The average level of vacancy in the Raleigh-Durham area has dropped to its lowest point in over 15 years. This is causing lease and sales prices to explode. Your timing is excellent to see big returns in commercial real estate investments. There are several new opportunities on the horizon for the greater Raleigh area.
Recently, four new office spaces announced their openings here in the Triangle, adding 506,000 square feet of much needed business space. The addition of this space will attract new businesses, entrepreneurs and investors to the area, creating jobs and strengthening business matters. Here is a look at the four new commercial developments.
Regency Woods II
The first project on the list has been named Regency Woods II. This office building is said to be a five-story, 150,000-square-foot office building in Cary, overlooking Symphony Lake and the Koka Booth Amphitheatre.
J.D. McNeill of Spectrum Properties says that the construction of this building should begin sometime this fall and be ready for use in 2018. This $30 million project will be constructed on a space owned by Spectrum Properties next to the Regency Woods I office building.
The next project on the lineup is 2645 Meridian Parkway. This three-story building will contain over 76,446 square feet and will be built in Durham. Med-El, based out of Durham, has already pre-leased almost 75% of the building, occupying around 57,000 square feet.
This $19 million investment is financed by American Real Estate Partners of Virginia, and will be the first new construction project in Meridian Corporate Park in almost 16 years. CBRE-Raleigh will handle any leasing or renting of the new space.
The Station at East 54, the third project for the Triangle, is planned to be a six-story building on N.C. 54 in Chapel Hill. This space is planned to be built adjacent to East 54 community and Aloft hotel. This project, costing $20 million, will contain 55,000 square feet of space and will include demolition of the current Fire Station #2, along with the construction of a new station.
Bryson Powell of East West Partners says that there is much interest in pre-leasing the space. The project is expected to begin construction in January 2017 and complete within a year.
The last of the four new building projects, named One Glenwood, will be located at the intersection of Glenwood Avenue and Hillsborough Street, which is the space of one of the highest elevations in downtown Raleigh. The ten-story building will hold 224,500 square-feet, in which 15,000 square feet will be for retail. The $75 million project will also contain a roof terrace, sky lounge and fitness center.
Grow Your Business in an Ideal Location
North Carolina boasts two of the fastest growing cities in America: Raleigh and Durham. Commercial real estate moves quickly in these high-demand areas.
To stay informed about new projects or existing buildings for sale or lease, contact the experts at Craft Commercial by calling 919-446-5000. We are a local-owned real estate company serving the Triangle for over 30 years.