Need to get Labcorp to move East out of Burlington to this area…
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Feels mean to kick Burlington while they’re already way down, but it makes so much more sense for LabCorp to be in an area they can actually recruit tech and medical talent.
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Perhaps should move to Durham/RTP as it would be a better fit?
employees don’t want ‘suburban’ anymore…North Hills would be great for a life sciences Fortune 500 company that is looking for young talent all the time. Try getting a bio-medical engineering graduate from NC State, Duke or UNC to move to ‘Burlington’…RTP, in its current form is not much more exciting.
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While I do agree with the main point of RTP not being exiting, employee’s “wants” is going to have much sway, IMO
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At least at North Hills they can pretend that they aren’t in the suburbs.
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Entry level employees. Once their brain fully develops they all move to the clean, safe annd pleasant edge cities. Assuming they have not already wasted all of their savings on $2000 month studios and $10 craaaaaaft beers.
You would be surprised by the amount of development in Alamance County. New, actually affordable housing being built especially in Mebane. Lab Corp employees can actually afford to live near where they work.
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depends on the graduate…i was at a contract pharm lab in the late 90s in rtrp…broad spectrum of desires.
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Fortune 500s could come here if Raleigh actually pitches office space to execs, even working with developers could work.
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Raleigh Durham office market in 3Q still in a world of hurt. I would not look for any new office buildings to be started until some of these vacancies rates come down. Even Kane has put the brakes on and he is probably leasing his buildings the best. Some of the older class B and C space will have to be either repurposed or torn down. Of course Raleigh Durham is not alone in this problem.
https://cw-gbl-gws-prod.azureedge.net/-/media/cw/marketbeat-pdfs/2024/q3/us-reports/office/raleigh_durahm-office-marketbeat-q3-2024_v2.pdf?rev=cf9455f7d9bb41af96deb2856fdd9e47
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It would be helpful if the report broke out Class A versus Class B vacancy rates. Another challenge right now is that a new class of office buildings has emerged—more premium than traditional Class A.
Raleigh Crossing is a great example, with its iconic design, LEED certification, advanced technology, and elevated tenant experience. The popularity of this development and 400H shows promise for developers, but they’re likely waiting to see more urban residential growth to avoid replicating the kind of downtown core we see in Charlotte. Ideally, Raleigh sees more buildings of this caliber, as properties like Two Hannover Square and 333 Fayetteville Street are not exactly in high demand.
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What office buildings has Kane put the brakes on?? Only one I can think he has in the pipeline is Downtown South and that seems like a long shot anyway waiting for that whole development.
There were going to be more in North Hills, specifically “Innovation District 2” (always hated that name) that will most likely be retooled. That was being marketed for life sciences in part IIRC, and life science is having its own struggles.
I don’t think it’s exactly news that office is down but it’s still going. I don’t think we’ll see a new office tower go up in the next 3 years but something big could change that, e.g. the state lands a big corporate relocation. It’s not like we have whole towers sitting vacant.
I wouldn’t want to own a Class C building but it may not be a bad thing if those are hastened into redevelopment.
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Right but that wasn’t moving forward yet anyway. Still had been just a future plan.
There is definitely a flight to quality in terms of office space users where employers now view the office space and its surrounding environment as a way to get their employees back in the office more. This is happening nationwide and older buildings will have to up their game, change uses or disappear. We in Charlotte have had at least 6 older office buildings all in the suburbs knocked down for new retail, new apartments or even warehouses. I think there is an upcoming example in west Raleigh off Lake Boone Trail. We have an office building in uptown Charlotte being converted to apartments the old Duke Energy Bldg. There is even talk of demolition of a 32 story 1970s era office building. Every city will have to deal with this including Raleigh but that does not mean there will not be new office buildings. Just a lot less of them going up. Kane had a lot more office planned at North Hills both sides of Six Forks and of course in Downtown South and even the Smoky Hollow last parcel. That is all on ice until the office market improves and it will over time with less construction.
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I think that this is more reflective of the % of white collar workers there are in the Triangle.
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You might want to update that to “collar”
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