Earlier this morning, the Downtown Raleigh Alliance released their 2016 Annual State of Downtown Report in front of all the business leaders, developers and city officials of the Capital City. The event was well received as well as the report itself. The 2016 Raleigh numbers project continued growth and development across all asset classes, populations and districts in downtown.
Let's look at some specific data points below.
A few takeaways for your compass:
The commercial and residential pipelines have over $1.1 BILLION in development planned or currently under construction in downtown!
There will be over 4 million square feet in development added downtown, with 1.1 million square feet in office planned.
DTR plans to have over 40 new stores and restaurants in 2016
Since 2008, property values have increased 31%
Land values have jumped106%since 2008
Downtown skyscrapers pay over $880,000 in property taxes per acre, the highest return in the entire city.
2,850 housing units planned = over 4,000 new residents to Downtown Raleigh
133% population increase since 2000 (15,000 residents live within 1 mile of the State Capitol building)
Downtown multifamily apartment vacancies are at 4.8%
Average residential rent is $1,432 a month
Downtown added 600 hotel rooms or 220,000 more overnight stays per yr
95% of downtown storefronts are occupied!
5,000 new office workers downtown, totaling to 45,000 employees
33% growth in tourists since 2007
Raleigh has 40 art galleries and entertainment venues
Downtown hosts over 190 outdoor events each year
Pedestrian friendly, downtown Raleigh's walk score is 95 out of 100!