Overall, Raleigh-Durham has seen impressive investment in its suburban office and multifamily sectors. ULI and PwC’s national “buy/hold/sell” (BHS) survey ratifies the optimism, particularly for offices and multifamily assets.
In the second quarter of 2019, investment activity in the Triangle totaled $198 million and brought the first half of 2019’s total to $385 million, according to Cushman & Wakefield research. Notable transactions included the sale of Forty540 in the RTP/I-40 submarket to Align Technology for $58 million. Investors have been confident in the Raleigh-Durham market due to its diverse economy and strong market fundamentals.
“Raleigh-Durham’s concentration of educational institutions—Duke University, the University of North Carolina, North Carolina State University, and several smaller colleges—coupled with the Research Triangle Park, has branded the area as a technology mecca, and it now has more than 89,000 tech jobs, which, at 10.9% of the employment base, ranks third behind Silicon Valley and San Francisco in tech industry share, according to a recent Tech Cities report,” said the Emerging Trends in Real Estate report.
Additionally, Raleigh was ranked the No. 1 city for home building prospects.