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74 <br />Section 6: Demand Analysis <br />6.1 Introduction <br />Demand for office space in the Town of Chapel Hill is a function of many factors <br />including macroeconomic trends (the national and international economic climate); <br />growth and policies of the University of North Carolina; trends in the technology sector; <br />cost of space; availability and character of office developments; and, importantly, the <br />overall "package" that Chapel Hill presents to prospective office users including the <br />quality -of -life experience (schools, neighborhoods, shopping and entertainment, <br />recreational opportunities, etc.) <br />This view of demand constitutes one aspect of the "non - traditional" market analysis <br />methodology referenced in Section 2, but is critical to understanding the opportunities <br />and constraints that the Town faces in crafting policies and marketing efforts that are <br />designed ultimately to sustain and /or increase the tax base so that the high level of <br />services in the Town and other important infrastructure can be maintained. <br />6.2 Existing Demand <br />Demand for office space in Chapel Hill emanates from several sources that represent a <br />diversified economic base, but also has the stability and resilience associated with a <br />major University as an anchor and advantageous characteristics associated with <br />technology transfer, entrepreneurship, and other positive attributes. A summary of <br />primary demand sources is provided below. <br />• University Related — According to University of North Carolina officials, the <br />institution currently utilizes and maintains about 300,000 square feet of office <br />space off - campus that blends affiliated non - profits, research organizations, <br />management, administrative, and other uses. Tenants of this privately leased <br />space are further spread within the categories noted below. There are <br />approximately 125 Centers and Institutes of the University that include the <br />Center for Economic Development Research and Policy, the Center for <br />International Business Education and Research, the North Carolina Institute for <br />Private Enterprise, and the Office of Technology Development. These and other <br />centers and institutes have a high level of connectivity to research and other <br />entities which constitute related demand potential as well <br />