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': SMATEGY 5 <br />.: <br />characterize much of the supply in the Research Triangle Park and other large <br />clusters in the greater Research Triangle.) <br />• Therefore it is estimated that Chapel Hill has only about 4% -5% of the total <br />office market supply in the Research Triangle region. <br />5.3 Historical Absorption <br />Based on data provided by the County and organized by the Chapel Hill Economic <br />Development office, approximately 70,000 square feet of office space has been absorbed <br />on an average annualized basis during the period 1969 — 2007, within the Town limits. <br />This does not include individual spaces under 10,000 square feet as this information has <br />not been historically tracked. Therefore actual absorption may be higher. <br />5.4 Forecast Supply <br />The forecast supply of office space is predicated on data pertaining to building permit <br />applications, publicly known projects that are in the planning stages, etc. Forecast <br />demand which may affect future supply is covered in the following Section 6 — Demand <br />Discussion. <br />Key components of the forecast supply of office space in Chapel Hill include the <br />following: <br />Woodmont - According to the Town of Chapel Hill approximately 450,000 <br />square feet of office space (primarily in the Woodmont development project) has <br />been applied for and approved, but is as yet un- built. <br />University Square — Approximately 125,000 square feet of market rate space is <br />expected in several development phases. Another 125,000 square feet of space <br />that will host University uses may also be introduced. This mixed use project will <br />also include retail and residential components. To be located on the site of the <br />current University Square (therefore not entirely additional space, but rather new <br />space) the project is expected to further define downtown Chapel Hill as a center <br />for commerce and business activity. Likewise, it will add to the "supply pull" <br />market dynamic of the Town. <br />• Assorted smaller infill projects, conversions, etc. that may be planned, but not <br />officially applied for through the Town's development approvals process may add <br />another 50,000 — 100,000 square feet over the next several years. <br />Based on planned and forecast projects, it is reasonable that the Town of Chapel Hill <br />office market may see the addition of approximately 500,000 to 700,000 square feet of <br />leasable space over the next 5 -10 years given typical development cycles. The forecast <br />25 <br />