Q1 2024 Downtown Raleigh Market Report

Page 1

Q1 2024 MARKET REPORT

DOWNTOWN RALEIGH SUMMARY AND HIGHLIGHTS:

There are 19 developments under construction which when completed will deliver 2,230 residential units, 410 hotel rooms, and 116,616 square feet of retail space.1 There are 45 additional projects planned or proposed that if completed add 7,781 residential units, 1,840 hotel rooms, and 257,841 square feet of retail.

Construction continues on eight apartments and four for-sale residential projects.1 Downtown’s stabilized apartment occupancy rate is 94.1% 2 The average effective rent in Downtown Raleigh is $2.18 per square foot, or $1,808 per unit.2

The Class A downtown office market absorbed +75,619 square feet of space in Q1.3 Class A rent per square foot is $35.25.4 The Class A office occupancy rate is 86%.3

Also, 19 new businesses opened in Q1 downtown, four relocated or expanded, while five closed, for a net gain of +14 businesses. 1 Businesses have begun opening in The Signal at Seaboard Station, including The Yard, Biscuit Belly, and the recently relocated The Eye Institute. The full list of business openings, closings, and those coming soon can be found on page 11 of this report.

2,230 RESIDENTIAL UNITS UNDER CONSTRUCTION1 Q1 2024

+75,619 SF Q1 2024 CLASS A OFFICE NET ABSORPTION3

completed projects 19 NEW STOREFRONT BUSINESS OPENINGS1 Q1 2024

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT
1
1DRA 2CoStar 3JLL 4CBRE *Stabilized occupancy does not
recently
include
Photo: Downtown Raleigh skyline facing east Credit: AK Photography

The average monthly estimated downtown food and beverage sales revenue increased +7.9% over the same period last year, averaging $24.1 million between January and February.2 The Moore Square District increased by +23.7%, the most of any district.2

Visitor visits to Downtown Raleigh increased +0.1% year over year in Q1. Glenwood South, which accounts for 39% of all Downtown Raleigh Q1 visits, increased +5.9% year over year.4 Glenwood South saw a record 635,986 visitor visits in March, 2.7% higher than the previous record set in August 2023.4 Visitor visits to Fayetteville Street increased +2.3% year over year in March. 4

Estimated hotel room revenue for January and February increased +6.7% over the same period last year, averaging $9.7 million.2 There are currently 410 hotel rooms under construction in two separate developments, both of which are set to deliver later this year.1

501 N West Street, a 0.24 acre parcel across from The Line, has been purchased by Vision Hospitality for $4.6 million. 5 The site is the location of the proposed Moxy Raleigh Downtown hotel, a 169-room hotel.5

+5.9%

Total Visits To Glenwood South Year Over Year Q1 20244 INCREASE 19 Developments Under Construction Q1 20241

$24.1M

Estimated Average Monthly Food & Beverage Sales January & February2

*Average Monthly Hotel Room Sales Revenue From Q1 20232

1.5M Q1 20244 UNIQUE VISITORS +6.7% INCREASE

1DRA

2Wake County

3Eco-Counter

4Placer.ai

5CoStar

DEVELOPMENT UPDATES:

Overall, there is $7.1 billion of investment in the current Downtown Raleigh development pipeline.1 This includes an estimated $2.4 billion in projects completed since 2015, $911 million in projects under construction, and $3.8 billion in proposed or planned developments.1

$2.4 Completed (since 2015) BILLION $911 Under Construction as of Q1 MILLION

$3.8 in Site Preparation/ Proposed/Planned Developments BILLION

$7.1 Completed since 2015, Under Construction, and Planned Developments BILLION

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 2

Demolition Begins for Education Campus

Demolition of the North Carolina State Administration Building located at 116 W Jones Street has begun.

The State Legislature allocated approximately $400 million to build a new office building and education complex at this site to house the offices of the UNC System, N.C. Community College System, and the Department of Public Instruction. Construction is expected to begin later this year.

The Acorn on Person Street Wraps Up

Construction is wrapping up on The Acorn on Person Street, an 107-unit apartment development located on Person Street just south of City Market.

New residents begin moving in this spring. A proposed future phase of the development could add 138 hotel rooms in an adjacent building.

The Weld Phase 2 Site Plan Filed

A site plan for the second phase of The Weld, a multi-phase development adjacent to Dorothea Dix Park, has been filed and includes plans for a 20-story building with 525 apartments, 20,885 square feet of retail space, and a rooftop terrace

Phase one of the development is actively under construction and consists of two 20-story towers totalling 675 apartment units.

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 3
Image: site plan details for The Weld Phase 2 Credit: Mack Real Estate Group Image: site of future Education Campus Photo: Rendering of The Acorn on Person Street Credit: Cline Design Associates

Q1 2024 DEVELOPMENT MAP

An interactive development map with updated listings of project information and images is viewable at downtownraleigh.org/ do-business/ developments

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 4
# NAME Investment SF Units/Rooms Type 2020
CAMERON CREST $4,207,192 16,200 SF 6 units Townhome 2 CITY PLAZA RENOVATION $3,100,000 N/A N/A Public Space 3 HARGETT WEST $4,000,000 25,500 SF N/A Office/Retail 4 LONGLEAF HOTEL $6,500,000 20,812 SF 56 rooms Hotel/Retail 5 THE CASSO $22,702,726 71,794 SF 126 rooms Hotel/Retail 6 PEACE (SMOKY HOLLOW PHASE I) $150,000,000 652,500 SF 417 units Apartment/Retail 7 THE SAINT $23,000,000 53,199 SF 17 units Townhome 8 SIR WALTER APARTMENTS (RENOVATION) $15,000,000 20,000 SF 18 new units Apartment 9 SOUTH DAWSON RETAIL RENOVATIONS $471,857 9,746 SF N/A Retail 2021 10 HEIGHTS HOUSE HOTEL Not available 10,000 SF 9 rooms Hotel 11 THE FAIRWEATHER $28,000,000 103,250 SF 45 units Condo/Retail 12 THE LINE APARTMENTS (SMOKY HOLLOW PHASE II) $95,000,000 271,589 Residential SF / 30,000 Retail SF 283 units Apartment/Retail 13 421 N. HARRINGTON ST (SMOKY HOLLOW PHASE II) $95,000,000 225,000 Office SF / 20,000 Retail SF N/A Office/Retail 14 TOWER TWO AT BLOC[83] $108,000,000 241,750 Office SF / 30,000 Retail SF N/A Office/Retail 15 JOHN CHAVIS MEMORIAL PARK IMPROVEMENTS $12,000,000 N/A N/A Public Space 16 AC HOTEL RALEIGH DOWNTOWN $25,000,000 88,454 Hotel SF / 3,860 SF Retail 147 rooms Hotel 17 FIRST CITIZENS BANK BUILDING (RENOVATION) $9,000,000 N/A N/A Public Space 18 208 FAYETTEVILLE (RENOVATION) Not available 18,000 Office SF / 9,000 Retail SF N/A Office/Retail 19 RALEIGH CROSSING PHASE I $160,000,000 287,252 Office SF / 12,100 Retail SF N/A Office/Retail
333 FAYETTEVILLE (RENOVATION) $750,000 N/A N/A Office 2023 21 THE SIGNAL $95,000,000 30,000 Retail SF 298 units Apartment/Retail 22 THE PLATFORM (WEST END PHASE I) Not announced 26,000 Retail SF 442 units Apartment/Retail 23 NC FREEDOM PARK $5,400,000 N/A N/A Public Space 24 DUKES AT CITY VIEW Not announced N/A 8 units Townhome 25 400H $130,000,000 144,410 Office SF, 16,935 Retail SF 242 units Apartment/Office/Retail TOTALS: $1,236,366,775 937,512 Office SF / 250,405 Retail SF 1,777 units / 338 rooms RECENTLY COMPLETED (SINCE 2020) TOTALS: $911,15,000* 11,200 Office SF / 116,616 Retail SF 2,230 units / 410 rooms UNDER CONSTRUCTION DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 5 26 THE ACORN AT PERSON ST Not announced N/A 107 units Apartment 27 SEABOARD STATION BLOCK A Not announced 11,400 Retail SF 75 units / 149 rooms Apartment/Hotel/Retail 28 THE BEND Not announced 3,350 Retail SF N/A Apartment/Office/Retail 29 ROCKWAY RALEIGH - PARK CITY SOUTH PHASE I Not announced 16,800 Retail SF 336 units Apartment/Retail 30 320 W SOUTH Not announced 10,000 Retail SF 296 units Apartment/Retail 31 SEABOARD STATION BLOCK C $125.000.000 34,656 Retail SF 204 units Apartment/Retail 32 NOBLE PLACE Not announced N/A 16 units Condo 33 615 PEACE $7,000,000 2,200 Retail SF 24 units Condo/Retail 34 TEMPO BY HILTON/HOMEWOOD SUITES Not announced 1,810 Retail SF 259 rooms Hotel/Retail 35 GIPSON PLAY PLAZA (DIX PARK) $55,000,000 N/A N/A Public Space 36 210 FAYETTEVILLE ST (RENOVATION) Not announced Not announced Not announced Retail 37 216 FAYETTEVILLE ST (RENOVATION) Not announced Not announced Not announced Retail 38 ROW 12 Not announced N/A 12 units Townhome 39 MIRA RALEIGH Not announced 4,000 Retail SF 286 units Apartment/Retail 40 122 GLENWOOD AVE (RENOVATION) Not announced 11,200 Office SF / 10,505 Retail SF N/A Office/Retail 41 THE WELD (PHASE I) $700,000,000 9,700 Retail SF 675 units Apartment/Retail 42 ALEXAN GLENWOOD SOUTH $63,000,000 8,000 Retail SF 186 units Apartment/Retail 43 IDYLE Not announced N/A 10 units Townhome 44 RALEIGH UNION STATION BUS FACILITY (PHASE 1) Not announced N/A N/A Transit 45 865 MORGAN Not announced 900 Retail SF 401 units Apartment/Retail 46 SALISBURY SQUARE PHASE I Not announced 13,720 Office SF 366 units Apartment/Retail 47 CIVIC TOWER EAST $206,000,000 Not announced N/A Government 48 TOWER THREE AT BLOC[83] Not announced Not announced N/A Not Announced 49 707 SEMART DR Not announced 11,000 Retail SF 680 units Apartment/Retail 50 KIMPTON MIXED-USE Not announced Not announced 350 units / 179 rooms Apartment/Hotel/Retail 51 MADISON MIXED-USE Not announced 13,000 Retail SF 313 units Apartment/Retail 52 SALISBURY SQUARE PHASE II Not announced 3,850 Retail SF 300 units Apartment/Retail 53 SMOKY HOLLOW PHASE III Not announced Not announced Not announced Apartment/Office/Retail 54 THE CREAMERY MIXED-USE Not announced 242,000 Office SF / 17,212 Retail SF 295 units Apartment/Office/Retail 55 221 W MARTIN Not announced Not announced 450 units Apartment/Retail 56 330 W HARGETT Not announced 17,381 Retail SF 372 units Apartment/Retail 57 401 CABARRUS Not announced 7,964 Retail SF 298 units Apartment/Retail 58 BLOOMSBURY APARTMENTS Not announced 2,475 Retail SF 237 units Apartment/Retail 59 CABARRUS AND DAWSON RESIDENCES Not announced Not announced 261 units Apartment/Retail 60 MOXY HOTEL Not announced Not announced 169 rooms Hotel 61 PARK CITY SOUTH PHASE II Not announced Not announced 386 units Apartment/Retail 62 RALEIGH CROSSING PHASE II Not announced Not announced 275 units Apartment/Retail 63 VELA LONGVIEW $170,000,000 10,268 Retail SF 374 units Apartment/Retail 64 WILMINGTON STREET MIXED USE Not announced Not announced 387 units Apartment/Retail 65 COURTYARD MARRIOTT Not announced Not announced 179 rooms Hotel TOTALS: ** $3,791,838,000* 587,220 Office SF / 257,841 Retail SF** 7,781 units / 1,840 rooms IN SITE PREPARATION, PLANNED, & PROPOSED 24 ADDITIONAL PLANNED & PROPOSED PROJECTS CAN BE FOUND AT downtownraleigh.org/do-business/developments *Totals based on investment estimates **Totals for Planned & Proposed projects include projects not listed in table. See website for full list of these projects.
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20

OFFICE MARKET HIGHLIGHTS

Class A net absorption in Q1 totalled +75,619 square feet and direct occupancy is 86%, higher than the Raleigh-Durham market rate of 83.1%.1 Notable leasing activity includes Kimley-Horn’s renewed and expanded lease at One City Plaza, bringing their total footprint to 85,000 square feet2 and Morningstar Law Group which expanded into Two Hannover Square, leasing 14,500 square feet.4

Downtown Raleigh has 421,797 square feet of sublease space available, 12.5% of the Raleigh-Durham market’s total of 3,373,083 square feet of available sublease space.1

PERFORMANCE INDICATOR:

Class A Office Average Rent PSF2

Class A Office Net Absorption1 $35.24

Class A Office Occupancy Rate1

+75,619 SF

6,448,761 SF Total Office Inventory2 86%

1,972,889 SF Office Delivered Since 20153 Q1 2024

OFFICE MARKET 1JLL 2CBRE 3DRA 4Triangle Business Journal

421,797 SF Office Sublease Space Available1 + 1.8%

CLASS A OFFICE NET ABSORPTION AS PERCENT OF INVENTORY1

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 6
A TOTAL NET ABSORPTION
CLASS
(SF)1
Photo: One City Plaza building (right) and City Plaza Credit: Highwoods Properties

There are 2,230 residential units under construction, including 38 townhomes, 24 condos, and 2,168 apartment units.2 991 residential units delivered in 2023.2 The Acorn on Person Street, the next project to complete, will welcome new residents this spring. Downtown Raleigh’s stabilized apartment occupancy rate is 94.1%, this does not include recently completed developments.1

Average monthly rent per unit is $1,808 and the effective rent per square foot is $2.18, or $1,667 for a 1-bedroom apartment and $1,324 for a studio apartment.1

PERFORMANCE INDICATOR: APARTMENT STABILIZED OCCUPANCY RATE 1

Occupancy1

Effective Rent per SF1

8,897 units Residential Inventory2

2,230 Units Under Construction2 #3 U.S. News March 2023 Raleigh-Durham BEST PLACE TO LIVE IN THE U.S.

#1 U.S. News February 2023 Raleigh HOTTEST HOUSING MARKET IN THE U.S.

RESIDENTIAL MARKET HIGHLIGHTS RESIDENTIAL MARKET Q1 2024
94.1%
DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 7
1CoStar 2DRA
Stabilized
$2.18
Photo: Resident amenity area in The Signal apartments Credit: Creative Impressions Media

STOREFRONT MARKET HIGHLIGHTS

23 storefront businesses either opened, expanded, or opened in a new downtown location in Q1.1 Five storefront businesses closed in Q1 for a net gain of +14 storefront businesses in downtown. The Eye Institute has relocated and opened in the recently completed The Signal apartments along with The Yard and Biscuit Belly.

Overall, pedestrian counts in March 2024 increased +11% from February 2024.2 Average daily pedestrian counts across six downtown locations that have been deployed since 2019 decreased by 11.1% year over year for Q1.2 Overall, visitor visits to Downtown Raleigh increased +0.1% year over year in Q1.3

PERFORMANCE INDICATOR:

AVERAGE DAILY COMBINED PEDESTRIAN COUNT ACROSS SIX COUNTER SITES IN DOWNTOWN1

RETAIL MARKET

Q1 2024

Retail SF Under Construction1

116,616

Retail SF Planned or Proposed1

257,841

23 New Storefront Business Openings & Expansions (Q1)1

66 Storefront Business Openings & Expansions (2023)1

#1

LendingTree 2023 Raleigh BEST CITY TO START A BUSINESS 1DRA 2Eco-Counter 3Placer.ai

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 8
Photo: Raleigh Denim at 319 W Martin St Credit: Shay Stifelman

Average monthly food and beverage sales for Q1 in downtown increased by +7.9% over the same period last year.1

FOOD AND BEVERAGE SALES BY DISTRICT IN Q11

PERFORMANCE INDICATOR:

AVERAGE MONTHLY FOOD AND BEVERAGE SALES BY QUARTER1 Warehouse District Moore Square District

Average Monthly Food & Beverage Sales in Q11*

$24.1 MILLION

$23.8 Million in Q1 2023

160+ Restaurants & Bars In Downtown With Outdoor Seating2 1Wake County Tax Administration, DRA *Only January & February data available 2DRA 10 Craft Breweries & Distilleries In Downtown2

The monthly average for the Moore Square District increased by +23.7% year over year, the most of any district, and was 12.1% higher than in 2019.1 +7.9% INCREASE Q1 2023 TO Q1 2024*1

Q1 2019 TO Q1 2024*1

9 Fayetteville Street Capital District Glenwood South
+17.6% INCREASE
STOREFRONT MARKET HIGHLIGHTS
RETAIL
MARKET Q1 2024
DOWNTOWN RALEIGH Q1 2024 MARKET REPORT
Photo: Copperline Plant Co at 23 W Hargett St

Q1 2024 STOREFRONT ACTIVITY

Looking for retail space?

Visit: downtownraleigh.org/ do-business/space-available

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 10

Q1 2024 STOREFRONT BUSINESS ACTIVITY

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 11 # Business Openings in Q1 Type Date 1 Onward Raleigh Service January 2024 2 Tattoo Honey Service January 2024 3 The Flavor Hills Restaurant January 2024 4 Downtown Kicks Retail January 2024 5 The Devereux Bar January 2024 6 The Bunny Hive Experiential January 2024 7 Little Native Coffee Restaurant January 2024 8 Hightide Salon + Suites (Expansion) Service January 2024 9 Wolfe & Porter Bar January 2024 10 Jink Jam Tattooing Service January 2024 11 The Cellar Liquor Bar Bar February 2024 12 Primal Beaute Service February 2024 13 Nadia Ibarrola Massage Service February 2024 14 Lowbrow Salon Service February 2024 15 Galatea Boutique Retail February 2024 16 The Pocket Gallery (Relocation) Retail February 2024 17 ThriftWiz Retail February 2024 18 Emerald & Oak Retail February 2024 19 Copperline Plant Co. (Relocation) Retail February 2024 20 Figulina Pasta + Provisions Restaurant February 2024 21 Hello Yellow Art Studio Experiential March 2024 22 The Eye Institute (Relocation) Service March 2024 23 Morelia Gourmet Paletas Restaurant March 2024 # Early Q2 Openings 24 The Yard Restaurant April 2024 25 One For All Thrift Retail April 2024 26 Berkeley Cafe Relocation April 2024 27 Biscuit Belly Restaurant April 2024 28 La Terrazza Restaurant May 2024 29 Bistro 401 Restaurant May 2024 30 On Board Charcuterie & Catering Restaurant May 2024 31 Origami Styling Retail May 2024 # Business Closings in Q1 32 Little City Brewing Restaurant February 2024 33 Happy + Hale Restaurant March 2024 34 New Anthem Beer Project Bar March 2024 35 Flourish Market Retail March 2024 36 Union Special Restaurant March 2024 # Early Q2 Closings 37 Clouds Brewing Restaurant April 2024 38 Liberation Station Bookstore Retail April 2024 39 Gathering Gallery Retail April 2024 40 Armadillo Grill Restaurant April 2024 41 Umbrella Dry Bar Bar April 2024 42 Oak City Meatball Shoppe Restaurant April 2024 # Coming Soon 43 ABC Store Retail 44 Alaksha’s Indian Bistro Restaurant 29 ADDITIONAL BUSINESSES COMING SOON ARE NOT LISTED DUE TO SPACE CONSIDERATIONS 31 STOREFRONT BUSINESSES ANNOUNCED COMING SOON1

HOTEL & TOURISM MARKET HIGHLIGHTS

Two hotel developments underway, the 149-room Hyatt House and the 261-room dual branded Tempo by Hilton & Homewood Suites, have topped out and will deliver 410 rooms later this year. 3 Estimated downtown hotel room sales revenue for January and February totaled $19.4 million, increasing +6.7% over the same period last year.1

Visitor visits to Downtown Raleigh increased +0.1% year over year in Q1.2 Glenwood South saw a record 635,986 visitor visits in March, 2.7% higher than the previous record set in August 2023.2

PERFORMANCE INDICATOR:

DOWNTOWN AVERAGE MONTHLY HOTEL ROOM REVENUE1 Hotel revenue increased +6.7% year over year in Q1 20241

HOTEL + TOURISM MARKET

Q1 2024

410 Hotel Rooms Under Construction3

338 New Hotel Rooms Added Since 20203

1.5M Unique Downtown Visitors in Q12

$9.7M* Average Monthly Hotel Room Revenue Q1

1Wake County Tax Administration, DRA 2Placer.ai 3DRA

*Only January & February

#1 Southern Living MOST AFFORDABLE SOUTHERN CITY FOR 2022 FAMILY VACATION

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 12
Photo: concert at Red Hat Amphitheater Credit: Red Hat Amphitheater

NEWS & EVENTS

Downtown Economic Development Strategy

Downtown Raleigh Alliance and the City of Raleigh are developing an economic development strategy for downtown to position Downtown Raleigh for the future. This effort is a twelve-month process of engagement, ideation, refinement, and strategy development which kicked off in July of 2023 lead by consultant Interface Studio.

In February 2024, project partners released an 80-page initial report focused on the downtown core surrounding Fayetteville Street. The “Activating Fayetteville Street” report provided ten big ideas to activate and transform the area over the next several years.

10 Big Ideas for Fayetteville Street

Develop a streetscape design for Fayetteville Street that offers variations on a theme.

Build a strong foundation to ensure downtown is clean, safe and vibrant.

Develop a family-friendly itinerary and route around Fayetteville Street attractions.

Design and market the dowtown core as North Carolina’s Main Street.

Celebrate Raleigh’s Black Business District.

Add more housing on and around Fayetteville Street.

Use public space to support neighborhood livability.

Reposition City Plaza as downtown’s front porch.

Grow Raleigh’s arts and entertainment district.

Create a bold connection south of downtown.

A comprehensive, downtown-wide final report will cover additional scope areas such as: a retail strategy for downtown, strategic positioning of the downtown office market, opportunities for supporting a thriving Minority- & Women-owned business community, and catalytic projects to stimulate and grow Downtown Raleigh’s economy.

The final strategy report is anticipated to be released in late summer of 2024. More information about the strategy and report elements released to date can be found at: downtownraleigh.org/ed-strategy

DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 13
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8
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10

DOWNTOWN POPULATION GROWTH [2000-2028]

DOWNTOWN POPULATION BY AGE

11,000+

Resident Population Employees Within 1 Mile of the State Capitol

44,000+

31.7

Median Age

95K

Average Household Income

71.1%

Bachelor’s Degree or Higher

40% Of population between ages 20-34

1ESRI, DRA DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 14
DOWNTOWN DEMOGRAPHICS 1

ABOUT DOWNTOWN RALEIGH ALLIANCE (DRA)

DRA has a mission of advancing the vitality of Downtown Raleigh for everyone. DRA facilitates this mission through five goals:

1 2 3 4 5

Improve downtown economy through recruitment, pop-ups, financial support, research, marketing & promotions;

Advocate to make downtown a place for everyone that reflects evolving needs and interests of the community and lessons learned from the recent past;

Make downtown an engaging place to live, work, and visit through safe activations that appeal to a wide variety of stakeholders;

Improve and maintain a sense of safety and security in downtown through our Ambassador program, Social Services and work with RPD; and,

Elevate and improve DRA’s internal organization and processes through improved database, project management, communication, financial stewardship, and planning.

For additional information and resources visit: downtownraleigh.org/do-business

CONTACT FOR QUESTIONS: Gabriel Schumacher

Research Manager

Downtown Raleigh Alliance

919.821.6981 // gabrielschumacher@downtownraleigh.org

DOWNTOWN BOUNDARY AND DISTRICT MAP
E Peace St W Peace St Wade Ave Martin Luther King Jr Blvd Western Blvd CapitalBlvd New Bern Ave G l e n wo o d Av e N Person St Obe r l n R d Ma rtin Luther King Jr Blvd G a rne r Rd N Wilmi n gt o n S t Ashe Ave Hillsborough St N East St N Boundary St S Salisbury St W Lenoir St E Edenton St E South St N S a isbury St E Morgan St SDawson St S W i lm i n g t o n S t W Morgan St Western Blvd S Saunders St S E a s t S t E Lenoir St NMcdow e l l S t N D a w s o n St LakeWheelerRd W Cabarrus St Cap italBlvd G le nwoo d Av e S McdowellSt W Edenton St W South St Fayetteville Street District Capital District Glenwood South District Seaboard + Person Street District Moore Square District Warehouse District DOWNTOWN RALEIGH Q1 2024 MARKET REPORT 15 Downtown Boundary Downtown Municipal Service District (MSD) LEGEND
Photo by Patrick Maxwell

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