Raleigh-Durham:
Growing Up Smart

Market overview

Not only is the market ranked the 2^nd Best Place for IT Pros to Live and Work in the U.S. (CompTIA’s Tech Town Index), Raleigh is ranked second in the world for quality of life in 2020 (Numbeo Quality of Life Index).

The area’s three Tier 1 universities contribute to the concentration of highly educated talent. A Top 10 market for educational attainment and science and math degrees, Raleigh-Durham offers a unique opportunity for makers startups, and global powerhouses alike.

Advance Auto Parts made the decision to relocate its main headquarters from Roanoke, Virginia to the Raleigh-Durham market in 2018. One year later, the company has announced plans to lease 218,000 square feet in one of the market’s newest towers. Locally headquartered Epic Games plans to add 2,000 jobs to its existing presence in Cary. In 2019, Xerox announced it will establish a center of excellence in the market, citing talent and quality of life as primary drivers for its location decision. The market’s highly skilled workforce coupled with its unparalleled quality of life offers businesses and people alike the unique opportunity to grow and thrive.

Numbers to watch

The area has no talent shortage thanks to the proximity of top universities, including Duke University, UNC-Chapel Hill and N.C. State. Each year, more than 100,000 students are enrolled in 12 colleges and universities across the region and nearly 30,000 degrees are conferred.

• 56.3% - The population over 25 with an associate’s degree or higher
• 48.0% - The population over 25 with a bachelor’s degree or higher
• 51.9% - The share of bachelor’s degrees that are STEM degrees
• 23.5% - The population over 25 with a STEM degree

Top lease transactions (2019)

1. Advance Auto Parts

• Submarket: 6 Forks / Falls of Neuse
• Size: 218,000 s.f.
• Type: New

2. Pendo

• Submarket: Downtown Raleigh
• Size: 125,000 s.f.
• Type: New

3. Xerox

• Submarket: Cary
• Size: 98,000 s.f.
• Type: New