How commercial real estate tells the story of Raleigh’s bright future :: WRAL.com

This article was written for our sponsor, Innovation road trip.

Despite the slowdown in COVID-19 activity in most sectors over the past two years, real estate in the Triangle has maintained strong demand. In the past few years alone, big companies like Apple and Google have announced major expansions in the state, bringing new construction and thousands of jobs in the process.

CBRE | Raleigh, a leading commercial real estate company in the Triangle area, works with commercial clients – from large corporations to scrappy startups – giving them unique insight into the local market.

“I’m excited about the Triangle because we have the potential to be one of the nation’s top innovation hubs in the future. Our life sciences are the top five in the country, our technology talent is among the top 10 in the country – and it started long before today, but now it’s in hyper overdrive, in terms of the companies that are here and the opportunities they bring,” said Tom Fristch, Senior Managing Director at CBRE in Raleigh.

Fristch is right – those major announcements keep coming. In a short period, Fujifilm chose Holly Springs for a $1.5 billion drug manufacturing plant, Google chose Durham for its new engineering center and Apple announced the construction of a $1 billion facility. dollars in Research Triangle Park. Apple’s announcement in particular is expected to create 3,000 jobs and millions for schools and infrastructure.

Already, the economic cascade effect is in full swing.

“There’s a lot of surrounding industries supporting these businesses. If you think of hotel rooms, if you think of restaurants, all of these jobs that are being created through this growth, it’s remarkable. All around the Triangle , there’s growth, and our whole region has grown from a business development standpoint. Because of that, more people can benefit from that growth,” Fristch said. “Innovation will continue to drive this market, and we certainly like to think that we have some thought leadership and are always looking for opportunities for investors and developers.”

In Raleigh, the Dorothea Dix Park campus is a prime example of growth potential and opportunity. The campus master plan has solicited input from consultants, landscape architects and more than 60,000 local citizens and will include a massive redesign of the space.

“The Dorothea Dix campus, as it continues to be developed and imagined, will only have tentacles of growth beyond it. People will want to have a real environment to live, work and play there” , Fritsch said. “When you think about what this could become over time, what innovation this could bring to our market, I think we’ll see more development around this as it evolves into a center of activity.”

Fristch credits the foresight of the region’s leaders as a major boon to growth. Research Triangle Park was established 60 years ago, and since then Raleigh-Durham Airport has been built and gone international and Interstate 40 has been extended to Wilmington.

Today, the Triangle is reaping the rewards of this thought leadership.

“CBRE’s involvement in 2,400 transactions over the past five years has represented $11 billion in transaction volume, and that drives so many innovative things happening in our market,” Fritsch said. “It brings in more talent, gives our existing talent more opportunities, and gives us a lot more scope to grow our city.”

“We can expect a lot of changes in the Triangle over the next five to 10 years, and I would say the next 10 years could potentially be bigger than the last 10.”

This article was written for our sponsor, Innovation road trip.

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