Many of you know, Portfolio.com rated Raleigh as the number one U.S. metro with the best quality of life. Major factors in the decision were the population growth rate (37% total increase since 2000), the large supply of upper level jobs (44% of Raleigh workers hold management or professional positions), a well-educated workforce (41% of the workforce holds a bachelor’s degree), and the abundance of new homes (over half of all houses in the Raleigh area were built within the last 20 years).
Additional positive news was from the Employment Security Commission of NC, indicating overall unemployment for the Triangle area dropped to 8.1%. Orange county reported the best unemployment numbers with 5.9%. Wake and Durham Counties followed close behind with rates of 8% and 7.4%.
What does this mean for the commercial real estate market? Renewed Activity!
Just this past month, our brokers handled approximately 140,000 square feet of leases involving office, flex, warehouse and retail space. Many of these transactions were new leases and others were lease renewals in existing locations. In addition, NAI Carolantic brokers handled several sales transactions with a total value of approximately $7 million.
Regardless of whether the rankings help our area first, or the renewed activity help generate the rankings, the market is showing signs of recovery. Please let us know if we can be of help to you.