Downtown Raleigh’s 3rd Quarter Development Report is Here!
The Downtown Raleigh Alliance has released their 3rd Quarter Market Report full of development numbers, business statistics and residential patterns. Let’s see how DTR did this fall.
In September, the Downtown Experience Plan (which I wrote a 5 Part Series here on future Downtown development) was approved by the City Council. The Plan confirms the need from citizens and government that DTR needs to improve livability and re-activize their streetfronts for continued density.
The plan for more density and better streets also coincides with increased construction and development activity. In 3Q15, over $857 Million in projects was under construction or planning in downtown Raleigh! The numbers get better below,
A few takeaways for your compass:
Over 3.6 Million square feet is in development downtown!
For the year, 1.404 million square feet in development has been delivered in DTR
DTR opened up 8 new street front businesses, and have 14 planned for next quarter!
9.6% increase - the amount of 3Q15 Tax Revenue from food/beverage businesses in downtown as compared to 3Q14
289 new hotel rooms are planned for DTR
2,721 residential units are either open, planned or under construction
The downtown office market sat at 11.4% vacancy for 3Q15. Demand downtown is still exceeding the amount of move in ready office space, so expect to continue to see rental rates inching higher as vacancy numbers drop.
Side note - Office tower projects like The Edison, Charter Square II, and The Dillon continue to be marketed but none of the projects have broken significant ground yet.
Thanks to Downtown Raleigh Alliance for compiling the report (click here for full report), and check out the DRA website here for more info http://www.godowntownraleigh.com/
- Capital Compass