All posts by Brooke

Market Insights

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.

Employee Spotlight

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!

Tenant Highlight

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!

Client Highlight

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.

Client Highlight

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.

Fun Stuff

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!

Market Insights

Retail Vacancy Rate at a Historic Low in Raleigh Market

According to a recent CoStar report, the Raleigh retail market is seeing high demand and limited supply as a result of population growth and strong consumer spending. Net absorption over the past year has been around 190,000 SF, while move-outs have been lower than average. However, only -490,000 SF of new retail space has been delivered in the same time period. This has led to historic lows in vacancies and availabilities at 2.2% and 3.1%, respectively.   The report states multiple tenant leasing agents have commented that the market’s absorption would be significantly higher if more space were available for tenants to move into. There is a particular lack of second-generation space, and first-generation space is challenging for tenants to move into due to expensive upfits and long construction schedules. Raleigh’s steady population growth supports the construction pipeline, which is currently the largest it has been in over a decade, with 1.9 million SF of retail space under construction.

Employee Spotlight

Meet Our People

Kathy Decker is a North Carolinian through and through.  She grew up in Chapel Hill and Durham, then attended college in Boone at Appalachian State University, earning a degree in Elementary Education.  After graduation, she taught 5th grade in Charlotte for a time before moving back to the Triangle area.

In 1990, just after her move to Raleigh, Kathy made a career change and began working for Summit Properties in the apartment management industry. Six years later she came to work for York, joining the team as an on-site manager for City Market in Downtown Raleigh.

During her 25+ year tenure here at York, Kathy has worked in our Association Management and Property Management divisions.  In her various roles she has handled event planning, leasing, tenant renewal negotiations, vetting vendors, creating budgets, property renovations, and more!

On the weekends, Kathy works for a local wedding and event planning company as a wedding coordinator assistant. When she’s not assisting with a wedding, Kathy enjoys trying new restaurants in town, cake and cupcake decorating, traveling, or enjoying a binge-worthy Netflix thriller paired with a good glass of wine.

Kathy has volunteered with Triangle Dress for Success, which helps clients find an interview outfit or a week’s worth of clothes for work after they find employment. Kathy says that she sees firsthand how with the right clothing, a woman’s self-esteem increases and makes her more confident during the interview process. “It is rewarding to help someone find an interview outfit and then see them in a month or two to help them find work clothes for the job that they were interviewing for.” Kathy is also a member of the Junior League of Raleigh and Edenton Street United Method Church, where she has enjoyed various volunteer experiences over the years.

Kathy’s parents, brother, and sister-in-law are in the Wake Forest—Rolesville area. About two years ago, Kathy was a foster volunteer with Purr Partners Rescue and became what they call a “foster fail.” Purr Partners’ rescues are named after a letter of the alphabet. She was given the B Team – Barry, Belva, and Bixby, all four-month-old sibling cats. She says that by the time they got healthy, they had bonded, and she couldn’t give them up. Kathy formally adopted all three of them. Now that they are two years old, Kathy says that they have calmed down somewhat, but they still keep her busy and entertained with all of their shenanigans.

Property Management can be stressful at times, but Kathy says she is glad to work with a supportive team and positive company work culture at York. Her motto? “Don’t look for happiness… Create it.”

Special thank you to Kathy Decker for her years of dedication and commitment to York and the community!

Company News

2023 IREM Chapter Leadership Retreat

Earlier this week, Patty Friedman traveled to Chicago, IL, to attend the 2023 IREM Chapter Leadership Retreat. In addition to being one of our property managers, Patty serves as Treasurer of the IREM Greater Raleigh-Durham Chapter and Friends of IREM Board Liaison.

The 3-day retreat was held at the Loews Hotel Chicago, where Chapter Presidents, President-Elects, Chapter Board of Directors, Chapter Committee Chairs, IREM Association Executives, IREM’s Leadership Team, Board of Directors, and RVPs were all in attendance.

The purpose of the retreat was to give real estate managers an opportunity to grow their leadership skills to enhance their chapter roles and professional careers. Among those events scheduled were an IREM Association Executive Workshop, Chapter Management Bootcamp, and IREM HQ Offices Tour.

Both the Greater Raleigh-Durham and Western North Carolina chapters achieved top rankings as Premier and Evergreen contributors to the IREM Foundation for the organization’s 2023 Chapter Giving Campaign.

Company News

Spring Commercial Building Maintenance Tips

With outdoor temperatures rising, it is even more important than usual for building owners to make sure they are taking the right steps to maintain their property. Taking care of a building in warm weather is important to ensure the comfort and safety of occupants, as well as to maintain the building’s integrity. We have compiled some tips on how to take care of a building during warm weather.

Exterior maintenance:

  • Inspect and clean the building’s exterior, including walls, roof, and windows, for any signs of damage, wear, or leaks that may have been caused by extreme heat or sun exposure.
  • Check and clean gutters and downspouts to ensure proper drainage and prevent water damage, especially during periods of heavy rainfall or thunderstorms.
  • Inspect and repair any cracks or gaps in the building’s foundation, walls, and sidewalks that may have expanded due to heat or dryness.
  • Trim trees, shrubs, and bushes away from the building to prevent overgrowth and potential damage to the structure, and to allow for proper air circulation and shading.
  • Check and clean HVAC outdoor units, including coils and fins, to remove any debris or obstructions that may have accumulated during warm weather, and schedule professional maintenance or repairs as needed.
  • Check and repair any damaged or worn roofing materials, such as shingles or tiles, that may have been affected by prolonged sun exposure.

Interior maintenance:

  • Inspect and clean HVAC systems, including air filters, coils, and vents, and ensure proper functioning to maintain optimal indoor air quality and energy efficiency during warm weather.
  • Test and adjust thermostats to ensure proper temperature control and energy savings, and consider implementing energy-saving measures, such as programmable thermostats or shading devices.
  • Check and clean all interior lighting fixtures, replace bulbs as needed, and ensure proper functionality.
  • Inspect and test emergency exit signs and lighting to ensure compliance with safety regulations and to maintain visibility during emergencies.
  • Check and repair any plumbing leaks or dripping faucets that may have been exacerbated by increased water usage during hot weather.
  • Ensure proper insulation and weather stripping on doors and windows to prevent air leaks and reduce cooling costs.
  • Review and update emergency preparedness plans, including heat-related safety measures, such as providing adequate ventilation, shading, and hydration for occupants.

Luckily, here at York, we have both a landscaping and maintenance division that can handle all these needs and more for you.

Give our landscaping team a call today (919-835-2113) or contact our maintenance division (919-863-8068) for more information.