Retail market remains robust in Raleigh and surrounding areas

This article was written for our sponsor, CBRE | Raleigh

Everyone knows a shocking headline draws eyes (and clicks). So, whether it’s in the midst of online shopping expansion brought on by the coronavirus pandemic or on the precipice of a historic recession, headlines around the country have asked, with apocalyptic implication, “Is retail dead?”

When asked a similar question, Charlie Coyne, director of retail services for CBRE | Raleigh said, “The reality of retail currently in the Triangle? Retail’s as strong as it’s ever been. Consumer demand is at record highs and vacancy is on the path to record lows.”

Tiffany Barrier, senior vice president of retail advisory services at CBRE | Raleigh adds, “It’s really exciting. We’ve seen tons of new developers who have never really looked at this market or considered it, and they have major projects under planning and under construction. We’ve seen net new retailers and restaurants to the market and people that are coming from larger markets like New York or DC that are really excited about the Triangle and all the Triangle has to offer.”

Several factors are driving this growth including the region’s strong job market, affordable cost of living and favorable leasing conditions.

The Triangle has become the biotech hub and continues to draw the attention of worldwide corporations looking for a place to expand. Job growth in the life sciences outpaces the local, available talent. This means that more people move to the Triangle market everyday, and those people not only bring dollars, but they bring curiosity and a desire to interact with their new community.

Another factor driving growth within the Triangle is the region’s relatively low cost of living, which makes it an attractive place to do business. In addition, the region’s favorable leasing conditions have made it easier for companies to open new stores or expand existing ones.

The combination of these factors has resulted in retail resiliency in the Triangle, moreso it has led to growth and optimism which inspires business confidence.

Not only, as Barrier mentioned, are more established businesses seeking to relocate or expand with a location in the Triangle, but the increased capital and favorable business conditions are encouraging local entrepreneurs to follow their dream and become a franchisee or business owner. In fact, a June 2022 study by LendingTree reported that Raleigh is 6th in the nation in franchises, and the market is continuing to expand.

With growth, comes competition. To enter a competitive market, a business wants to begin with a solid strategy. That’s where CBRE | Raleigh steps in.

In a 2021 WRAL TechWire article, Senior Managing Director, Tom Fritsch said, “When CBRE had an office in downtown Raleigh back in 2002, there wasn’t much residential or retail real estate nearby. If you look at it now, it’s night and day.”

CBRE | Raleigh, a local entity of the global CBRE, has worked with the Triangle market through a rise in population from 900,000 in 2001 to roughly 2.2 million today. They understand the unique challenges and opportunities that come with such a quickly growing market. In addition, they have first-hand, local knowledge of what makes a retail business succeed in the Triangle, including understanding what residents, both native and new, seem to respond to.

However, they don’t just rely on their experience, they employ what they call an “unmatched” data analytics program, allowing their clients to research trends, market lines and specific consumer data tailored to their needs.

“We can implement our local knowledge and our professional knowledge, but you know you have the analytics backing it up with demographic and data points that are specific to your type of business and your success,” Barrier said.

CBRE | Raleigh is passionate about ensuring businesses can set their best foot forward in this quickly evolving market. Their goal is to help clients navigate the challenges and opportunities of the retail industry in the Triangle so that business and retail can continue to grow and thrive. They create and release easily accessible market reports on retail so that everyone can see what they already know. In the Triangle, retail is not only alive, it’s thriving.

Others can spend their time wringing hands over shocking headlines; in the Triangle, it seems residents would rather go shopping.

This article was written for our sponsor, CBRE | Raleigh

The post Retail market remains robust in Raleigh and surrounding areas first appeared on WRAL TechWire.

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biotech
life sciences