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N. <br />�' STRATEGY 5` <br />supply is also based on among other things that demand eventually exceeds the current <br />supply vacancy and overall economic conditions improve. <br />5.5 Summary Conclusions <br />In order to place Chapel Hill's relative position in the regional market into context, the <br />following illustrative example is provided: <br />Considering Chapel Hill's relatively small share of the office market supply within the <br />Research Triangle (4% - 5 %) a modest incremental gain in share (assuming demand to <br />support it) could dramatically influence the local environment and further contribute to <br />the fiscal base of the Town. For example, an approximate 1% supply -share increase <br />within the Research Triangle (from 5% to 6% of the market supply) could mean an <br />estimated additional 400,000 square feet of office space; another 1% equals another <br />400,000 square feet, and so on. In actuality, even if Chapel Hill's relative share remains <br />the same it will have 4% - 5% of a growing market. Therefore, an actual increase in share <br />as illustrated above could mean substantially greater incremental gains in supply. <br />Given the projected growth for the Mid - Atlantic region of the U.S., North Carolina and <br />the Research Triangle, allied growth in the overall office market is expected as well. <br />Therefore, Chapel Hill should consider targeting its fair share of this growth in order to <br />expand its office base, and by extension, the additional tax base and associated revenue it <br />will afford the Town. <br />26 <br />