Invest: Raleigh Durham 2021

Page 80

Amy Carroll President & Principal TradeMark Properties

What is your take on the strength of Raleigh’s commercial real estate market? It has been an incredible journey. Things really paused between March and July due to COVID-19. Activity started picking up in Q3 because everyone began to seek certainty. We are so lucky to be in a market that is pretty COVID-insulated. We do not rely on mass transit, nor do we have a high reliance on tourism activity. The talent pool is incredible, our housing market remains strong, our commercial real estate market remains strong, as people continue to fight to invest in Raleigh. One of our latest deals received 30 offers on two flex buildings. It just shows the competition here and the strength of the market. That goes a long way in showing people things are happening again. In Wake County, December 2020 was higher than December 2019 from a sales volume standpoint. How would you characterize the future of office space? It’s an interesting phenomenon because last year, people were reluctant to sign multiyear renewals. Companies were afraid to project out too far. This year, we’re seeing confidence return, which we believe is absolutely related to the efficiency of rolling out the vaccines. Confidence is returning and we’re starting to sign five and seven-year leases again, which is normal for our market and what has been the minimum for both landlords and tenants. What are some of the prevalent challenges within the commercial real estate space? Repurposing retail spaces that are either dark or gray at this point is going to be critical. So many things have transitioned to online during COVID that these service experience locations and entertainment venues are really suffering. We’ve had more retailers go bankrupt in the past year than in 2007-8, which is an astounding statistic. Instead of replacing big box retailers we’re converting those spaces into concepts such as walk-in clinics. COVID is changing the face of retail. 78

| Invest: Raleigh-Durham 2021 | COMMERCIAL REAL ESTATE…

Real estate investment across different asset classes is expected to bolster the recovery of the local economy.

on the best information,” Skanska Executive Vice President and General Manager Greg Peele told Invest:. “Unprecedented price escalation and labor shortage issues are two of the major challenges in our industry today that we are closely monitoring. What used to be a predictable 2-4% increase per year, has now become a component-by-component escalation analysis that is affecting overall budgets by about 15%. Honest and frequent communication with clients about these escalation issues are vital in limiting any surprises throughout the project. These conversations enable us to work with our clients and their designers to consider alternatives and options that may help them preserve their budgets before we go to the market,” he said. While challenges loom for the construction industry at large, Raleigh-Durham is poised to continue to draw investment dollars and new projects across different


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Market voices: Performing arts Elizabeth Doran, President & CEO, North Carolina Theatre

8min
pages 168-172

Roundtable: Regional hotels Jim Beley, Manager, The Umstead Hotel & Spa Pete Byers, General Manager, Residence Inn Raleigh Downtown Bill McCallen, General Manager, Embassy Suites Raleigh Durham Research Triangle East

7min
pages 164-166

Interview: Don Waddell, President Carolina Hurricanes

2min
page 167

Interview: Laurie Paolicelli

3min
page 163

Interview: Vincent Price, President Duke University

4min
pages 148-149

Interview: Brian Ralph, President William Peace University

7min
pages 152-155

Roundtable: Workforce training Lisa Chapman, President, Central Carolina Community College David Johnson, President, Johnston Community College Scott Ralls, President, Wake Technical Community College Thomas Stith, President, North Carolina Community College System

5min
pages 150-151

Interview: Cecilia Holden, President

2min
page 156

Interview: Randy Woodson

4min
pages 157-159

Interview: Rebecca Bolton, General

2min
page 162

Strong allure: The region hasn’t lost its tourism appeal, although it continues to deal with challenges

2min
page 160

Interview: Dennis Edwards

2min
page 161

Market voices: Education landscape Jo Allen, President, Meredith College

2min
page 147

Interview: Kevin McLeod, President & CEO, Carolina Meadows Senior Communities and Services, Inc.

7min
pages 138-141

Roundtable: Tech ecosystem Josh Arant, COO, MAKO Medical Jerry Lepore, CEO, MobileSmith Health

4min
pages 136-137

Interview: Michael Riccobene, CEO

3min
page 135

Interview: J. Bradley Creed

2min
page 143

Interview: Kevin Guskiewicz

2min
page 144

Interview: Evan Duff, President North Carolina Wesleyan College

4min
pages 145-146

Interview: Donald Gintzig, President

2min
page 134

Interview: Lyndon Jordan, MD

2min
page 133

Cutting-edge: The Triangle healthcare network is a leader in medical research, development and life sciences

2min
page 128

Interview: Craig Humphrey

8min
pages 130-132

Interview: Dr. Bill Fulkerson

2min
page 129

Interview: Mike Golden, Regional

7min
pages 122-125

Interview: William Hedgepeth

3min
pages 126-127

Interview: Brian Reid, President Raleigh, TowneBank

2min
page 121

Roundtable: Community-minded Travis Bailey, Regional Executive & Senior Vice President, First Bank Laura Bunn, Triangle Market President, First Horizon Lee Fite, Regional President - Mid Atlantic, Fifth Third Bank Taylor Vaughn, Market President, United Bank

8min
pages 118-120

Interview: Ted Whitehurst, CEO

3min
page 117

Interview: Jim Hansen, Regional President - Eastern Carolinas, PNC Bank

2min
page 113

Interview: Doug Middleton, General

2min
page 105

Interview: Ron Day, President & CEO First Carolina Bank

6min
pages 114-116

Interview: Robert Heuts, Airport

3min
pages 109-111

Interview: Michael Landguth

6min
pages 106-108

Mammoth shift: Financial players are navigating a new world of innovation and sustainable growth

2min
page 112

Interview: Charles Lattuca, President

10min
pages 101-104

Heavy weight: Can the region’s infrastructure and transportation backbone support the area’s rapid rise?

2min
page 100

Interview: Mahala Landin, Managing

2min
page 94

Interview: Jim Wiley, President Beacon Street Development

4min
pages 95-96

Interview: Linda Trevor, Broker

6min
pages 97-99

Perspectives: Challenges

2min
page 93

Interview: Shannon Dixon

2min
page 90

Interview: Marti Hampton, Owner

3min
page 91

Interview: Jon Rufty, Owner

2min
page 89

Market voices: Trends in residential Tina Caul, Founder, The Caul Group

3min
pages 87-88

Market voices: Architecture and design John Atkins, Chairman & CEO, O’Brien Atkins Associates, PA Teri Canada, Co-Founder & Managing Principal, Evoke Studio Gary Cline, President & Managing Principal, Cline Design Associates Jeff Paine, Co-Founder, Duda Paine Architects

3min
pages 78-79

Interview: Amy Carroll, President Principal, TradeMark Properties

4min
pages 80-81

Interview: George York, President CEO, York Properties

5min
pages 76-77

Cornerstones: Top office projects underway

2min
pages 82-83

Interview: Jim Allen, President Broker, The Jim Allen Group

2min
page 85

Hot streak: There appears to be no slowing down the heated home market, although constructors are having issues

2min
page 84

Roundtable: Outlook and trends William Allen, Partner, Trinity Partners

5min
pages 74-75

Interview: John Wood, President RE/MAX United

3min
page 86

Perspectives: Challenges

5min
pages 68-70

Interview: Frank Baird, CEO, Capital Associates Management

5min
pages 71-73

Interview: Terence McCabe

3min
page 64

Interview: Steve Hepler, Raleigh

2min
page 63

Interview: Jim Anthony, CEO, APG Capital and APG Advisors

2min
pages 65-66

Interview: Gordon Grubb, Founder

2min
page 62

Interview: Matt Hohorst, Vice

2min
pages 60-61

Interview: Pat Rodgers, President CEO, Rodgers

2min
page 59

Interview: Keith Burns, Managing Partner, Nexsen Pruet

2min
page 48

Perspectives: Financial services

2min
page 49

Interview: Devon Williams, Co

7min
pages 50-52

The right stuff: Commercial real estate in the Triangle is feeding off world- class anchors, emerging industries and an expanding population

2min
page 58

Market voices: The legal community Byron Kirkland, Managing Partner, Smith Anderson Leslie Packer, Managing Partner, Ellis & Winters LLP

4min
pages 44-45

Interview: Brad McRae II, General

5min
pages 46-47

Interview: Mike Hewitt, President CEO, vTestify

2min
page 43

Interview: Lee Hogewood, Managing

3min
page 42

Interview: Beth Tyner Jones

2min
page 41

Interview: Vladimir Rozanovich

2min
page 37

Triangulation: The appetite among professional services firms to set a Raleigh-Durham foothold is undeterred

2min
page 40

Market voices: County managers John Crumpton, County Manager, Lee County Rick Hester, County Manager, Johnston County Dan LaMontagne, County Manager, Chatham County

4min
pages 34-36

Perspectives: Economy

2min
pages 38-39

Roundtable: Chambers of Commerce Adrienne Cole, President & CEO, Greater Raleigh Chamber Geoff Durham, President & CEO, Greater Durham Chamber of

12min
pages 28-33

Interview: Pam Hemminger, Mayor

2min
page 27

Interview: David Ellis, County

2min
page 26

Cornerstones: Research Triangle Park

2min
page 25

Market voices: Mayor’s corner

4min
pages 20-22

Interview: Bill King, President CEO, Downtown Raleigh Alliance

2min
pages 17-18

Interview: John Byrne, Mayor, Town of Fuquay-Varina

2min
page 16

Interview: Scott Levitan, President CEO, Research Triangle Park

2min
page 19

Interview: Mary-Ann Baldwin

2min
page 15

Interview: Kip Padgett, Town

2min
page 23

Interview: Hal Hegwer, City

2min
page 24

Growth recipe: Raleigh-Durham has all the ingredients for a sustained rise up the economic ladder

1min
page 14
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