All posts by Brooke

Market Insights

How the Triangle Stacks Up

Tenant-rep broker, Robert Hoyt, attended a TRAOBA meeting yesterday called “How the Triangle Stacks Up to Other Metros”. Because TRAOBA is Office focused there was some discussion on the state of the office market (bullets below) by the panel.

Panel Members:  Heath Chapman-CBRE; Hooker Manning-Kane; Mat Winters-JLL

State of the Office Market 

  • Activity slowly coming back
  • They are seeing larger groups touring the market for requirements in late 2021
  • Office landlords are all doing well as there have been nominal defaults
  • Tenants are able to do business remotely and have been paying rent while only occupying 10% or less of their space
  • Any rent relief or deferral requests (few and far between and all at the outset of the lockdown) went away after tenants were asked to provide how the pandemic was impacting their business (nominal impact other than the overall economic slowdown)
  • There is a large amount of sublease space hitting the market
  • Tenants are trying to determine post pandemic space needs
    • Do they need less space as they have more remote workers?
    • Do they need more space to increase social distancing (and decrease density)?
  • Rental Rates have not been negatively impacted; however landlord concessions have increased (in the form of abatement and higher TI allowances)
  • Both Heath and Hooker expect a quick recovery once a vaccine has been widely distributed.

 

One panel member with the Raleigh Chamber shared the attached study done by the Raleigh Chamber and the Wake County Economic Development team.  Overarching message: “The Raleigh metro is the best performing metro in the U.S. and continues to remain one of the top places for business and careers…”

Here are a few of our favorite accolades from the report:

#3 BEST PLACE IN AMERICA TO START A BUSINESS
RALEIGH, NC | INC | 2018

#6 MOST INCLUSIVE METRO IN THE U.S.
RALEIGH, NC | BROOKINGS INSTITUTE | 2019

TOP 10 GLOBAL HUB FOR LIFE SCIENCE INNOVATION
HICKORY & ASSOCIATES | APRIL 2019

#1 STATE FOR WOMEN IN TECH
NORTH CAROLINA | NC TECH | 2019

#3 BEST QUALITY OF LIFE IN THE WORLD
RALEIGH, NC | NUMBEO.COM | 2019

Company News

Our Latest Brokerage Assignment

York Properties is pleased to announce that it has been selected to provide landlord representation services for North Carolina State University. York is the exclusive leasing agent for more than 460,000 SF of office space on Centennial Campus and retail space on Hillsborough Street.

Centennial Campus offers much more than just office space; it also provides unique opportunities to partner with some of the brightest minds from industry, government and the academy.  The broker team working with NC State’s Real Estate and Development office includes John Koonce, Skipper Day, Robert Hoyt, Malcom Lewis and Julie Paul.

 

Market Insights

Market Insights – Fuquay-Varina, NC

In 1963, the town of Fuquay Springs, site of a hot springs renowned in the region, joined the neighboring community of Varina, crossroads of two timber rail lines. Thus, Fuquay-Varina was born and has become one of Southern Wake County’s fastest growing towns.

According to the US Census, the town has grown 68.3% from April 2010 to July 2019, with no slowing in sight. The estimated current population is more than 33,000 residents, with some 2,000+ housing units actively under construction and many more planned. The construction of the southern loop of 540 will continue to accelerate Fuquay-Varina’s growth and developers have taken notice. Several new major mixed-use developments, including Bengal Town Center and Bellchase, have recently been announced and will add 1,000,000+ SF of office and retail along with hundreds of residential units.

Boasting two charming historic downtowns, Fuquay-Varina retains a small Southern town feeling. However, its adjacency to Research Triangle Park and Raleigh with access to high-paying jobs and Wake County’s excellent school system, Fuquay-Varina is well poised for major growth.

Tenant Highlight

Cape Fear Seafood Company Expands

Cape Fear Seafood Company out of Wilmington, NC was founded by Evans Trawick in 2008 and  built a loyal following serving fresh, local seafood in a welcoming and relaxed atmosphere. This proved a winning combination resulting in two additional successful restaurants in the Wilmington area. Evans then set his sights on franchising the proven concept and expanding into Raleigh.

Two long-time Cape Fear employees, Eddie Elliott and Matt Wivell, partnered to bring the restaurant concept to Raleigh.  York Broker, John Koonce, helped them find the perfect location on Spring Forest Road in North Raleigh.  Opening the doors in June 2019, the duo enjoyed nine strong months of breaking records and exceeding expectations.

Then the pandemic hit.

Governor Cooper ordered restaurant dining rooms closed on Tuesday, March 17.  Pivoting is 2020’s over-used word, but that is exactly what Eddie and Matt did – and quickly.  By Thursday, Cape Fear was down to 2 staff members: Matt was doing the cooking and Eddie was handling all orders and curbside delivery.  They furloughed their staff but continued to pay them …(Once they received PPP funding)

Loyal customers from their first nine months of operation patronized the restaurant and word spread about their providing takeout service before many other restaurants in the area.  By the third week of April their employees came back and they’ve continued to make it work through these unprecedented times (another 2020 overused phrase).

Hope really must spring eternal because Eddie and Matt just signed a deal to open a second location in Cameron Village.

When you visit any of their locations, you can expect a wide variety of seafood options from comfort-food Calabash-style platters to upscale chef-driven dishes.  The vibe of the restaurant is casual, come as you are.  Cape Fear wants to transport you to the beach and have a little something for everyone, offering $10 sandwiches and ½ price bottles of wine alongside seared Chilean sea bass and lobster risotto.

As for Eddie and Matt, they’re taking life one step at a time, working on building their brand in Raleigh, designing their Cameron Village restaurant and hopefully adding a third location before 2023.   Who knows, maybe one day Cape Fear Seafood Company will be the Carolinas’ answer to Legal Sea Foods that dominates much of the Northeast.

Tenant Highlight

Union Special; One Year Old and Going Strong

Andrew Ullom, baker and owner of Union Special Bread set out to make edible nostalgia while still giving back to the community, and he is doing just that.

How did this all start? After attending culinary school where Andrew discovered a love of breads, he opted for a baking apprenticeship. His first bakery internship was at a bakery for a large hotel and his path was set. Eventually he became the executive pastry chef for Ashely Christensen. After seven years at AC Restaurants, Andrew decided it was time to realize his vision of a community-driven bakery and restaurant.

One of the biggest hurdles was getting it open. Hundreds of idea pitches followed by two years of planning and building finally made Union Special a reality in 2018.   Andrew’s original goal remains the same: to make an accessible gathering place with delicious familiar food that will lead to conversation and community building.

Flash forward, Union Special recently celebrated its one-year anniversary with a Birthday Dinner to benefit SAFEchild. With a huge turnout and the busiest day ever, Andrew says that it was a great testament of where the business will go.

Client Highlight

An Interview with Jason Queen, Co-Founder of Transfer Company Food Hall

Transfer Company Food Hall has become a beloved gathering spot in downtown Raleigh.  Located just east of downtown in the old Carolina Coach Garage and Shop, it showcases local food and beer vendors.  The architecture is historic, the food delicious, and the vibe friendly and welcoming.

How has Transfer adjusted to life in a pandemic?

Obviously, we had to shut down for a while and now we’re open in a limited capacity.  However, we feel that food halls are well positioned with large dining spaces (ours is 15,000 SF), outdoor courtyards and 35’ ceilings.  Most restaurants have very limited inside capacity.  With 150 people in Transfer, it still looks quiet.   We also feel our strengths come from multiple offerings in a one-stop shop.  For those wanting take-out, we’ve been working on coordinating collective deliveries.

From an in-person dining standpoint, we’re seeing about half our normal population.  But, we’re here, maintaining our jobs and doing what we can.

What do you see for the future of Transfer? Any new additions?

The future looks bright.  We are a very community-focused business.  And, will continue to honor and celebrate our surrounding neighborhood.

Any new additions coming?

  • Behind the food hall, a three-story building is planned and getting close to breaking ground early next year. The bottom floor will feature Saxapahaw Grocery.
  • The ballroom has reopened for event rentals. Booking for 2021 has already started.
  • York exclusive scoop, Transfer Co Work Hall co-working space will celebrate its grand opening in September!

 

We’ve been hearing predictions lately that downtowners are moving to the suburbs to escape both density and unrest.  Your other company, Monarch Realty, sells properties in and around downtown.  What’s your take?

The walkability and lifestyle that downtown allows for is its unique competitive advantage.  This lifestyle can’t be replicated in the suburbs and makes downtown sustainable in the long term.  My prediction is that once we get a clear signal to reopen, downtown will come roaring back.

In terms of Monarch’s downtown activity, our sales are as strong as ever and in certain instances absorption is higher than ever.

Jason remains bullish.  Go visit Transfer Company Food Hall!

Company News

Top 5 Fall Preventative Maintenance Tips for Your Home

Labor Day weekend is quickly approaching and with it comes thoughts of cooler weather (Yay!), football tailgates (Eh…maybe not so much this year), and your home’s Fall preventative maintenance checklist (Right?!?).  Since we knew you’d be thinking about all this stuff soon enough, we thought we’d share York Maintenance Divisions’ top five Fall maintenance tips.

Yes, yes….we know there are actually eight tips listed here.  We got excited and couldn’t help ourselves, and “Top Eight Fall Preventative Maintenance Tips” just doesn’t have the same ring to it.  Thanks for humoring us.

  1. Check windows and doors for air leaks.

This is one of the easiest ways to save on winter energy bills and keep your house from getting cold. Make sure there are not cracks, leaks or air coming through the window sills or door frames.

  1. Clean your heating and air conditioning unit.

Having your air conditioner and heater units cleaned twice a year- spring and fall- will help your family stay healthier and expand the life of your units. A professional cleaning is inexpensive and takes a very short amount of time.

  1. Check your fireplace.

Many people still use wood burning or gas fireplaces in the winter. Do a visual inspection of your fireplace to make sure that it is in good working order. Give it a test run at some point in the fall, before it gets too cold, to make sure that it will be functioning in the winter.

  1. Clean gutters and downspouts.

Once most of the leaves have fallen, clean out gutters and downspouts. Clogged gutters during rainstorms can cause water to pool and damage your roof or siding.

  1. Protect your garden hoses and spigots.

To keep your garden hose from freezing and cracking, empty it completely and disconnect it from the spigot. Moving it inside is also a good idea to help prevent your hose from freezing and getting destroyed.

  1. Drain Sprinkler/Irrigation Systems.

Chances are you aren’t going to be using the sprinklers in winter. Water left in the system can freeze causing the pipes to crack and burst.

  1. Check your smoke detectors and carbon monoxide detectors.

Install new batteries every spring and fall.

  1. Inspect and Trim Tree Limbs.

Trim any tree limbs that are dangerously close to power lines or the roof of your house. Heavy snow and ice can build up and cause weak tree limbs to break and fall onto your house or vehicles causing damage.

 

Our Maintenance Team is on call and ready to help with residential or commercial maintenance projects.  Call or email us to discuss your maintenance needs at 919.863.0826 or [email protected].  We would love to hear from you!

York Gives Back

Largest Corporate Philanthropists in Raleigh-Durham-Chapel Hill

Punching above its weight class, York Properties is proud to be featured on a list of the Triangle’s largest philanthropic companies with the likes of BCBS, Duke Energy, Wells Fargo and GlaxoSmithKline, among others.

Since our founding in 1910, York has fostered a culture of service – to both our clients and our community.   Chairman, Smedes York, and CEO, George York, have set high standards for volunteer engagement and deeply believe in giving back to the community that has given them the opportunity to do business for 100+ years.

Largest Corporate Philanthropists List

Tenant Highlight

Onward Reserve Opens New Location in Raleigh after COVID-19 Delays

Lifestyle Brand Opens in Cameron Village with “Celebrate Summer” Giveaway

 

RALEIGH, N.C. (July 1, 2020) – Onward Reserve, a specialty men’s apparel and lifestyle brand, today announced the opening of its newest retail location at Cameron Village. This will be the 12th retail store for the Atlanta-based brand, which can also be found online and in partner retailers across the country. Onward Reserve Raleigh is located at 404 Daniels Street, near the intersection of Clark Avenue.

To commemorate the Raleigh opening, Onward Reserve is holding a “Celebrate Summer” giveaway. Any customer who shops in-store grand opening week (July 1 – 8, 2020) or enters the giveaway online will be entered to win a “Summer Essentials” gift basket from Onward Reserve.

The prize includes a $250 gift card to Onward Reserve, the brand’s signature Ranch Water cocktail cups and ingredients (Topo Chico and limes), an Onward Reserve North Carolina trucker hat, Onward Reserve beach towel, new Raleigh tee and Onward Reserve koozie. The giveaway can be entered by visiting the website here.

Onward Reserve, which was founded in 2012 by T.J. Callaway when he was just 26 years old, offers apparel ranging from tees featuring original works of art by accomplished artists, to tailored and performance sportswear, accessories, and footwear. Onward Reserve also boasts a curated selection of distinctive gifts, including barware, books and small leather goods.

“Creating authentic moments with family and friends is the inspiration behind Onward Reserve,” said T.J. Callaway, founder and CEO of Onward Reserve. “We already have a strong customer base online in the Triangle area and are thrilled to join the community in Cameron Village and for people to experience the Onward Reserve brand in-person.”

Onward Reserve partnered with celebrated local artist Anna Ball Hodge to help create an original painting of Raleigh landmarks to be featured on the back of the new Onward Reserve Raleigh tee. The scene celebrates the vibrancy of the city and the painting hangs prominently in the store.

Onward Reserve Raleigh will be managed by Raleigh native and NC State grad, Rachel Ferraguto. The store was originally scheduled to open in early April but was delayed due to COVID-19.

“I’m excited to introduce Onward Reserve to the Raleigh market, especially as it’s more important than ever to ‘shop small,’” said Ferraguto. “Our store is just up the street from my alma mater, so I can’t wait to be an active member of the NC State and larger Raleigh communities.”

Doors will open at 10 am on Wednesday, July 1, following the state guidelines for Phase Two of reopening, practicing social distancing measures in-store and adhering to CDC guidelines for sanitation measures. If preferred, customers may call ahead for curbside service and private shopping appointments are also available.

“In today’s climate, we want to meet customers where they are, serving them however they feel most comfortable to allow them to safely shop with us,” continued Ferraguto.

Onward Reserve Raleigh will be open 10 a.m. to 7 pm., Monday through Saturday, and 12 p.m. to 5 p.m. on Sunday. A surprise gift with purchase will also be given to customers who shop in-store during the two weeks of being open.

“Despite recent challenges, our continued growth online and expansion into Raleigh underscores that customers are looking for a brand that not only provides quality products but also an authentic and personal experience,” said Callaway. “We’re excited to celebrate our opening with the Raleigh community.”

For more information, visit www.onwardreserve.com and follow us on Facebook and Instagram for the latest updates and store happenings.

 

About Onward Reserve

Onward Reserve is a specialty men’s apparel and lifestyle brand headquartered in Atlanta, Georgia. The company was founded in 2012 by T.J. Callaway and strives to deliver a world-class retail experience with genuine hospitality. With a laid-back approach to luxury and unwavering quality, Onward Reserve creates products that can outfit gentlemen of all ages doing what they love – from a day at the office, to weekends spent fishing, hunting, golfing, boating or simply spending time with friends and family.

Onward Reserve has 12 retail locations: three in Atlanta; Athens, Ga.; Thomasville, Ga.; Charlotte and Raleigh, N.C.; Clemson, S.C.; Chattanooga and Nashville, Tenn; Dallas; and College Station, Texas. Additionally, the brand has significant online sales and wholesale business. For more information and to shop online, please visit www.onwardreserve.com and follow us on Facebook and Instagram.

About Onward Reserve Raleigh

Address: 404 Daniels Street, Raleigh, NC 27605         |        Phone: 919-615-3376         |        Manager: Rachel Ferraguto        |        Email: [email protected]