Downtown Durham Is Booming!

Downtown Durham Is Booming!

Downtown Durham is booming. Take a drive down any of the one ways that will confuse you and see the change happening. It’s all local, hip, and for the better. Businesses are lurking at the opportunity of opening up shop in one of the seven downtown districts. (Brightleaf, Warehouse, Central Park, City Center, American Tobacco, Government Services, and the Golden Belt)  Showing a client downtown Durham office space is something that someone who lives in Durham can easily take for granted. Getting to know the area and what is around it is truly something special that has its own little local flare of food, shops, and entertainment.

No matter where you are in the seven districts, one thing is highly probable. You won’t notice any major chain stores or restaurants. Downtown Durham may be one of the only places in America you won’t find a Starbucks in the heart of the city. Supporting local businesses is high on the Durhamites radar and the thriving Starbucks world with 28,218 locations has yet to make its way in. Instead, they are opting for more local coffee shops and sit down restaurants. For breakfast, I highly recommend Dames Chicken and Waffles. A truly southern style homemade waffle with different options and types of chicken to put on top. Moving on from breakfast, one could take in a great lunch at any of the locally sourced restaurants including: Tobacco Road, Tylers, Bull City Burger, and Bull Mcabes, just to name a few.


Thinking of skipping lunch and going straight for the after work drinks? Do you want to set up an office space where you know your co-workers are going to be able to walk to some great hangout spots? Look no further than downtown Durham. The new rooftop bar with a pool is a great local hangout that encompass’s many different activities from hanging out around the pool overlooking the city to morning yoga class. Another new change to Durham is the amount of locally brewed beer and ciders there are. From brewing in their own shop to bringing in from Asheville and around the state, you can be lucky to find anything from a light beer to dark and all in between. While at the breweries and pubs, you’ll never be bored. Board games and yard games are all over the place and you’ll be likely to find something different at every table or in every lot. From bocce ball to corn hole, to life sized jenga – they have it all.

Don’t just take the writers word for it however; take Forbes word as Durham is the #3 place in the nation where your paycheck stretches the furthest to enjoy these activities. Take Wallethub’s word that Durham is the #7 best sports cities where you can enjoy a Durham Bulls game who is continually on top of the AAA league. Another great source would be from Growella that Durham is #1 for millennials in the country!

So whether you are on the hunt for some of the 3.2 million square feet of office space or want to get in on the brand new 612,000 currently under construction or 230,000 announced office space. Let Kima Commercial help you find the perfect space for you and your employees to take your company to the next level through work and play.

With markets tightening up and driving up prices, you need a strong commercial team behind you when finding your next space. With over 40 years experience on the Kima Commercial team. Whether it is finding a space to fill or a lot to build on. Our rounded team can help you from start to finish.

 

To learn more about what’s happening in the commercial real estate world in the Raleigh, Durham and North Carolina markets do not hesitate to contact us at Kima Commercial, LLC.  Our team of Brokers, REALTORS® and staff are here to meet your real estate needs.

We look forward to working with you!

LPL Prediction Update

LPL Prediction Update

A few weeks ago, we presented a summary of LPL’s predictions for the current bull market, looking at five indicators known as the “Five Forecasters”: the Conference Board’s Leading Economic Index (LEI), the US Treasury’s Yield Curve, market breadth, market valuation, and the Purchasing Managers’ Index (PMI). (Missed this blog? Check it out here!)

Today, we’d like to share with you an article we felt was a great complement to that summary. The article, written by AP Economics Writer Josh Boak, was shared by WRAL News just this morning, and can be found here.

lpl prediction updateAccording to Boak, the month of April saw a hiring increase of 164,000, which lowered the overall unemployment rate to 3.9 percent. This is, by the way, the lowest rate since December 2000. The unemployment rate for African-Americans—6.6 percent—is the lowest recorded since 1972.

As a result of the low unemployment rate, economic experts believe wage growth will begin to climb in the coming months. Why? As unemployment falls, there is a diminishing job pool of qualified workers, which means employers will be forced to hire at higher wages in order to attract the best employees, and some may even need to increase wages for current employees to ensure good employees aren’t tempted to look elsewhere. Boak quotes Andrew Chamberlain, chief economist at Glassdoor, as saying, “It’s just not sustainable for average pay growth to be so low in a labor market this tight.”

Boak makes sure to point out that 24,000 workers were hired in the manufacturing industry in April. Why? As noted in the previous blog, “ In the past, the peak of manufacturing has preceded recession by a period of nearly four years.” Thus, economists carefully watch trends related to manufacturing growth or decline, especially with respect to the trade and material tariffs that went into place recently. Boak’s inclusion shows manufacturing growth is still strong, and indicates speculative fears regarding the impact of the tariffs are not yet negatively impacting the industry.

Inflation, Boak reports, HAS increased slightly; however, this comes as no surprise, as many people expected the rate to begin creeping up once the economy showed stable recovery from the 2008 “financial crisis”. To follow the small increase in March, at least two more small increases are expected by the remainder of the year.

As we continue to watch these financial trends, we really don’t see commercial projects slowing noticeably. Interest rate increases may provide a bit of pause to a small segment of commercial investors, but the increases are slow and predictable enough that they will most likely not prove to be a negative impact on the industry for some time. It is still a great time for companies to look into building expansions and new land acquisitions.

We look forward to working with you!