I think that future value will be there as new projects elevate all properties, and all the new retail, park and roadwork fundamentally improve the neighborhood.
Understand Army making a decision end of this week,
Will be very surprised if Raleigh not dejected with Bragg, already working with Duke and talent here.
I thought I heard NC leaders have a press conference tomorrow. Heard 26th was suppose to be an update.
Need legislature out of here, go on break, give them incentives!!!
Focusing again on the “Tidal Wave of Growth” theme first introduced by this thread, I came across an interesting article that explains why Raleigh will be the next startup hub.
What’s interesting in my mind is that the author had never been to Raleigh until just recently and is now singing our praises in a national publication for entrepreneurs. It seems our area is receiving a lot more interest and attention since landing on Amazon’s top 20 list.
I have never been more excited for our region. There is a spark in the air that’s palpable. We will soon reach a critical mass. This place is going to explode.
The article is fantastic. I saw it yesterday reposted by DRA.
I am a bit nervous with every day the assembly convenes though. The fight between the party lines results in bad press for NC. Fully repeal the damn HB2. Voter ID whether or not it makes sense don’t put it in the ballot for 2018 where companies eye the Triangle. Not to start a political discussion but I think it is imprudent.
I’m genuinely curious, has the area not been “exploding” for the last two decades? I’m honestly not sure we want to grow a whole lot faster unless we want to see an explosion of homelessness and similar problems. We’re already not building enough housing and accelerated growth would just exacerbate the problem. Our current city council isn’t prepared for more growth.