Raleigh CRE Crystal Ball Report 3Q 2023

Last month, Oak City CRE (Commercial Real Estate) asked a group of Raleigh brokers to share their guesses about where the Raleigh market is going to be in 3Q 2023. 24 brokers responded. That survey resulted in the first Raleigh CRE Crystal Ball Report. This unique report is meant to try and look into the future.

The brokers project a tenant market for leasing activity and a buyer market for asset sales in 3Q 2023. For the leasing market, the report predicts that office will be a strong tenant market and industrial will be a strong landlord market. For the asset sales market, the data shows that office will be a strong buyer market and industrial will be a strong seller market.

The report also includes a Leader Board that ranks brokerage firms by the number of qualified submissions they send in for the survey. York Properties tied for 5th place.

Oak City CRE is an online platform created by Jed Byrne to connect and identify any projects he creates related to Raleigh and North Carolina. In addition to a blog, A/E/C job board, and upcoming events page, Oak City CRE offers the Top Five, a weekly real estate newsletter focused on development in Raleigh that curates a list of the top five pieces of CRE content that Jed finds. Jed also runs the DirtNC Podcast, where he talks about the “places and spaces of North Carolina and the people who make them awesome.”

Read the full report here: 3Q2023 Crystal Ball Report Final.

Meet Our People

Office Manager and Receptionist Cindy Franks is the glue of the office. July will make a year since Cindy joined our team, but she agrees with us that it feels like much longer!

Cindy is a North Carolina native from Fuquay-Varina. When asked about her work life, Cindy says that her favorite part is the people. She appreciates how everyone is willing to help each other out. “The minute I started, I didn’t feel like I was new. I’ve never been treated like that at any job anywhere before.” Cindy heard about the position from a fellow colleague. With 12 years of HOA and accounting experience in real estate, Cindy knew it would be a great fit.

Outside of the office, Cindy loves to spend time with her husband of 28 years. They have settled in the Garner area, but venture out to try new restaurants on occasion. Cindy also enjoys scrapbooking, painting, yard work, and spending time with her children and grandchildren whenever she can. Cindy and her husband have a Shih Tzu named Bella – short for Isabella Swan, the main character from the hit movie Twilight.

We are very grateful for Cindy and all the work she does. We look forward to her journey with us!

Café Carolina & Bakery to Move Locations and Introduce New Café Concept

Café Carolina & Bakery is on the move! Later this summer, the Village District location will close its doors – but fear not. We are very pleased to announce that a Grand Reopening is scheduled for September 1st at the corner of Oberlin and Clark Avenue (formerly So·Ca).

In addition to the fancy space upgrade, General Manager Ron Hines tells us they plan to extend café hours and add beer and wine service in the future! Get ready for a whole new Café Carolina experience.

York-broker Lynne Worth says that exciting plans are in the works for the existing Café Carolina space.  More about that later… Stay tuned!

York Welcomes Seaboard Station as New Client

York is proud to announce we will provide a host of services for the commercial tenants at Seaboard Station. Seaboard Station is a multi-phase, $500 million mixed-use development located beside William Peace University at the intersection of Peace Street and Halifax Street.

Phase One of the development is almost complete. This will include an apartment complex with 298 units and 30,000 square feet of street-level retail space. The second phase will consist of a Hyatt House hotel, 55,000 square feet of retail space, and two apartment buildings. The details of the third phase have not yet been released. When complete, Seaboard Station will include nearly 600 residences and over 130,000 square feet of street-level retail, restaurants, and entertainment concepts.

In addition to property management services, York will also handle website design, development, and hosting, pay-per-click advertising campaign management, paid social campaign management, and special events for Seaboard Station.

To learn more about the project and its current tenants, visit Seaboard Station’s official website.

Social District Expands Toward Raleigh Union Station

Last August, the City of Raleigh proudly introduced its inaugural social district known as Sip n’ Stroll.

Thanks to its tremendous success during the pilot phase, the City Council has decided to expand and improve the district. They approved the following noteworthy changes, scheduled to take effect on August 15, 2023:

  • The inclusion of the Warehouse District and Hillsborough Street, providing an enhanced and diverse experience for visitors.
  • The operating hours have been extended by an additional hour, allowing patrons to enjoy the district’s offerings from 10 a.m. to 10 p.m. on a daily basis.
  • To further improve the district’s infrastructure, the council has taken measures to install additional permanent signage, ensuring clear navigation, and increased the number of trash and recycling bins.

Of note is that Moore Square and Nash Square are not part of the expansion area.

York is pleased to provide property management, venue management, and leasing services at Raleigh Union Station.

May Is Mental Health Awareness Month

Mental Health Awareness Month begins today!

According to the CDC, “Mental health includes our emotional, psychological, and social well-being. It affects how we think, feel, and act. It also helps determine how we handle stress, relate to others, and make healthy choices.”

Here at York, we believe our York-life balance helps to foster a work community of happy and mentally healthy employees. But we understand and recognize that sometimes things get stressful, so we hope our team will enjoy, learn, and reset from the experiences we have planned this month!