How retail growth is stimulating the Triangle's overall commercial real estate market

Often, Raleigh gets compared to other fast-growing markets like Austin, TX, or Phoenix, AZ, since it's also a tech-heavy, educated market. One key differentiator is comparatively low rents. "Historically we have had a gap in the prospective sales volumes of stores in relation to escalated rents. That is no longer the case. We have supporting volumes, and our rents remain relatively attractive. I think we still have some runway, , and it's a benefit to our market as brands are evaluating where they want to put their funds," said Barrier.

One thing that has remained constant is the relatively low vacancy rates in retail properties. "The thing that's grown is our demand from out-of-market brands and demand for really high-quality assets," continued Barrier. New brands are increasingly exploring the Triangle as a viable contender for their retail expansions. Moreover, brands aren't only interested in being in the heart of a downtown area. "There's still a big emphasis on suburban retail. I think one of the pieces that we've seen is a draw to being around mixed-use and multifamily residential properties. People want to be part of high-quality experiential mixed-use projects."

This increase in retail is also driving up the demand for other types of properties in the Triangle. "​​It's all part of the ecosystem. It's easy for us to try to look at retail, office, and industrial in a silo, but they all work together. The more retail we get, the more distribution and operation facilities they need. Then, there’s surrounding job growth. Right now, retail has a major impact on office decisions. Companies want to be located where their employees will have amenities," said Barrier. This includes places where people can dine, shop, or take care of personal services on lunch breaks or after work.