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

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C S- MATEGY S [:I Section 4: Public Process Discussion As part of the non - traditional market analysis approach employed in this study, Strategy 5 and the Economic Development Office conducted a public process to both gather input and information; and, to inform office development and management companies, business and property owners; stakeholders and the general public about the study and its objectives. On January 20th a public workshop was held that attracted approximately 25 participants from the commercial real estate sector, public officials, representatives of various Chapel Hill organizations, etc. The input and discussion ranged widely concerning: the office market, constraints and advantages that are experienced by the market in Chapel Hill (and the Research Triangle generally). The workshop, which was organized by the Economic Development Office, provided an excellent platform for an exchange of information and opinions, as well as an opportunity to gain contact information for industry participants. On February 12th a second public workshop was held in which preliminary observations, finds and recommendations of the study were presented for discussion. Approximately 30 participants were involved in this interchange and a second round of valuable input was received. In addition to the public meetings a series of one -on -one stakeholder interviews were conducted either in person or on the telephone. These interviews provided added depth to the understanding of nuances and subtleties in the local office market and the forces which influence it. 4.1 Summary of Observations In general the input from the public process was positive with regard to the office market, but also evidentiary of frustration; much of the latter apparently directed at the development approvals process which seems to inhibit developer (i.e. investor) interest. Frustration aside, there is obviously a great deal of pride in Chapel Hill, and there was a conveyed sense that the Town commands a certain pinnacle status within the Triangle: "You may ,have to pay a premium, but it's worth it," is the message received. On a different level the public process also revealed some business models that seem to be succeeding where others are not. There appears to be a trend toward demand for smaller office space requirements (e.g. 5,000 square feet as opposed to 10,000 square feet) predicated in part on advances in technology and concurrent reductions in workforce needs, desire for flex space and highly flexible lease agreements, and a demand driver which is proximity to support infrastructure by walking — even though the perception of some complexes in this regard (i.e. I have to drive anywhere) is not necessarily the reality (i.e. It's really not that far). 22