COMMERCIAL REAL ESTATE & CONSTRUCTION OVERVIEW
Perspectives: Challenges, opportunities
Matthew Cooke Partner – Davis Moore Advisors We need to connect the Triangle in a better way. The ability to get to the major hubs and to the airport via the light rail would be a great asset to this area. There is always work going on with the highways and roads. That’s going to have to continue because the growth of the area.
Greg Hobbs President & Founder – Hobbs Properties, Inc. Our suppliers and engineers are assuring us that there is a rise in manufacturing of raw materials and we should be able to source materials at a reasonable cost and lead time soon. Providing a firm rental rate until building costs can be locked in has been a challenge.
Scot Humphrey Founding Principal – Edgewater Ventures Raleigh-Durham is a unique market from an institutional investor’s perspective. In many ways, we have three central business districts and then a lot of suburban bedroom communities around them. It is quite unique.
John Kelly Principal, Market Leader – Foundry Commercial, LLC With office products, it’s not as clear yet as to how much product we’re going to see trade and come to market this year, as well as investor appetite. However, those who buy office assets at this point in time will likely do very well going forward.
John Linderman Regional Managing Director – Avison Young Historically, we’ve been sort of discounted as a major market because of a lack of public transit and the lack of a single central core but the pandemic moved us to the top of the list as those previously perceived weaknesses became strengths.
Todd Saieed CEO – Dewitt Carolinas In general, all our properties have operated fairly normally and multifamily has outperformed. There have been cases of tenants in office buildings who have needed help and support, which we’ve been happy to provide. I think that in our region the effects of the pandemic have been minimal compared with other parts of the country.
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The strong demand for multifamily product helped keep the market stable.
( ) lot less hectic are some of the characteristics that make the Triangle attractive for migration. This is boosted by many education opportunities, the reasonable cost of living and the business-friendly economy,” said Scott O’ Brien, principal and director of the Chapel Hill office at Lord Aeck Sargent. Despite the persisting pandemic challenges, optimism abounds for the multifamily sector in the Raleigh-Durham market. Strong macro factors such as population growth and a diverse industry mix anchored by the region’s education, tech and innovation ecosystem are set to usher in the Triangle’s post-COVID multifamily sector development wave. “The Triangle area and its surrounding submarkets continue to be a highly sought-after area for multifamily investors and developers. We continue to see an increase in out-of-state institutional funds seeking
| Invest: Raleigh-Durham 2021 | COMMERCIAL REAL ESTATE & CONSTRUCTION
