In May 2009, MSNBC named Raleigh-Durham #2 in the nation for markets likely to recover quickly. True to form, the Triangle area continues to attract new businesses, as well as domestic and international expansions, despite the economic downturn. The Triangle Combined MSA added an average of 10,254 jobs per year (July to June) over the 7-year period ending in June 2009 resulting in an average 1.5% annual growth rate. Companies like EMC Corporation announced plans for a $280 million expansion that will add almost 400 jobs over the next five years. Allscripts-Misys Healthcare Solutions will bring 125 new jobs to the area as the company utilizes $19 billion of government money to update health information systems. Deutsche Bank will open a technology development center creating over 300 jobs and investing $6.7 million.
Though the Raleigh/Durham/RTP market has experienced its share of bad news, some of the more prominent stories have been offset by significant announcements. For example, emerging from Nortel’s bankruptcy is Avaya’s acquisition of a portion of Nortel’s local business, keeping a large percentage of Nortel employees in the Triangle. On the heels of Sony Ericsson’s recent defection, the Baton Rouge-based IEM announced moving its headquarters to the Triangle, bringing 430 jobs over the next six years. Laid off workers are once again taking opportunities to start their own businesses. Consistently, the Triangle area is targeted for its innovation and highly educated workforce.
In working with companies looking to expand or relocate their operations, there’s no better time than now to have your commercial broker evaluate your real estate options. If we at NAI Carolantic can be of service to you, let us know. It’s not all bad news out there.