The multifamily sector remained strong in 2020 with the Sunbelt and Mountain West regions seeing the most activity. Raleigh-Durham was among the top markets experiencing demand, with multifamily absorption between 3%-5% of the total inventory.
In addition to multifamily activity, Fortune 1000 firms’ headquarters have also shifted towards the Sunbelt and Mountain regions in the past decade (2010-2020.) Between 2019 and Q1 2021, 78 large corporations announced HQ moves, of which 68 are interstate. In total, 32 Fortune 1000 companies are headquartered in North Carolina, the 11th highest concentration in the U.S. Five new firms moved to North Carolina over the past decade, more corporate adds than any other state.
Office leasing has been down across the country, declining by 10.7% QOQ in Q1 nationally. Raleigh-Durham was one of the few markets that tracked improvement in the quarter, experiencing the fourth-steepest rebound in the country. This rebound and the projected job growth in Raleigh-Durham are key drivers in attracting new residents to the market. For more, check out the Talent on the Move: Where People Live & Work After COVID-19 report.