Orange County NC Website
Browse       Search
- STRA MGY 5 <br />46 <br />Section 1: Executive Summary <br />Key observations, findings and recommendations of the Office Market Analysis include <br />the following: <br />Site Analysis <br />There are pockets of office space scattered throughout Chapel Hill, most space is <br />concentrated within seven primary clusters. These are: 1 - Weaver Dairy Road <br />Commercial Area; 2 - Eastowne Drive Commercial Area; 3 - East Franklin <br />Street; 4 - Estes Drive Commercial Area; 5 - Highway 54 East / Raleigh Road <br />Commercial Area; 6 - Downtown Commercial Area; and, 7 - Southern Village <br />Commercial Area <br />The physical character of office buildings in Chapel Hill is generally very high in <br />quality. Most office buildings appear well activated (leased) although a few newer <br />developments remain only partially occupied. The site analysis took into account <br />the location of proposed new projects and determined there is a limited amount of <br />land remaining available for office development. The extensive infrastructure <br />which the Town presents to office developers, the physical attractiveness, <br />convenience of well designed retail centers, service areas, etc. all add to a <br />competitive edge that may exerted on other markets if properly leveraged. <br />Public Process <br />The input was generally positive with regard to the office market, but also <br />evidentiary of frustration; much of this apparently directed at the development <br />approvals process which seems to inhibit developer (i.e. investor) interest. There <br />appears to be a pent up demand /interest in developing additional office space by <br />the real estate community based on input received in stakeholder interviews, the <br />public workshops, discussions with commercial real estate professionals etc. <br />Supply Analysis <br />• There are approximately 2.2 million square feet of office space within the Town <br />limits spread through approximately 100 separate properties. This includes <br />approximately 1.7 million square feet of space in blocks over 10,000 square feet <br />as typically tracked; plus 500,000 square feet of smaller space as identified <br />through County tax records by the Town of Chapel Hill Economic Development <br />Office. The latter, smaller category of space therefore equals about 22% - 23% of <br />total office space. <br />3 <br />