Agenda - 05-18-2010 - 8b - Laserfiche WebLink

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using both a low and a high ro ectious for the year 202s were prepared, roximately 140 people) Population growth Projections loss (app' toroth for a estimate model. The low - growth model predicts slight population in the two -mile study area, while the high - growth model predicts moderate annual g' total increase of approximately 2,700 people. ion of Alamance, Durham, and Orange Counties is concentrated Employment in the tri- county region Dods- roducing growth through 2014 estimates an addition mployment in education in service industries, with high e and health services, g industries, and in Projected most employment of roughly 56,000 jobs. Growth is most pronounced in the education and health services, and general service sectors. professional and business services, Existing Land Uses large lots, by The US 70 /Cornelius oxematelyta2tbusinesseseincldird gtagiandfullof retailtatgid personal service interspersed with app' opportunities for provide significant opp establishments and a motel. Along this section of US 70 there are also many vacant an underutilized parcels that, if rezoned and consolidated, could p additional east of tlee CorneldustSt Street co ridor, d velop ment patter sr a esbasically t0itetsameatevith on US rcial directly slightly greater concentrations of commercial and eta space. Current Real Estate Market Conditions ion. Given the economic recession, it is not The retail, office and indushrial( flex sectors of the local commercial real estate market were compared to those of the Triangle reg percent in analyzed and comp hl ice and i with vacancy rates for the county and Triangle region- Hillsborough. surprising to find rates of office and industrial vacancy in the range of 15 to P This roughly per square foot, per year: significantly lower averages of $22.06 and $20.55 per square foot, pet' }'ear, respectively. Lease rates for office space run between $10 and $1 p q than the County and regional ests some comparative advantage for On the other hand, lease rates for in and flex space were in the same range as the Triangle, and slightly higher than the county as whole. This sugg ht industrial Pei- square foot per year, compared to county and Triangle averages Hillsborough in this area. Local real estate brokers estimated lease rates for hg per square foot warehouse at around $4 or $5 p q tive flex space fetches between $8 and $9 p q of $3.50 and $4.21, respectively. Adaptive per year in Hillsborough, compared to $7.40 in the county, and $8.53 in the Tr iangle. g rites The retail real estate market in Hillsborough has remained fairly strong. Vacancy i❑ the historic per square foot, p year, downto Leasee ates for retlail space range between $18 and $22 ptionq, and leasm p have increased. up from $14 per square foot, per year, several year's ago. iv