Q4 2021 MARKET REPORT
DOWNTOWN RALEIGH
SUMMARY AND HIGHLIGHTS: Downtown Raleigh continued to show signs of recovery throughout 2021 and in the fourth quarter. Downtown even exceeded pre-pandemic levels in some economic indicators, such as storefront business openings. In 2021, 57 new businesses opened or expanded in Downtown Raleigh, the highest number of storefront openings ever tracked in a calendar year in downtown.
Photo byPatrick Maxwell
+57
NEW STOREFRONT BUSINESSES OPENED OR EXPANDED Since Jan 2021
95.1%
The downtown residential market remained strong as well, with 95.1% occupancy1 and over 1,000 residential units under construction as of the end of the year. This includes 442 units at Platform, which will be downtown’s largest multi-family development to date, and 242 units at the mixed-use project 400H, which will be a 20-story tower with office and retail space. There are an additional 5,065 residential units planned or proposed in downtown in response to continued demand.
RESIDENTIAL OCCUPANCY1
as of Q4
1,014
Downtown’s office market showed sustained momentum in the fourth quarter with the end-of-year delivery of 287,252 SF of Class A office space at Raleigh Crossing Phase I. Pendo, a Raleigh-based startup recently valued at $2.6 billion, is occupying the top five floors of the new 19-story tower.2 There is approximately 1.6 million SF of additional office space planned or proposed in the downtown market.
RESIDENTIAL UNITS
under construction CoStar (occupancy statistic does not include properties in lease-up phase) 1
News & Observer
2
DOWNTOWN RALEIGH Q4 2021 MARKET REPORT
1