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

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�r STRATEGY 5 75 • Health Care / Medical — Hospitals of the UNC Health Care System (North Carolina Cancer Hospital, North Carolina Children's Hospital, North Carolina Memorial Hospital, North Carolina Neurosciences Hospital, North Carolina Women's Hospital) drive demand for a variety of medical /technical providers, out - patient service providers, insurance companies, etc. The Blue Cross / Blue Shield organization maintains a regional headquarters in Chapel Hill that further contributes to the identification of Chapel Hill as a healthcare hub. It is understood anecdotally that the National Institutes of Health (NIH) pumps more than $50 million into the Chapel Hill economy each year through grants and other funding and research activities. • Non - profits — There are approximately 500 non - profit organizations located in the Research Triangle, with about 200 listed as having a Chapel Hill office presence. These include a wide variety of associations, many of which have global links to affiliated groups. • Research / Technology — There is no reliable data available as to how many research and/or technology companies are located within the Town of Chapel Hill, due in part to cross over business definitions and strategies. Analysis done for this report indicates that Chapel Hill itself has relatively few research and technology companies as office tenants relative to the concentrations found elsewhere such as Durham, Raleigh and of course the Research Triangle Park itself. • Professional — Other office demand includes legal, accounting, real estate, engineering, architecture, advertising, marketing, consulting and other professional service providers. • Financial services — This sector had been expanding for decades, but has shrunk under the weight of the global recession. Demand for other professional services related to this sector (consumer banking, etc) has been static due to the relative cap on residential growth in the Town. 6.3 Absorption As noted elsewhere, the Town could see the introduction of 500,000 to 700,000 square feet of office space using current and forecast additions to supply of office space, etc Based on the historical rate /amount of office space absorption within the Town limits (70,000 square feet per year) it will take approximately 5 -10 years to absorb planned and/or anticipated office space in the Town of Chapel Hill. This coincides roughly with the anticipated development implementation process (building) for currently planned projects, understanding that timelines can be accelerated or slowed based on various economic and individual financial circumstances. 32