Cornerstones: Top office projects underway

The death of the office appears to have been greatly exaggerated. While companies are certainly working to determine what the office space will look like in the post-pandemic era, with remote working likely a permanent component in some form, the consensus is that office space construction will continue unabated.

In the Triangle market, a number of major developments are already underway. Leading the pack, is the HUB RTP, a massive mixed-used office project in Research Triangle Park. The development of 1 million square feet over 44 acres will feature 1,200 multifamily units, 75,000 square feet of retail, 425 hotel rooms and up to 1 million square feet of class-A office space.

HUB RTP will be situated at the intersection of I-40, Davis Drive, and NC 54, with access to the area’s major thoroughfares. Developer KDC calls the project “transformational,” saying it will, “create a dynamic live-work-play environment.” Plans call for more than 13 acres of greenspace.

The latest development in RTP will be located beside Boxyard RTP, a new shipping container complex that opened in 2020.

Another leading project in the office space is the Advance Auto Parts Tower that opened in late 2020. The 20-story development has 328,600 square feet of office space and features 11 floors of class A office space, in addition to access to the conference center, terrace- and street-level amenities. Beside the office tower will be a 570,000-square-foot residential tower rising 32 stories.

Rounding out the Top 3 is The Stitch, an adaptive reuse project at a former outlet mall in Morrisville. Owned and developed by Equator Capital Management and OCS Holdings, The Stitch features an 18,000 square foot indoor amenity center, an on-site healthcare provider, private phone booths, and quiet areas. CBRE in Raleigh announced in April 2021 that the facility has been fully leased to Invitae Corporation, a San Francisco-based medical genetics company.

Residential Real Estate & Construction:

Residential real estate has been white hot in the Triangle market with no sign of a downturn in sight. High demand from a growing influx of residents and low supply are fueling a market that is further restricted by a shortage in construction labor and materials as a result of supply chain disruptions caused by the pandemic.