All posts by Shelby

New sweetness opened at Stony Brook Shopping Center, leased by York Properties
Client Highlight

Tepuy Donuts at Stony Brook

Quick tenant highlight this morning. We stopped by Tepuy Donuts at Stony Brook Shopping Center on our way to the office one morning last week. This excursion is HIGHLY recommended.

Besides a fantastic array of made-from-scratch sourdough doughnuts, Tepuy offers breakfast and lunch sandwiches.

You can order ahead online or pop by most anytime from 6:30am – 3pm. Closed on Wednesdays. Open at 7am on Sundays.

Located at 2820 Capital Boulevard, Raleigh.

Check them out sometime! You won’t be sorry.

 

Photo of the Horseshoe at Hub RTP
Market Insights

RTP 3.0: Transforming Research Triangle Park into a Vibrant, Mixed-Use Innovation Hub

RTP 3.0 is a visionary initiative aimed at transforming North Carolina’s Research Triangle Park (RTP) into a more dynamic, mixed-use environment over the next 50 years. Historically, RTP has been a sprawling office park spanning 7,000 acres across Durham and Wake counties, primarily dedicated to research and development facilities. The RTP 3.0 plan seeks to evolve this landscape by integrating residential, retail, and entertainment spaces, thereby fostering a vibrant community where people can live, work, and play.

A central component of this transformation is the development of **Hub RTP**, envisioned as a downtown district within the park. This ambitious project includes up to one million square feet of office and life sciences lab space, 38,00 square feet of experiential retail, 1,200 multifamily residential units, 279 hotel rooms, and 16 acres of green, open space. The goal is create a walkable urban center that enhances connectivity and community engagement within RTP.

To facilitate these changes, RTP companies approved covenant modifications with a 96% majority in early 2025, marking a significant step toward reimagining the park’s development framework. These amendments pave the way for introducing mixed-use developments and residential options within RTP’s boundaries.

The RTP 3.0 initiative also emphasizes sustainability and inclusivity, aiming to create a “15-minute city” where essential services and amenities are accessible within a short walk or bike ride. This concept addresses future housing and transportation challenges, ensuring RTP remains attractive to companies and talent in the evolving economic landscape.

Overall, RTP 3.0 represents a strategic effort to modernize Research Triangle Park, enhancing its role as a global innovation hub wile providing a more integrated and living community for residents and professionals alike.

Judson McMillan, York Properties, represented the buyer in this commercial leasing transaction in Raleigh.
Client Highlight

CLOSED: 4600 Trademark Drive

Congratulations to our valued client who successfully acquired the property at 4600 Trademark Drive in Raleigh, NC. This rare single-tenant flex investment opportunity features an 8,737 SF industrial building on a 1.99-acre lot, built in 2023.

A big shoutout to Judson McMillan for his expert representation of our client throughout this transaction. This purchase aligns perfectly with the robust growth and opportunities in the Research Triangle Region, consistently ranked as one of the best places to live and work in the U.S.

Market Insights

Wake County’s Commercial Real Estate Outlook 2025: Navigating Challenges, Embracing Opportunities

While navigating potential economic uncertainties remains important, the region’s inherent strengths position it well for continued success in the commercial real estate (CRE) sector. As we progress through 2025, Wake County’s CRE market exhibits signs of stabilization and promising long-term growth, underpinned by robust population increases and ongoing economic development.

Office Sector:

The office market is experiencing stabilization, driven by a resurgence in tenant demand for in-person attendance. With a limited construction pipeline and no new starts anticipated in the near term, the availability of prime office space is expected to tighten. This scenario may prompt tenants to consider a broader range of properties to meet their needs.

Industrial Sector:

The industrial sector continues to perform well. A slowdown in deliveries in 2024 is expected to lead to tighter vacancy rates in 2025. Strong demand for newly delivered industrial products is likely to encourage more developers to break ground on new projects, creating additional high-quality occupancy options. Wake County’s robust population growth will continue to fuel long-term demand for industrial space, driven by last-mile logistics and advanced manufacturing.

Medical Office and Retail Space:

The region’s favorable demographics are expected to sustain demand for medical office and retail spaces. The area’s appeal to new brands is likely to keep retail availability tight, with vacancies in high-demand locations being quickly filled. Additionally, the trend of developing live-work-play destinations is expanding beyond urban centers into smaller communities and traditionally suburban areas.

Life Sciences Real Estate:

The life sciences sector is anticipated to experience renewed demand as capital becomes more accessible. Significant investments by major biomanufacturers, including expansions by FUJIFILM Diosynth Biotechnologies and Amgen in Holly Springs, underscore the region’s status as a premier life sciences hub.

Generational Projects:

Several transformative projects are set to benefit all aspects of Wake County’s real estate market. These include the development of Dix Park, the Lenovo Center sports and entertainment district, the Raleigh Convention Center expansion accompanied by the new Omni Hotel, the RDU International Airport expansion, and RTP 3.0. The ongoing development of Hub RTP within Research Triangle Park, featuring new dining, office, and lab spaces, further contributes to the region’s dynamism.

Driving Factors for Continued Growth:

  • Strong Population Growth: The continuous influx of new residents fuels demand across all CRE sectors.
  • Economic Development Success: North Carolina’s recognition as a top state for business, coupled with significant job creation and capital investment in Wake County municipalities, fosters a conductive environment for business expansion and relocation.
  • Infrastructure Improvements: Investments in transportation infrastructure, including the Bus Rapid Transit system and expansions at RDU International Airport and on major roadways like I-540 and I-440, enhance accessibility and attractiveness.
  • Thriving Higher Education and Talent Pool: The presence of esteemed educational institutions like NC State University and Wake Tech Community College provides a robust talent pipeline, attracting businesses seeking skilled labor.

 

While challenges such as high interest rates and workforce shortages persist, the overall outlook for Wake County’s commercial real estate market in 2025 remains cautiously optimistic, buoyed by the region’s inherent strengths and strategic developments.

Company News, Employee Spotlight

Shelton Griffin: Chief Investment Officer

We are proud to announce that Shelton Griffin has been appointed Chief Investment Officer at York Properties!

Shelton has been a vital part of the York Properties team for over 20 years, having graduated from NC State University and held various roles within the company. His dedication and expertise, especially in collaboration with our former CIO, Hal Worth, have prepared him well for this new chapter.

 

Congratulations to Shelton on being appointed Chief Investment Officer.