state of downtown raleigh
TRANSCRIPT
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