Downtown Raleigh’s 2nd Quarter Development Report is Here!

It seems like every day Raleigh’s urban center is making local and national headlines. From Forbes, to the Wall Street Journal and Fox Business, Raleigh is a hot topic and the center stage spot light is all on one area: Downtown Raleigh (DTR). Let’s take a look at how DTR fared this spring. Although multifamily development is the major trend, with the Link, Lincoln, Edison and Skyhouse apartments demanding current attention from Raleigh residents, what was really interesting for the 2nd Quarter was found in the development numbers and business openings (NO businesses closed in DTR this past quarter!). A few takeaways for your compass: For the 2nd Qtr, $243 Million in DTR construction starte

Raleigh Apartment Woes hit Wall Street Journal, Raleigh with 7th largest rent increase in nation!

(click for article) Second quarter results are in and apartment rents continue to push skyward, with a 12.4% increase since last June! Some are attributing the bullish apartment market prices not to increased demand, but instead to the stricter "mortgage-lending standards that have shut out potential homeowners from the market." (WSJ) While an interesting thought, what really caught my eye was the section on Raleigh, where the WSJ reports the capital city's "rents rose 1/2% in the second quarter, the 7th largest rent increase in a metro market." The subsequent WSJ interview with Raleigh millennial Abbie Swank confirmed fears we already know too well here in the capital; cost effective rents

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Thomas Kenna

 

Principal: Occupier Solutions

Mobile: 919 830 0510

Office: 919 913 1119

Thomas.Kenna@avisonyoung.com

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