Raleigh: An 18-Hour City
This year is expected to be a great one for the Triangle’s real estate market and its residents. In fact, Raleigh-Durham was named the 10th most overall promising market of the year by Emerging Trends in Real Estate. Additionally, based on the survey, the area received the following market accolades:
- 7th in Office Market
- 9th in Single Family Housing Market
- 13th in Retail Market
- 15th in Industrial Market
There were a lot of factors that influenced these rankings, but in general, respondents favored the Triangle for its urbanization, ability to attract and retain a high-quality workforce and competitive cost of doing business.
Another trend I find to be of particular interest is the coming of age of the 18-hour city. These cities combine the best of 24-hour cities (think New York City) and 9-5 cities that are only active during business hours. I feel that Raleigh has always been somewhere between the two, but many 9-5 cities across the country are transforming into 18-hour cities.
The City of Oaks has done a wonderful job combining essential elements of housing, retail, dining and walk-to-work offices to help grow it as an urban hub. In turn, it has spurred investment and development. I see the growth everyday as I make my way to the Clairemont House in Downtown Raleigh.
Since last summer, I have been watching one of the city’s latest massive urban apartment complexes literally rise from the ground. What was not much more than a grassy field just last year has burgeoning into the shell of a four-story building featuring 224 studio, one- and two-bedroom apartment units. Known as the Lincoln, this new development stands within walking distance of local shops, boutiques, restaurants to sate any appetite and bars with live music and entertainment.
Cities like Raleigh that combine work, live and play aspects generate a feeling of excitement and therefore stay bustling well past work-day hours. Many of these 18-hour cities are said to be under-the-radar but rapidly on the rise due to the realization of great opportunities for homeowner investment.