Agenda - 08-19-2010 - 1 - Laserfiche WebLink

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sreATrGY .5 49 etc.) and those weaknesses evidenced in other sub - markets should be explored in the context of crafting a competitive capture strategy for Chapel Hill. Conversely, competitive advantages of these sub - markets such as lower cost, access to fiber optics and other technology infrastructure need to be recognized. The Town can benefit from the University/Medical/Research community by working to anticipate, and proactively adapt to, shifts in the technology sector (including bio- technology and related sub - sectors) in order to capture entrepreneurial endeavors, expansions, relocations, etc. ➢ The ability /interest of the Town in hosting wet labs and other research uses has been anecdotally cited in the public process as a way to capture additional demand for office space. Currently there is a perception that ordinance and code restrictions severely limit or prohibit these types of uses, which then have an apparent tendency to locate in the RTP or elsewhere in the Triangle. However wet labs can be approved by Council if desired. ➢ The ability /interest of the Town in providing or facilitating development of office infrastructure such as fiber optic cable to users and/or offsetting costs associated with technology upgrades through various means. Similarly, consideration may have to be given to provision of parking support on an individualized basis in order to incentivize business development as well as continuing to enhance public transit opportunities to serve office populations. Constraints to inducing and capturing demand include the relatively limited amount of land which is available and/or approved for this type of use which is further constrained for development by associated zoning and regulatory restrictions, an apparently complex and time (cost) consuming approvals process, etc. Property tax rates are high relative to competitive office markets elsewhere in the Research Triangle. Land prices are high relative to competitive office markets elsewhere. • The 'addition of attractive /cost effective space into the market elsewhere will continue to be a constraint as competition from other communities will likely increase. This also raises the issue of "leakage" of demand from Chapel Hill, and the converse opportunity of "retention" which both figure strongly in the overall market context. Increased marketing efforts by other competitive jurisdictions including international, national, and regional activities elsewhere will continue to be a factor. More locally, competitive marketing/capture efforts by Alamance, Chatham, Durham and Wake Counties need to be particularly recognized. • The Town of Chapel Hill appears to have many competitive advantages over other office markets, particularly as it is an integral component of a highly recognized international brand — The Research Triangle" — which in turn offers an array of interwoven infrastructure from which the Town benefits. This infrastructure includes the concentration of academic institutions, research facilities, transportation and climactic elements which make it an attractive place C.1