2003 TRIANGLE NC AREA MARKET AT A GLANCE
(Raleigh, Durham, RTP, Cary, Chapel Hill, et.al.)

Top 5 new retailers or exsisting retail leases in the market in 2003:

Marquee Cinemas, “The Lassiter” Project (Old North Hills Mall Redevelopment) , Raleigh, 53,350 SF

JC Penney, “The Lassiter” Project (Old North Hills Mall Redevelopment), Raleigh 178,730 SF

Linens & Things, Renaisance Center at Southpoint, Durham,   33,000 SF
PetSupermarket, Raleigh, 8000 SF
Tiger Direct, Raleigh, 14,000 SF
 

Top new restaurants that have entered the market in 2003:
California Pizza , Raleigh, 6000 SF
The Cheesecake Factory, Raleigh, 8000 SF
Champs, Raleigh 4500 SF
Stool Pigeons, Raleigh 4000 SF

Top industrial entries and expansions in the market in 2003:

Burt’s Bees Inc., Keystone Industrial Center,     136,000 SF
Solectron Global Services, Woodlake Center,   322,660 SF
Waste Management, Atlantic Center,      154,000 SF

Notable new office/retail/industrial projects in 2003:
Triangle Town Center Mall, Raleigh NC
The Opening of Brier Creek Shopping Commons
White Oak Crossing, Garner, 650,000 SF Retail

Vacancy factor marketwide  RETAIL    OFFICE     INDUSTRIAL 
                                             5.4%        17.7%            27.23%

Big development buzz:

The Progress Energy Building, CBD Raleigh, 366,000 SF of office Space and 23,400 SF of Retail. Under construction

Poyner Place, Raleigh, 475,000 SF Retail project. This project includes a first ever two story Dick’s Sporting Goods and is adjacent to the new Triangle Town Center. Under Construction

Patterson Place, Durham, 325,000 SF Retail, Near Streets at Southpoint, 

The Lassiter, The North Hills Mall Redevelopment project, 120,000 SF of office and 560,000 SF of Retail 

Brier Creek Commons Phase II, Raleigh (Hwy 70), 502,000 SF retail

Alexander Place Promenade, Raleigh, 404,000 SF retail

Biggest building sale in the market in 2003:
478,000 SF plus 96 acre Britol-Meyers Squibb Facility in Morrissville NC, Sold for $28.25 Million to Andrax Pharmaceuticals

Retailers who have left the market in 2003:
MARS Music
Turtles

Comments worthy of attention:

South Durham and Capitol Boulevard have become the new retail power centers for the area. This is due to the opening of the Triangle Town Center and Streets at South Point Malls over the last two years. Both malls are in the mega mall category and have additional retail sites opening or currently under construction and pre-leasing.

Many developers in the Downtown Raleigh Market are waiting to see what happens with the City’s plan to reopen Fayetteville Street to traffic. Reopening Faytteville Street is expected to revive the lagging retail market in the Raleigh CBD. To date, there are currently over 200 condominiums under construction or in pre-sales phases in this market. 

With the addition of the new Progress energy space in the coming year, Office rents in the downtown market are expected to remain attractive to businesses.

Office, Flex, and Industrial Vacancies are expected to improve over the course of the next year in the Research Triangle Park region. Aggressive rent and sublease rates in coordination with very little new construction are expected to help improve the sectors.