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Downtown Raleigh Alliance Releases 3Q-2018 Economic Development Report


PRESS RELEASE
For Immediate Release
Media Contact:
Bob Hagh
Director of Communications
Downtown Raleigh Alliance
919-821-6977
Mobile: 919-796-6606 (Feel free to call or text this number.)
bobhagh@downtownraleigh.org

Downtown Raleigh Alliance Releases 3Q-2018 Economic Development Report

RALEIGH, NC (October 30, 2018) – The Downtown Raleigh Alliance (DRA) has released its 3Q-2018 Economic Development Report for Downtown Raleigh. The DRA develops quarterly Economic Development Reports as part of its contract with the City of Raleigh to attract and retain storefront businesses in downtown. So far in 2018, 39 storefront businesses have opened in Downtown Raleigh and this year has seen the highest net gain in businesses since 2010.

“Retail had a strong quarter with six new stores and a major expansion of a local retailer all opening this quarter,” says Bill King, DRA’s Senior Vice President of Economic Development and Planning. “We are continuing to see retail respond to the growing residential and office density in downtown. Overall, 17 new storefront businesses opened this quarter and food and beverage sales continue to beat last year’s pace by 8.5%.”

Below are some of the highlights in this quarter’s report:

•    With over $305 million in completed projects this year, 2018 already has seen the most development completed, in terms of investment, since 2013 when $343 million was completed. At least $1.75 billion in projects are under construction, were delivered in 2015 or are announced and planned for the future

•    Food and beverage sales continue to climb with third quarter 2018 up 6.4% over the same quarter last year and downtown overall up 8.5% vs. first three quarters of 2017.

•    Moore Square is the biggest standout with 26.6% growth in sales over this time last year. 

•    There are now more than 200 restaurants, cafes, and bars/clubs/lounges in downtown.

•    Office occupancy has been near a historic high with a decrease in vacancy from 11.4% at the start of 2017 to a mere 7.8% at the end of 3rd quarter 2018.

“We are exciting about how well office space leasing is going in downtown with new buildings like The Dillon already at 96% and One Glenwood more than 80% pre-leased despite not even being completed yet and FNB Tower at more than 60% pre-leased with over a year to go until it is completed,” says King.

The full report as a PDF may be viewed here: https://downtownraleigh.org/_files/docs/dtr-econ-dev-3rd-quarter-2018-full_report.pdf

Interviews are available upon request with our Senior Vice President of Economic Development and Planning, Bill King. To schedule an interview, please contact Bob Hagh to for available dates and times.

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The mission of the Downtown Raleigh Alliance (DRA) is: Advancing the vitality of Downtown Raleigh for everyone. The DRA facilitates this mission through five goals: 1) Build a culture of authentic engagement and inclusion with Downtown’s diverse community; 2) Foster a thriving and diverse storefront economy; 3) Facilitate strategic partnerships to produce positive, balanced activations across Downtown; 4) Improve physical connectivity and accessibility within and around Downtown; 5) Position the DRA as a reliable, responsive, representative, and mission-directed.