NEWS AND OBSERVER
During the years after the financial crash, it seemed every local developer you talked to had an office building they were on the verge of building.
These projects, like so many things during the depths of the recession, were frozen in time – permanently, tantalizingly always just months away from breaking ground if only economic conditions improved.
While this state of inactivity remained in place far longer than many expected, it appears to finally be ending.
A number of office projects are moving forward, even with little or no pre-leasing, a sign that some areas of the Triangle now have a serious shortage of Class A office space.
“I think there’s no question that we’re starting to see a clear pickup in the amount of what I think is viable development opportunities,” said Rich Harris, managing principal for Cushman & Wakefield’s Triangle office. “I think the market has demonstrated … through the growth in the Triangle that we really do need more supply.”
In downtown Raleigh, Kane Realty and Heritage Properties are moving ahead with office buildings, and in downtown Durham, Austin Lawrence Partners began work last week on its 27-story City Center tower.