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LETTER FROM OUR PRESIDENT & CEO This June, when the Carolina Hurricanes won their first Stanley Cup championship in twenty years, more than 190,000 people packed into Downtown Raleigh to celebrate. Fayetteville and Hillsborough Streets were a wall of red from the Capitol to City Plaza. City Plaza itself became the stage for a city celebrating together. This was one of the largest single-day gatherings in our downtown’s history, and a reminder that when Raleigh wants to come together as one community, downtown is where it happens. Downtown’s momentum reflects three decades of deliberate work. This year marks the 30th anniversary of Downtown Raleigh Alliance, and we are two years into implementing the five-year Downtown Economic Development Strategy. The early investments and wins are becoming more visible: two-hour free parking in city decks makes downtown easier than ever to visit and support; new tree lights along Fayetteville Street illuminate North Carolina’s Main Street, with an additional $1 million investment in new streetscape elements coming to the corridor; and a new elevated trail concept, “The Oakline,” helps advance a bold new connection to Dix Park. The broader development pipeline, now $8.5 billion in projects planned, under construction, or completed since 2015, continues to signal strong investor confidence in our urban core. Downtown added more than 1,000 residents over the past year and now counts 16,800 residents, part of a decade-long trend that has more than doubled the downtown population since 2015. The office market remains strong, with the highest Class A direct occupancy rate of any major submarket in the Triangle. This year’s lease signings from companies like RapidScale,

Smith Anderson, BuildOps, and Progress Software show that downtown is where growing companies want to be. The southern end of downtown is transforming in real time. The Omni Convention Hotel, the Raleigh Convention Center expansion, and the relocated Red Hat Amphitheater represent nearly a billion dollars of investment within a few blocks. Together, they will anchor a vibrant new convention and entertainment district. Meanwhile, Dix Park is emerging as a true destination, drawing hundreds of thousands of visitors to the downtown area from across the region and state. Construction has also begun on Bus Rapid Transit, the first true mass transit system in the Triangle with Downtown Raleigh at its center. Storefront expansion continued this year, with more than 80 storefront openings increasing the total number of downtown storefronts to over 550 shopping, service, dining, and nightlife establishments. Downtown’s culinary reputation also grew, with eight restaurants earning recognition in the MICHELIN Guide, further securing downtown as a dining destination. Over five million annual visitors confirmed that people do not just work or live downtown, they choose to visit it again and again. None of this, the parade, the development pipeline, the people, happens without the residents, businesses, and investors who have chosen to support this place for thirty years and counting. Thank you for being part of downtown’s story in this, our 30th anniversary year. Sincerely,

Bill King, President & CEO, Downtown Raleigh Alliance

TABLE OF CONTENTS | 1

INTRODUCTION TO DOWNTOWN

LIVING

OFFICE & EMPLOYMENT

SHOPPING & DINING

ARTS, CULTURE & TOURISM

CONNECTIVITY & GREENSPACE

Glenwood Av e

2 | STATE OF DOWNTOWN RALEIGH

SEABOARD + PERSON STREET DISTRICT

GLENWOOD SOUTH DISTRICT N McDowell St

N Dawson St

Hillsborough St

CAPITAL DISTRICT

E Edenton St New Bern Ave

W Morgan St

WAREHOUSE DISTRICT

MOORE SQUARE DISTRICT

FAYETTEVILLE STREET DISTRICT

W Cabarrus St

W South St

1-MILE RADIUS

DOWNTOWN

STATE OF DOWNTOWN RALEIGH | 3

DOWNTOWN DISTRICTS CAPITAL The Capital District is the government center of North Carolina and home to some of the state’s biggest tourist attractions. With the State Capitol, Legislative Building, Governor’s Mansion, and 3.5 million square feet of government office space, many of the most important decisions in the state are made in this district.

FAYETTEVILLE STREET Fayetteville Street is the civic spine of the city and North Carolina’s Main Street. Anchored by the North Carolina State Capitol to the north and Raleigh’s performing arts center to the south, the district features awardwinning restaurants, independent retailers, and a concentration of Class A office space.

GLENWOOD SOUTH One of downtown’s signature streets anchors this eclectic neighborhood of restaurants, nightlife, stores, art galleries, and residences. New restaurants blend in with established favorites, while the growing population of young workers find plenty to do in the active bar scene.

MOORE SQUARE Anchored by Moore Square Park and historic City Market, the district has become a dense and walkable urban neighborhood with plenty of entertainment options like Marbles Kids Museum and live music venues like The Lincoln Theatre and Pour House Music Hall.

SEABOARD + PERSON STREET Containing the commercial centers of Seaboard Station and Person Street, the northern end of downtown has a neighborhood feel with locally-owned businesses such as bakeries, clothing boutiques, and some of downtown’s best restaurants.

WAREHOUSE Characterized by its red brick warehouses, the Warehouse District has transformed into a vibrant mix of restaurants, destination retail, technology firms, and a multi-modal hub with Raleigh Union Station.

ESRI Business Analyst 2DRA 3Placer.ai 4TPL, DRA

FAST FACTS 21.5K RESIDENTS WITHIN 1 MILE OF DOWNTOWN'S CENTER 1

42.6K EMPLOYEES WITHIN 1 MILE OF DOWNTOWN'S CENTER 1

120+ RETAILERS 2

300+ RESTAURANTS AND BARS 2

22.5M VISITOR VISITS PER YEAR 3

492 ACRES OF PARK SPACE WITHIN 1 MILE OF DOWNTOWN'S CENTER 4

INTRO

4 | STATE OF DOWNTOWN RALEIGH

$8.5B IN DEVELOPMENT PIPELINE OF PROJECTS PLANNED, UNDER CONSTRUCTION, OR COMPLETED SINCE 2015

INTRO TO DOWNTOWN RALEIGH | 5

owntown Raleigh is a rapidly evolving hub of growth, innovation, and community—one of the nation's fastest-growing downtowns with a mix of residential, commercial, retail, and cultural experiences. Over the past decade, Raleigh's urban core has become one of the country's most attractive markets for living, working, and visiting, anchored by an $8.5 billion development pipeline since 2015, including $2.5 billion completed since 2020. Since 2015, nearly 7,000 residential units have delivered, more than doubling downtown's population. Residential development reached an all-time high in 2025 with 1,496 units delivered, the most in downtown's history, and Downtown Raleigh leads its national peer set in the pace of apartment absorption, with stabilized occupancy now up to 92.5%. Downtown's office market remains a magnet for companies seeking a highly skilled workforce, holding the highest Class A direct occupancy rate of any major Triangle submarket at 86.8 percent. Storefront businesses continue to expand, with 83 openings this year adding street-level energy downtown. Arts and culture reached new heights, with 22.5 million visitor visits and major investments underway, including the Omni Convention Hotel and Red Hat Amphitheater relocation. A national leader in urban greenspace, downtown offers 492 acres of park space within one mile of its center, far outpacing most peers. Significant investments, including Dix Park, continue to expand amenities across downtown's edges. From storefront growth to transformative investment across the core, Downtown Raleigh remains on a trajectory of continued success—a place where creativity and commerce thrive, and residents, workers, and visitors can live, work, and explore.

WHAT DOES THIS GROWTH MEAN FOR THE FUTURE? COMPLETED SINCE 2015, UNDER CONSTRUCTION, PLANNED OR PROPOSED

13,610

19.4K

287+

New Residential Units

New Residents

Square Feet of New Retail Space

New Stores and Restaurants

2.6M

11.4K

2,374

650K+

Square Feet of New Office Space

New Office Employees

New Hotel Rooms

More Overnight Stays per Year

INVESTMENT BY DISTRICT

Recently Completed (2015+)

Under Construction

WAREHOUSE

CAPITAL

Planned or Proposed

$2B $1.8B $1.6B $1.4B $1.2B $1B $800M © Raleigh Skyline

$600M $400M $200M 0 FAYETTEVILLE STREET Source: DRA

GLENWOOD SOUTH

DOWNTOWN NON-DISTRICT

MOORE SQUARE

SEABOARD + PERSON ST

6 | STATE OF DOWNTOWN RALEIGH

RALEIGH’S FUTURE SKYLINE

$8.5B

IN DEVELOPMENT PIPELINE OF PROJECTS PLANNED, UNDER CONSTRUCTION OR COMPLETED SINCE 2015

View of Downtown Raleigh looking Northwest. Sources: DRA, City of Raleigh, OpenStreet Map

INTRO TO DOWNTOWN RALEIGH | 7

COMPLETED SINCE 2015

UNDER CONSTRUCTION

PLANNED + PROPOSED

• $3,671,083,294 investment

• $1,682,307,170 investment

• $3,119,136,730 investment

• 2,009,538 SF office space

• 592,800 SF office space

• 491,592 SF office space

• 6,923 residential units

• 765 residential units

• 5,922 residential units

• 931 hotel rooms

• 943 hotel rooms

• 704 hotel rooms

• 692,997 SF retail

• 68,685 SF retail

• 242,188 SF retail

8 | STATE OF DOWNTOWN RALEIGH

ON THE MAP: DOWNTOWN DEVELOPMENT

Completed 2015 to 2023 Completed 2024 to Present Under Construction Planned or Proposed

33 50

<30 Units

>300 Units

4 6

27 20 12

13 68 51

40 32 28 38

8 52 71

42 43 39

72 22 23

9 7

59 5

21 44 45

36 26

63 61 11

57 17 14 Source: DRA

70 15

41 2 18

34 19

53 24 10

30 47

INTRO TO DOWNTOWN RALEIGH | 9

PLANNED + PROPOSED

UNDER CONSTRUCTION

COMPLETED SINCE 2024

# PROJECT NAME

1 Mira Raleigh 2 The Acorn on Person Street 3 615 Peace 4 The Miles at Seaboard Station 5 Tempo/Homewood Suites by Hilton Dual Brand Hotel 6 The Point & Hyatt House Seaboard Station 7 Row 12 8 The Bend 9 The Marbles Playway 10 The Row at Rockway Raleigh 11 Maeve 12 Alexan Moto 13 122 Glenwood Ave (Renovation) 14 Gipson Play Plaza at Dix Park 15 The Holston at The Weld 16 Union Station Bus Facility (RUS Bus) 17 Ray at The Weld 18 Idyle 19 Lichtin Plaza 20 Noble Place 21 Oldham & Worth (West End Phase II) TOTALS 22 210 Fayetteville St (Renovation) 23 216 Fayetteville St (Renovation) 24 City Gateway Parking Facility 25 East Civic Tower - City Hall 26 Heritage Park Phase 1 (Site Prep) 27 Highline Glenwood 28 Hotel Indigo (Renovation) 29 Marbles Kids Museum Expansion 30 Marriott Towneplace Suites 31 NC Education Campus 32 NC Museum of History (Renovation) 33 Oakwood Townhomes 34 Omni Hotel - Raleigh Convention Hotel 35 Red Hat Amphitheater Relocation 36 Rosewood (Site Prep) TOTALS 37 201 W Hillsborough 38 300 Hillsborough Hotel 39 307 W Martin St 40 317 E Jones Apartments 41 328 Chavis Condos 42 330 W Hargett St 43 333 W Hargett St 44 400 W Cabarrus 45 401 Cabarrus Apartments 46 404 Glenwood (The Creamery Phase 2) 47 423 S Blount - Boutique Hotel 48 501 Hillsborough 49 516 S Bloodworth 50 707 Semart Drive 51 865 Morgan Apartments 52 Bloomsbury Apartments 53 City Gateway Hotel 54 Fire Station 1 & Fire Administration Building 55 John Chavis Aquatics Center & Heritage Plaza 56 John P. Top Greene African American Cultural Center 57 Lynde Hill Lofts at Rockway 58 Moore Square East 59 Moore Square South 60 One Nash Square 61 Raleigh Convention Center Expansion 62 Salisbury Square Apartments 63 Sheraton to Westin 64 Smoky Hollow Park 65 The Depot 66 The Heath at Rockway 67 The Madison 68 The Row at Glenwood 69 The Tellus Condominiums 70 The Weld Phase 2 71 Union West at Raleigh Union Station 72 VeLa Longview 73 Wilmington Street Mixed Use TOTALS

INVESTMENT Not Announced Not Announced $7,000,000 Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced $73,500,000 Not Announced $37,917,000 Not Announced $11,000,000 $1,461,000 Not Announced Not Announced $1,292,677,133 Not Announced Not Announced $52,000,000 $206,000,000 Not Announced $200,000,000 $49,000,000 $5,982,170 Not Announced $400,000,000 $225,000,000 Not Announced $314,100,000 $32,000,000 Not Announced $1,682,307,170 Not Announced Not Announced Not Announced Not Announced $2,000,000 Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced Not Announced $200,000,000 Not Announced Not Announced Not Announced $72,000,000 $53,950,000 $9,295,000 Not Announced Not Announced Not Announced Not Announced $355,000,000 Not Announced Not Announced $22,679,930 $75,000,000 Not Announced $150,000,000 Not Announced Not Announced Not Announced Not Announced $170,000,000 Not Announced $3,119,136,730

RETAIL/OFFICE SF 2,800

1,550 44,260 1,810 10,000

UNITS/ROOMS 288 107 24 204 75 12

261 149

5,000 17,600 10,522 8,612 8,000 2,000 5,533

335 297 186

4,060

392 10

283

4,000 125,747 / 0 SF 31,700 8,700 13,400 14,100

16 252 2,481 UNITS / 410 ROOMS

163 306

7,400

204 138

27 10,856

601

5,329 68,685 / 22,800 SF 6,485 2,500 20,984

17,381 5,665 6,188 7,964 10,000

269 765 UNITS / 943 ROOMS 279 180 220 10 11 372

168,700 22,892 298 280,000 90

8,550 2,003 11,826 8,864 2,475

221 6 680 400 237 264

200

5,500

82 545

30,000 5,000 13,000 8,000

20,000

20,885 20,000 10,268 18,650 242,188 / 491,592 SF

170 376 313 30 525 385 358 374 5,922 UNITS / 704 ROOMS

SPACE USE(S)

Apartment/Retail Apartment Condo/Retail Apartment/Retail Hotel Apartment/Hotel/Retail Townhome Retail Civic Apartment/Retail Apartment/Retail Apartment/Retail Retail Public Space Apartment/Retail Transit Infrastructure Apartment/Retail Townhome Government - Infrastructure Townhome Apartment/Retail Retail Retail Parking Government - Office Apartment Apartment/Retail Hotel Nonprofit Hotel Government - Office Civic Townhome Hotel/Retail Government - Entertainment Apartment/Retail Apartment/Retail Hotel/Retail Apartment/Retail Apartment Condo Apartment/Retail Office/Retail Office/Retail Apartment/Retail Office/Retail Hotel Apartment/Retail Apartment/Retail Apartment/Retail Apartment/Retail Apartment/Retail Hotel Government Public Space Public Space Apartment TBD TBD Condo/Retail Government - Convention Apartment/Retail Hotel Public Space Hotel/Office/Retail Apartment/Retail Apartment/Retail Retail Condo Apartment/Retail Apartment/Retail Apartment/Retail Apartment/Retail

10 | STATE OF DOWNTOWN RALEIGH

DOWNTOWN'S IMPACT

The map above, illustrating assessed value per acre in uniform hexagons, demonstrates how much of the city’s property tax revenue is densely concentrated in and around Downtown Raleigh.

The dense concentration of development and economic activity in Downtown Raleigh produces benefits that extend well beyond downtown itself. Although downtown represents approximately 1% of the city’s land area, its substantial property tax base provides significant revenue for both the City of Raleigh and Wake County. Downtown properties are projected to generate over $48 million in combined property tax revenue in FY27, while downtown restaurants and bars contributed $3.2 million in prepared food and beverage tax revenue in 2025 and hotels contributed another $8.4 million in room occupancy taxes. These revenues ultimately help fund public services and investments serving residents throughout Raleigh and Wake County.

GEOGRAPHY

ASSESSED VALUE/ACRE*

DOWNTOWN BOUNDARY

$12,813,737

FAYETTEVILLE STREET

$25,250,479

GLENWOOD SOUTH

$13,558,293

MOORE SQUARE

$11,094,998

WAREHOUSE DISTRICT

$8,160,039

CAPITAL DISTRICT

$8,046,408

SEABOARD + PERSON

$4,072,642

Source: Wake County Tax Administration *Exempt properties not included in acreage. Note: Property tax figures are based on 2024 assessment

INTRO TO DOWNTOWN RALEIGH | 11

PROPERTY TAX REVENUE GENERATED IN DOWNTOWN

City of Raleigh

Wake County

$50M

$59.6M

$45M $40M $35M

COMBINED CITY AND COUNTY TAX REVENUE GENERATED PER YEAR IN DOWNTOWN**

$30M $25M $20M $15M $10M $5M 0 FY1O

FY11

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

FY2O

FY21

FY22

FY23

FY24

FY25*

FY26*

FY27*

Source: Wake County Tax Administration *Downtown tax geography expanded in FY2025

$20M PROPERTY TAX REVENUE TO THE CITY OF RALEIGH FY27

PREPARED FOOD AND BEVERAGE TAX COLLECTED IN DOWNTOWN $3.5M $3M $2.5M

$28M

$2M $1.5M

PROPERTY TAX REVENUE TO WAKE COUNTY FY27

$1M $500K 0 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Wake County Tax Administration

$8.4M

HOTEL ROOM OCCUPANCY TAX COLLECTED IN DOWNTOWN

HOTEL ROOM OCCUPANCY TAX COLLECTED 2025

$2.4M $2M $1.6M

$3.2M

$1.2M $800K

PREPARED FOOD AND BEVERAGE TAX COLLECTED 2025

$400K

**Does not include sales tax

Source: Wake County Tax Administration

12 | STATE OF DOWNTOWN RALEIGH

A New n w o t n w o D r Strategy fo In 2024, Downtown Raleigh Alliance, in partnership with the City of Raleigh and Interface Studio, developed a five-year Economic Development Strategy for Downtown Raleigh. This effort produced several key recommendations and bold ideas to guide catalytic investment and the continued evolution of our urban core. Over the past two years, DRA and its partners have advanced key elements of this plan, building momentum and laying the groundwork for future investment and growth.

10 BIG IDEAS FOR DOWNTOWN RALEIGH 1

Energize downtown core with daily activation and placemaking to bring more people downtown

Elevate public art to create a unique experience that celebrates Raleigh and North Carolina

Diversify retail opportunities to address downtown needs

Support growth and diversification of innovation sector downtown

Position Downtown Raleigh as the Creative + Design Center of the Triangle*

Expand capacity of MWBE entrepreneurial ecosystem to support downtown and citywide needs*

Integrate the government campus with the downtown core

Create exceptional public spaces for everyone

Create a bold connection to Dix Park

Design streets that encourage walking, biking and public transit

* Starred indicate study area / citywide strategies

ECONOMIC DEVELOPMENT STRATEGY | 13

14 | STATE OF DOWNTOWN RALEIGH

Downtown Raleigh

Economic Development Strategy ENERGIZE THE CORE The core of downtown, centered on Fayetteville Street, remains disconnected from investment in surrounding districts. The strategy calls for a streetscape that allows flexibility for outdoor dining and activity, a redesigned City Plaza programmed for year-round use, more housing near the core, and public art that celebrates Raleigh and North Carolina. Together these moves aim to attract a broader mix of people downtown, not only office workers.

ENTREPRENEURSHIP & RETAIL Downtown retail works best when each street has a clear identity. The strategy differentiates downtown into distinct retail districts, from neighborhood goods and services to a shopping and dining district representing the best of North Carolina. It also recommends a wider range of space options for businesses at different stages, and expanded capacity in the ecosystem supporting minority- and womenowned businesses.

EXCEPTIONAL PUBLIC SPACES Downtown's parks and plazas should serve residents, workers, families, and visitors alike. The strategy recommends redesigning Nash Square and Market Plaza, enhancing Moore Square with family-friendly amenities, and treating Fayetteville Street as a linear park. It also proposes restoring Caswell Square, creating a new northern gateway at Peace Street, and better integrating the state government campus with downtown.

ECONOMIC DEVELOPMENT STRATEGY | 15

Downtown to Dix Park Connection

ENHANCED CONNECTIONS Everything downtown sits within a 10-minute bike ride, yet major thoroughfares divide it. The strategy calls for greener, more pedestrian-friendly boulevards on Dawson, McDowell, Western, and Martin Luther King, Jr., improved transit connections, and a bold link south to Dix Park.

Innovation Triangle within the Triangle

THERE'S MORE...

Read the full 48-page Economic Development Strategy online.

EPICENTER OF DESIGN & INNOVATION Downtown Raleigh holds the largest concentration of architecture, design, and digital marketing firms in the Triangle. The strategy proposes branding downtown as the region's Creative + Design Center, linking downtown with NC State's Centennial Campus as complementary innovation centers, and evaluating speculative lab space to support growth in life sciences. A downtown design hub, developed with local universities, would showcase the sector's work.

16 | STATE OF DOWNTOWN RALEIGH

LIVING R

esidential development continues to reshape Downtown Raleigh, where the housing supply has grown by more than 155% since 2015.1 Over that period, 6,649 apartments and 274 condos and townhomes have been

completed, supporting population growth that has increased downtown’s population to 16,841.1 The next wave of residential development includes 765 units under construction in four projects and another 5,922 planned or proposed in 21 projects.1 If completed, these projects could add an estimated 7,419 residents over the next five years.1 This growth is supported by Downtown Raleigh’s mix of restaurants, shops, parks, cultural institutions and entertainment. As more people call downtown home, continued investment in public space, infrastructure, and neighborhood amenities will be important to support a growing urban neighborhood.

LIVING | 17

+7,419 DOWNTOWN RALEIGH GROWTH THROUGH 2031

Housing Units

Projected population increase by 20311

Population

Population Growth

26,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 6,000

Photo Credit Keith Isaacs

4,000 2,000 0 2010

2015

2020

2026

2031 (PROJECTED)

Source: DRA Note: Assumes 75% of residential pipeline delivers within the next 5 years

16,841

+116%

11,379

6,923

$1,876

92.5%

DOWNTOWN RESIDENTS 1

INCREASE IN POPULATION 2015 TO PRESENT 1

TOTAL HOUSING UNITS 1

HOUSING UNITS DELIVERED 2015 TO PRESENT 1

AVERAGE ASKING RENT PER MONTH 2

STABILIZED OCCUPANCY RATE 2

1DRA 2CoStar

18 | STATE OF DOWNTOWN RALEIGH

ON THE MAP: RESIDENTIAL DEVELOPMENT

6,923

units completed 2015-present in 44 projects

765

units under construction or in site prep across four projects

5,922

units planned or proposed in 21 projects

Completed 2015 to Present Under Construction Planned or Proposed

<30 Units

Source: DRA

>300 Units

LIVING | 19

RESIDENTIAL UNITS DELIVERED BY YEAR

Apartments

1,600 1,400 1,200 1,000 800 600 400 200 0 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026 YTD

Townhomes

Condos

Downtown Raleigh has added 6,923 residential units since 2015, more than doubling its housing inventory over the past decade. Multifamily apartments have driven nearly all of this growth, accounting for 96% of units delivered and 98% of the planned and proposed residential pipeline.

Source: DRA

RESIDENTIAL PIPELINE BY DISTRICT

Recently Completed

WAREHOUSE GLENWOOD SOUTH DOWNTOWN NON-DISTRICT MOORE SQUARE SEABOARD + PERSON ST FAYETTEVILLE ST CAPITAL 0

500

1,000

1,500

2,000

2,500

3,000

3,500

Under Construction

Planned or Proposed

The Warehouse District and Glenwood South account for the largest concentrations of residential development downtown, with more than 6,000 recently completed, under construction, planned or proposed units between them. The Warehouse District alone has 2,173 units in its future pipeline, including projects under construction, in site preparation, and planned or proposed, the most of any district.

Source: DRA

APARTMENT UNITS UNDER CONSTRUCTION

Downtown Raleigh

Rest of Raleigh

Citywide apartment construction peaked in Q4 2022 with 10,495 units underway, 21% of which were located in Downtown Raleigh. Downtown reached its peak shortly after, with 2,473 units under construction in Q1 2023. 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000

20 1 20 5 Q1 1 20 5 Q2 1 20 5 Q3 1 20 5 Q4 1 20 6 Q1 1 20 6 Q2 1 20 6 Q3 1 20 6 Q4 1 20 7 Q1 1 20 7 Q2 1 20 7 Q3 1 20 7 Q4 1 20 8 Q1 1 20 8 Q2 1 20 8 Q3 1 20 8 Q4 1 20 9 Q1 1 20 9 Q2 1 20 9 Q3 1 20 9 Q4 2 20 0 Q1 2 20 0 Q2 2 20 0 Q3 2 20 0 Q4 2 20 1 Q1 2 20 1 Q2 2 20 1 Q3 2 20 1 Q4 2 20 2 Q1 2 20 2 Q2 2 20 2 Q3 2 20 2 Q4 2 20 3 Q1 2 20 3 Q2 2 20 3 Q3 2 20 3 Q4 2 20 4 Q1 2 20 4 Q2 2 20 4 Q3 2 20 4 Q4 2 20 5 Q1 2 20 5 Q2 2 20 5 Q3 2 20 5 Q4 2 20 6 Q1 26 Q2

Source: CoStar

20 | STATE OF DOWNTOWN RALEIGH

Highline Glenwood

APARTMENT MARKET Few peer downtowns have experienced residential development on the scale that Downtown Raleigh has over the past decade. Apartment inventory has increased 257% since 2015, fundamentally changing the scale of Downtown Raleigh as a residential market.1 With another 5,799 apartments planned or proposed across 18 projects, Downtown Raleigh’s residential footprint is poised to expand further.1 The scale of residential growth has been matched by strong demand. Apartment absorption over the past 18 months represented 16.4% of Downtown Raleigh’s total inventory, the highest share among peer downtowns.2 Strong absorption is helping support the next round of residential development, with 306 units at Highline Glenwood under construction and another 269 units at Rosewood in site preparation.1

DRA 2CoStar

Source: CoStar. Note: Projects in site prep are excluded to provide a more consistent comparison of projects under construction across peer downtowns.

DU RH AM MI NN EA PO LIS PO RT L SA N F AND RA NC ISC O TA MP AB AY DE TR OI T BO ST ON PI T TS BU RG SA NA H NT ON SA IO ND IE PH IL A GO DE LP HIA RA LE I CIN GH CIN IND NAT I IAN AP OL IS SE AT CH TLE AR LO TT E HO US T RIC ON HM ON D DE NV ER AT LA NT A NA S HV WA IL SH ING LE TO ND . SA CR C. AM EN TO

IN IG H

.C .

AU S CIN TIN CIN NA T HO I US TO N RA LE IG H DU RH AM TA MP AB NA AY SH VIL LE

Delivered 2015+

TO ND

ON BU RG SA H CR AM EN T PO O RT P H L AN D IL A DE LP H RIC IA HM IND ON I AN D AP OL MI NN IS EA PO LIS DE TR OI T AT LA NT A SE A TT SA LE NF RA NC ISC O DE NV ER DA LL AS SA ND IEG O CH AR LO T SA N A TE NT ON IO PI T

HIN G

WA S

CHANGE IN APARTMENT INVENTORY 2015-PRESENT

R WA ICHM O SH ING ND TO ND .C BO . ST O PO N RT LA SA ND CR AM EN T SA NA O NT ON IO CH AR LO TT E HO US TO IND N IAN AP OL IS D PH ALL A IL A S DE LP H MI NN IA EA PO LIS PI T TS BU RG SA H ND IEG O SE AT TL E AT LA N CIN TA CIN NA TI TA MP A SA N F BAY RA NC ISC O DE NV ER DE TR NA OIT SH VIL LE DU RH AM

LIVING | 21

Under Construction as of Q2

500%

400%

300%

200%

100%

Source: CoStar

18 MONTH APARTMENT ABSORPTION AS A PERCENT OF INVENTORY

18%

16%

14%

12%

10%

-2%

Source: CoStar

APARTMENT UNITS BREAKING GROUND IN THE LAST 18 MONTHS

800

700

600

500

400

300

200

100

22 | STATE OF DOWNTOWN RALEIGH

APARTMENT MARKET Downtown Raleigh has added 1,745 apartments across six developments since the start of 2025, creating a substantial influx of new multifamily supply.1 Demand has kept pace with that growth as 1,400 units have been absorbed over the past 18 months.2 Stabilized vacancy, which excludes developments in initial lease up, declined from 10.0% in Q4 2025 to 7.5% in Q2 2026, while overall vacancy declined to 16.9%.2 Taken together, falling vacancy and high absorption demonstrate the strength of residential demand as downtown works through one of its largest periods of apartment deliveries.

The Weld Photo Credit Mack Real Estate Group

8,898

818

$1,876

TOTAL APARTMENT UNITS 1

AVERAGE UNIT SIZE 2

AVERAGE ASKING RENT PER UNIT 2

DRA 2CoStar

LIVING | 23

TOTAL UNITS DELIVERED WITH VACANCY RATE Units Delivered Stabilized Vacancy Overall Vacancy

700 28%

600 24%

500 20%

400 16%

300 12%

200 8%

100 4%

0 0

Source: CoStar

CHANGE IN TOTAL OCCUPIED UNITS

350

300

250

200

150

100

-50

Source: CoStar

$2.27

7.5%

1,400

AVERAGE ASKING RENT PER SF 2

STABILIZED VACANCY RATE 2

UNITS ABSORBED LAST 18 MONTHS 2

24 | STATE OF DOWNTOWN RALEIGH

DOWNTOWN RESIDENTS Approximately 21,524 people live within one mile of Downtown Raleigh’s center, forming a growing residential base at the heart of the city.1 Downtown residents tend to be young, highly educated, and relatively affluent, with a median age of 33.5 and more than 66.3% holding a bachelor’s degree or higher.1 Average household income is $151,026, providing significant spending power within the downtown market.1 This combination of population growth, educational attainment, and household income creates an important customer base for restaurants, retailers, services, entertainment, and other businesses serving downtown residents.

RACE AND ETHNICITY

WHITE (60%)

OTHER (3%)

BLACK (24%)

ASIAN (3%)

TWO OR MORE (10%)

AMERICAN INDIAN (0%)

Source: ESRI Business Analyst ESRI Business Analyst Note: All downtown resident demographics pulled from a 1 mile radius from the capitol building 1

LIVING | 25

POPULATION DISTRIBUTION BY AGE

Downtown

Raleigh MSA

USA

30%

AVERAGE HOUSEHOLD SIZE 1

1.56 1.67

25% 20%

AVERAGE HOUSEHOLD SIZE 1 AVERAGE HOUSEHOLD INCOME 1

15% 10% 5% 0 19 AND UNDER

20 - 24

25 - 34

35 - 44

45 - 54

55 - 64

65+

Source: US Census, ESRI Business Analyst

AVERAGE HOUSEHOLD INCOME 1

AVERAGE HOUSEHOLD INCOME

BACHELOR’S DEGREE OR HIGHER 1

$160K $140K $120K

$145,195 $151,026

66.3% 68.2%

$151K

$100K

BACHELOR’S DEGREE OR HIGHER 1

$80K $60K $40K $20K 0 DOWNTOWN RALEIGH

CITY OF RALEIGH

Source: ESRI Business Analyst

NORTH CAROLINA

UNITED STATES

MEDIAN AGE 1

33.5 MEDIAN 33.6 AGE 1

DOWNTOWN RESIDENTIAL

21,524

RESIDENTS WITHIN 1 MILE OF DOWNTOWN 1 RESIDENTS WITHIN 1 MILE OF DOWNTOWN'S CENTER 1

19,980

Apartments Condos Single Family

<30 Units >300 Units

Sources: Wake County, DRA

POPULATION 39.9% AGE 20-34 1

POPULATION AGE 20-34 1

40.5%

26 | STATE OF DOWNTOWN RALEIGH

FOR SALE HOUSING Downtown Raleigh offers a diverse for-sale housing market that includes single family homes, condominiums, and townhomes. Buyers are drawn to downtown for its proximity to employment, restaurants, parks, cultural destinations, and other urban amenities. A recent wave of townhome and condominium development has expanded downtown’s for sale housing supply, including 205 townhomes across 14 projects since 2015 and 69 condominiums at The Fairweather and 615 Peace since 2021. New condominium and townhome projects play an important role in broadening downtown’s housing choices and supporting a more diverse residential population.

TOTAL CLOSED SALES AND AVERAGE 30-YEAR MORTGAGE RATE Average 30-Year Fixed Rate Mortgage

$48M

$42M

$36M

$30M

$24M

$18M

$12M

$6M

20 20 Q1 20 20 Q2 20 20 Q3 20 20 Q4 21 20 Q1 21 20 Q2 21 20 Q3 21 20 Q4 22 20 Q1 22 20 Q2 22 20 Q3 22 20 Q4 23 20 Q1 23 20 Q2 23 20 Q3 23 20 Q4 24 20 Q1 24 20 Q2 24 20 Q3 24 20 Q4 25 20 Q1 25 20 Q2 25 20 Q3 25 20 Q4 26 20 Q1 26 Q2

$54M

Average 30-Year Fixed Rate Mortgage

Closed Sales

Source: Monarch Realty & Triangle MLS, Freddie Mac

ACTIVE LISTINGS INDEX

Downtown Raleigh

Raleigh MSA

United States

Index, 2019 Average Monthly Listings = 100

250 200 150 100 50

One Nash Square

0 2020

2021

Source: Monarch Realty & Triangle MLS, Zillow

2022

2023

2024

2025

2026

LIVING | 27

$685,000 MEDIAN LISTING PRICE 2026 Q2

$403 MEDIAN LISTING PRICE PER SF 2026 Q2

301 ACTIVE LISTINGS 2026 Q2

26 IDYLE

MEDIAN DAYS ON MARKET 2026 Q2

Photo Credit Chappell Residential

One N a sh S q uare, a 20- s tor y condominium tower, will inc lude 82 re sidence s over look in g N a sh

123 FOR-SALE UNITS PLANNED OR PROPOSED

S q uare, wit h unit s c ur rently available for pre s ale. Cons t r uc t ion is expec ted to begin t his winter, int roducin g a new lu xur y owner ship opt ion to a downtown re sident i al mar ket dominated by rent al apar t ment s and si gnalin g g rowin g conf idence in t he mar ket for hi g her densit y for- s ale housin g .

$97M TOTAL CLOSED SALES LAST 12 MONTHS

Source: Monarch Realty & Triangle MLS

28 | STATE OF DOWNTOWN RALEIGH

OFFICE & EMPLOYMENT D

owntown Raleigh has the highest concentration of office space, employees, and amenities of any submarket in the Triangle. Downtown’s central location, access to regional talent, walkable environment,

and growing residential population provide companies with a distinctly urban setting for attracting and retaining talent. Downtown Raleigh recorded +45,119 square feet of Class A net absorption over the past 12 months, marking a full year of positive absorption.1 Downtown’s Class A office inventory has expanded 31% since 2020 to 4.1 million square feet.1 Average asking rent increased to $41.10 per square foot, up +6.3% year over year.2 While no multi-tenant Class A office space is currently under construction, 491,592 square feet is proposed or in planning.3

OFFICE & EMPLOYMENT | 29

+45,119

SF Class A Net Absorption Q3 25 - Q2 261

CLASS A NET ABSORPTION, DELIVERIES, AND DIRECT VACANCY 1,2 Net Absorption

SF Delivered

Direct Vacancy

800,000 SF

27%

700,000 SF

24%

600,000 SF

21%

500,000 SF

18%

400,000 SF

15%

300,000 SF

12%

200,000 SF

100,000 SF

-100,000 SF

0 2015

2016

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026 YTD

+408,822

4.1M

+31%

$41.10

86.8%

79.8%

SF CLASS A NET ABSORPTION 2020 TO PRESENT 1

SF TOTAL CLASS A OFFICE INVENTORY 1

INCREASE IN CLASS A INVENTORY 2020 TO PRESENT 1

AVERAGE ASKING RENT PER SQUARE FOOT CLASS A 2

DIRECT CLASS A OCCUPANCY RATE 1

OVERALL CLASS A OCCUPANCY RATE

1JLL 2CBRE 3DRA

30 | STATE OF DOWNTOWN RALEIGH

LOCAL OFFICE MARKET Downtown Raleigh has recorded +408,822 square feet of Class A net absorption since 2020, contributing to a significant decline in direct vacancy from its peak of 24.1% in Q4 2021.1 At 13.2%, downtown has the lowest Class A direct vacancy rate of the major office submarkets in the Triangle and remains below the overall vacancy rate for the market of 14.8%.1 Together, positive absorption and low vacancy reflect sustained demand for downtown’s Class A office inventory. Most available sublease space in the Triangle is concentrated in Research Triangle Park, while downtown accounts for a relatively small share of the regional total.2 Within downtown, sublease availability remains concentrated primarily in two properties, 411 Fayetteville Street and 120 South West Street.

SHARE OF SUBLEASE AVAILABLE BY LOCAL SUBMARKET

RTP/RDU (40%)

CARY (5%)

DOWNTOWN RALEIGH (18%)

WEST RALEIGH (3%)

DOWNTOWN DURHAM (12%)

GLENWOOD/CREEDMOOR (3%)

SIX FORKS/FALLS OF NEUSE (10%)

ROUTE 1 (1%)

SOUTH DURHAM (7%)

ORANGE COUNTY (1%)

Source: CBRE Q2 2026

JLL 2CBRE

OFFICE & EMPLOYMENT | 31

CLASS A NET ABSORPTION BY LOCAL SUBMARKET 2020 TO PRESENT SIX FORKS/ FALLS OF NEUSE DOWNTOWN RALEIGH

+408,822 SF

WEST RALEIGH GLENWOOD/CREEDMOOR ORANGE COUNTY ROUTE 1 DOWNTOWN DURHAM CARY SOUTH DURHAM RTP/RDU -1.2M

-1M

-800K

-600K

-400K

-200K

200K

400K

600K

Source: JLL Q2 2026

CLASS A VACANCY BY LOCAL SUBMARKET

Direct Vacancy

Total Vacancy

30% 25% 20% 15% 10% 5% 0 DOWNTOWN DOWNTOWN RALEIGH DURHAM Source: JLL Q2 2026

GLENWOOD/ CREEDMOOR

ORANGE COUNTY

SIX FORKS/ FALLS OF NEUSE

WEST RALEIGH

CARY

ROUTE 1

RTP/RDU

SOUTH DURHAM

32 | STATE OF DOWNTOWN RALEIGH

NATIONAL OFFICE MARKET CLASS A AVERAGE ASKING RENT IN SELECT DOWNTOWNS $90/SF $80/SF $70/SF $60/SF $50/SF

$41.10

$40/SF $30/SF $20/SF $10/SF

Source: CBRE Q2 2026

AN TA AT L

AM RH DU

IG H LE RA

E TT LO AR CH

PH IA PH IL A DE L

PA TA M

LE VIL SH NA

R VE

AT T SE

TO HIN G WA S

DE N

ND .C.

IN ST AU

ON ST BO

NF RA NC ISC

OFFICE & EMPLOYMENT | 33

The Downtown Raleigh office market has performed well over the past year, particularly compared with other downtown markets nationwide. While Class A direct vacancy has increased significantly across downtown markets since Q2 2019, Downtown Raleigh has remained relatively stable. Class A rents also remain competitively positioned among peer markets and have held steady despite the addition of new supply.

CLASS A VACANCY IN SELECT DOWNTOWNS

Q2 2019

Q2 2026

40%

30%

20%

10%

O ND LA OR

TA MP A

LE IG H RA

AM RH DU

TE WA SH ING TO ND .C.

OT AR L CH

PH IA DE L PH IL A

VIL SH NA

ON ST

NC IS RA NF SA

Source: JLL, Q2 2026

IN ST AU

R VE DE N

AN TA AT L

AT T

34 | STATE OF DOWNTOWN RALEIGH

DOWNTOWN'S ADVANTAGE © Raleigh Skyline

Downtown Raleigh offers a combination of talent access, connectivity, amenities, and competitive costs that distinguishes it from other office locations in the region. Downtown's central location connects employers to talent across the Triangle, while the street grid and multiple commute routes provide employees with numerous ways to reach downtown offices. Once there, workers have access to restaurants, services, cultural destinations, and other amenities within walking distance. Downtown also offers competitive occupancy costs, with Class A asking rents averaging $41.10 per square foot and monthly parking rates well below those of many major downtown office markets. Established concentrations of technology, legal, design and engineering, finance, and professional services further strengthen downtown’s position. Together, these advantages create a compelling environment for companies seeking to attract talent and employees seeking a high quality workplace experience.

PRIMARY COMMUTE ROUTES TO DOWNTOWN

Class A Office Buildings >50K SF Primary Road Secondary Road

More than a dozen primary and secondary routes connect Downtown Raleigh from every direction, while its interconnected street grid distributes traffic across multiple corridors. Downtown is also where the region’s transit investments converge, positioning downtown to remain accessible as population and traffic increase across the Triangle.

OFFICE & EMPLOYMENT | 35

TOTAL OCCUPIED SQUARE FEET BY INDUSTRY CLUSTER Downtown Raleigh

Downtown Durham

Technology, legal, design, engineering & construction, finance, professional services, and real estate firms form established industry clusters in Downtown Raleigh. Together, these clusters create a diverse private sector employment base spanning some of the region’s most talent intensive industries. This concentration places companies near clients, collaborators, and specialized talent, reflecting Downtown Raleigh’s role as a major center for professional and knowledge based industries.

North Hills

1M SF

800K SF

600K SF

400K SF

200K SF

0 TECH

LEGAL

DESIGN, ENGINEERING & CONSTRUCTION

Source: CoStar Q1 2026, cluster analysis by DRA

FINANCE & INSURANCE

PROFESSIONAL SERVICES

MONTHLY PARKING RATES IN SELECT DOWNTOWNS

REAL ESTATE

HEALTH SCIENCES

Low End

High End

$500 $450 $400 $350 $300 $250 $200 $150 $100 $50

LE AT T SE

AU ST WA IN SH ING TO ND .C. BO ST ON PH IL A DE LP HIA

ER DE NV

TA MP A

LE SH VIL NA

AN TA AT L

AM CH

RH DU

LE IG H

Downtown Raleigh combines an urban office environment with monthly parking costs that remain highly competitive nationally. Employees have access to public and privately operated parking facilities throughout downtown rather than relying exclusively on parking controlled by individual office buildings. Monthly rates are well below those found in many major downtown office markets, reducing one of the traditional cost disadvantages associated with locating in a central business district.

Source: Secure Parking USA, The Car Park, Spot Hero, 717 Parking, LAZ Parking

NUMBER OF LUNCH SPOTS

Downtown Raleigh offers a concentration of restaurants and lunch options unmatched by nearby office submarkets. Employees can walk from major office buildings to a wide variety of places for lunch, coffee, informal meetings, and after work gatherings without needing to drive elsewhere. That abundance provides employees with greater choice during the workday while giving employers an amenity rich environment that makes downtown an attractive place to work.

150

153 100

0 DOWNTOWN RALEIGH

DOWNTOWN DURHAM

NORTH HILLS

Source: Downtown Raleigh Alliance, Downtown Durham Inc, Google Maps

RTP

36 | STATE OF DOWNTOWN RALEIGH

TALENT & INNOVATION Campbell School of Law

Only The Triangle, Atlanta, Boston, New York City, Los Angeles, Washington D.C., and Chicago have three tier1 research universities in one metropolitan region.

Downtown Raleigh sits at the center of one of the nation’s fastest growing pools of highly educated talent. The Raleigh metropolitan area’s population with a bachelor’s degree or higher grew more than 25% from 2019 to 2024, among the highest rates of peer markets.1 The region’s tech workforce has expanded rapidly as well, adding over 10,000 tech workers from 2021 to 2024.2 Downtown itself offers an especially concentrated talent base, with 66.3% of residents age 25 and older holding at least a bachelor’s degree.1 This combination of educational attainment, tech talent growth, and proximity to major universities gives downtown employers access to a deep and expanding workforce and strengthens Raleigh’s position as a center for technology, innovation, and knowledge-based industries.

UNIVERSITIES WITHIN 30 MILES OF DOWNTOWN RALEIGH SCHOOL NAME

ENROLLMENT

CAMPBELL LAW SCHOOL

552

SHAW UNIVERSITY**

1,141

WILLIAM PEACE UNIVERSITY

730

NORTH CAROLINA STATE UNIVERSITY*

38,442

MEREDITH COLLEGE

1,711

NC CENTRAL UNIVERSITY**

7,953

DUKE UNIVERSITY*

17,620

UNIVERSITY OF NORTH CAROLINA AT CHAPEL HILL*

31,733

ST. AUGUSTINE'S UNIVERSITY**

*Tier 1 research university - "R1 Doctoral University" per Carnegie Classification with very high research activity. ** HBCU - Historically Black College or University established with the intention of serving African-American students. Source: U.S. News & World Report

OFFICE & EMPLOYMENT | 37

CHANGE IN TOTAL TECH TALENT 2021-2024 IN SELECT MARKETS 2 12,000 10,000

10,220

8,000 6,000 4,000 2,000

IN ST

IG H-

TT CH

VIL SH NA

LE AT T SE

PA TA M

AN TA AT L

R DE NV E

ON ST BO

PH IL A

DE L

WA SH ING TO ND .C.

PH IA

EDUCATIONAL ATTAINMENT OF RESIDENTS AGE 25+ 100%

BACHELOR'S AND ABOVE

90%

66.3%

80%

53.8%

35.6%

38.6%

ASSOCIATE'S DEGREE

70%

SOME COLLEGE/NO DEGREE

60%

HIGH SCHOOL DIPLOMA/GED

50% 40%

9-12TH GRADE/NO DIPLOMA

30%

LESS THAN 9TH GRADE

20% Source: American Community Survey 2024 Five-Year Estimates

10% 0 DOWNTOWN RALEIGH

RALEIGH

NORTH CAROLINA

UNITED STATES

CHANGE IN TOTAL POPULATION AGE 25+ WITH BA+ 2019-2024 IN SELECT METRO AREAS AUSTIN CHARLOTTE NASHVILLE

+25.4%

RALEIGH TAMPA ATLANTA DENVER SEATTLE PHILADELPHIA DURHAM BOSTON WASHINGTON D.C. SAN FRANCISCO 0

10%

Source: American Community Survey 2024 Five-Year Estimates ESRI Business Analyst 2CBRE Tech Talent Report

15%

20%

25%

30%

35%

38 | STATE OF DOWNTOWN RALEIGH

EMPLOYERS & EMPLOYEES Downtown Raleigh plays a distinct role in The Triangle’s employment landscape, serving as both the center of government and a major hub for private sector employment. State and local government anchor downtown’s workforce and account for 44% of all occupied office space, while technology, legal services, design, engineering, construction, finance, and professional services form a diverse private sector employment base.1 Downtown Raleigh has more occupied office space dedicated to technology, legal services, and design and engineering than Downtown Durham or North Hills, demonstrating its role as a center for knowledge based employment within the region. These industry clusters bring companies and workers into a dense employment center supported by restaurants, housing, cultural destinations, and other amenities. As employers compete for skilled workers across the Triangle, Downtown Raleigh’s central location, access to regional talent, and distinctly urban environment provide an important advantage for companies seeking to attract and retain employees.

42.6K EMPLOYEES WITHIN 1 MILE OF DOWNTOWN'S CENTER 2

Photo Credit Gensler and Magda Biernat Photography CoStar 2ESRI Business Analyst

OFFICE & EMPLOYMENT | 39

LARGEST PRIVATE EMPLOYERS BY SQUARE FEET OCCUPIED COMPANY

ADDRESS

INDUSTRY

RED HAT

347,930

100 E Davie St

Technology

DUKE ENERGY

258,600

411 Fayetteville St

Energy/Utility

PENDO

132,484

301 Hillsborough St

Technology

SMITH ANDERSON

118,161

150 Fayetteville St

Legal

STATE EMPLOYEES' CREDIT UNION

112,250

119 N Salisbury St

Banking & Finance

KIMLEY-HORN

84,824

421 Fayetteville St

Engineering & Architecture

PNC BANK

77,988

301 Fayetteville St

Banking & Finance

MCADAMS

54,560

621 Hillsborough St

Engineering & Architecture

ENVESTNET

54,490

621 Hillsborough St

Technology

RAPIDSCALE

53,775

301 Hillsborough St*

Technology

FIRST HORIZON BANK

51,982

1 Glenwood Ave

Banking & Finance

HDR

50,044

555 Fayetteville St

Engineering & Architecture

PARKER POE

50,000

301 Fayetteville St

Legal

POYNER SPRUILL LLP

50,000

301 Fayetteville St

Legal

WILLIAMS MULLEN

50,000

301 Fayetteville St

Legal

*RapidScale footprint includes space at both 301 Hillsborough Street and 621 Hillsborough Street

SHARE OF OCCUPIED OFFICE SPACE BY INDUSTRY

Source: CoStar

EMPLOYEES PER ACRE 160 140 120

146

100 80 60 40

GOVERNMENT (44%) TECH (13%) LEGAL (9%) A/E/C/P (7%) Source: CoStar

FINANCE + INSURANCE (6%) EDUCATION (6%) REAL ESTATE (3%)

PROFESSIONAL SERVICES (3%) OTHER (3%) HEALTH (1%)

20 0 DOWNTOWN CORE

NORTH HILLS

Source: ESRI Business Analyst

DOWNTOWN DURHAM

RTP AREA

40 | STATE OF DOWNTOWN RALEIGH

SHOPPING & DINING D

owntown Raleigh’s storefront economy serves a growing residential population while remaining a major destination for dining, shopping, entertainment, and services. Downtown’s storefront economy

spans 1.85 million square feet, supporting a broad mix of businesses. From July 2025 through July 2026, 83 storefront businesses opened, adding to a mix that includes 310 restaurants and bars, 153 lunch spots, and 123 places to shop. Downtown’s dining scene received national recognition through the MICHELIN Guide’s first American South edition, which recognized eight restaurants, including two with Bib Gourmand distinctions. As the residential population and visitor activity grow, this storefront base will play an increasingly important role in serving neighborhood needs while maintaining Downtown Raleigh’s position as a regional destination.

SHOPPING & DINING | 41

+20

Net gain in storefront businesses since July 2025*

STOREFRONT BUSINESS OPENINGS BY YEAR 100 90 80 70 60 50 40 30 20 10 0 2020

2021

2022

2023

2024

2025

2026 YTD*

COMING SOON

Source: DRA *Through August 1, 2026

+83

310

153

123

1.85M

83.7%

STOREFRONT OPENINGS*

RESTAURANTS AND BARS

LUNCH SPOTS

PLACES TO SHOP

SQUARE FEET OF STOREFRONT SPACE

STOREFRONT OCCUPANCY RATE

Source: DRA

*July 1, 2025 through August 1, 2026

42 | STATE OF DOWNTOWN RALEIGH

ON THE MAP: STOREFRONT BUSINESS ACTIVITY

71 18

20 8 58 57 6 53

22 61

49 75

45 65 86 73

89 93

4 39

5 95104 70 29 25 32 19 63 12 2 46 60 52 3 38 15 59 7 105 81 94 78 43 74 9 109 114 28 111100 62 41 36 50 103 112

107

72 87 113 37

21 11 33 98 51

64 69 26 1

66 42

55 77 79 17 10 13 85 16 83 14 31 23 30 92 76

91110 102 82 108 101

88 99

54 35 106 68 84 Source: DRA

Openings, Expansions, and Relocations Coming Soon

97 44

SHOPPING & DINING | 43

STOREFRONT OPENINGS SINCE JULY 2025

COMING SOON

The Bike Library

43 Saigon Kitchen Viet Eatery

42nd Street Oyster Bar (Reopening)

The Thirsty Buffalo: Wings & Brews

44 Urban Olive in Transfer Co. Food Hall

83 South

Inka Grill

45 Fox Hole Coffee

Basic Brewing Company

Bubble Box Bar in Morgan Street Food Hall

46 The Merchant (Relocation)

Bob's Steak & Chop House at Omni Hotel

Casa Imperial Finery

47 K38 Baja Grill

Cora Kitchen & Cocktail Bar

The Row

48 Tous les Jours

Dormant Plant Parlor

Da Bubs

49 Smash Social Club

Empire Training Academy

Arcadia

50 Raleigh Unrushed

Evan Reid Furniture

NY Finest Grill & Deli

Garlic Bay at Hone-Sharpen

Gallicchio's Market & Eatery

Haven Herb Garden Bar

Carroll's Kitchen (Relocation)

Hibachi 88

Barrio Tacos

Sugar House

J’Adore Naemea

House of Rebellion

54 Campo Taco Co

Legends Nightclub (Relocation)

Besa Clothier

Little By Little

The Museum Shop - NC Museum of History

56 Bar Marigold

Madeleine

All-Embracing Barber & Beauty

Peter Millar Coffee Shop at Omni Hotel

Hangar Dreys

58 Centro at la Placita

100

Pikasso Swig

Cleopatra Ink

59 Rosebud Cocktail Lounge

101

Pins Mechanical Co.

Miami Rush

60 The Newsagent's

102

Pizzeria Toro

Wake County ABC Store

103

Plum

The Dirty V

La Casita at la Placita

Kenda Kist Jewelry (Relocation)

20 NC Hemp Shoppe

62 Pita Bowl

104

Rebellion Media

La Cucina Italiana

63 Casa Oro

105

Redbud Writing Project (Relocation)

Canna Craft

64 Sauna House

106

Rooted Yoga & Wellness

Manor & Vintage Estate Sales

65 The Jobe House

107

The Artist Lounge

Bitter Social

66 Victoria's Bridal Alterations

108

The Common Market

Downtown Barber Studio

109

The Fade Crew

Mood

68 Sunflower’s Café

110

The Swing Bays

Vino Wine Bar

69 Bright Side Books & Wine

111

The Third House

Amor

70 Old Ghosts Tattoo (Relocation)

112

Voodoo Brewing

Puppy Sphere

Happy You're Here Tattoo

113

Walk Your Plans

30 Triple Moon Tattoo

Oak City Smokes

114

Wolfside Urban Market

Super Rad Retro Lounge

Switchyards

Grog Alley

Raleigh Rydables

Hone-Sharpen

Cuya Cafe

34 The Prologue Pop-Up

Chipotle Mexican Grill

Benchwarmers Bagels at Rockway

Flea Mkt

LGBT Center of Raleigh

919 Faye Art Lab

Olé Sports Bar & Lounge

79 IKA Peruvian Nikkei

The Royal T Jewelers

80 Pet Wants

Leaf & Loaf

Kokoro Ramen & Izakaya

40 Jubala Coffee

Tone Yoga Club

Veloce Italian Market

Clouds Brewing

Jade Express

84 Drift Coffee + Kitchen

Source: DRA. Note: Table through August 15, 2026.

Bodega at la Placita

90%+ OF DOWNTOWN SHOPS ARE LOCALLY-OWNED AND INDEPENDENT

Source: DRA

44 | STATE OF DOWNTOWN RALEIGH

STOREFRONT INVENTORY Each year, Downtown Raleigh Alliance conducts a comprehensive inventory of downtown storefront space, providing a detailed account of occupancy at the individual storefront level and enabling long term analysis of how the market is changing. Downtown Raleigh contains 1.85 million square feet of storefront space, 83.72% of which is currently occupied or leased. Downtown Raleigh has added 60,327 square feet of new storefront space since the start of 2025 and 537,632 square feet in total since 2015. Over the past year, downtown added +10,104 square feet of occupied storefront space, with gains across three of its five districts. The Warehouse District recorded the largest increase, adding +10,470 square feet of occupied space, followed by Glenwood South and Moore Square. Glenwood South has the highest storefront occupancy rate at 93.30%.

CHANGE IN OCCUPIED STOREFRONT SF YEAR OVER YEAR 12K 10K 8K 6K 4K 2K 0 -2K

T NS

T +P OA RD AB SE

FA YE

ILL

SQ UA RE RE MO O

H UT SO OD WO EN

WA RE HO

LE IG

-4K

SHOPPING & DINING | 45

STOREFRONT INVENTORY RESULTS DOWNTOWN DISTRICT

OCCUPIED SF

VACANT SF

TOTAL INVENTORY

OCCUPANCY RATE

DOWNTOWN RALEIGH

1,549,728

301,373

1,851,101

83.72%

GLENWOOD SOUTH

560,329

40,249

600,578

93.30%

FAYETTEVILLE STREET

268,206

84,193

352,399

76.11%

WAREHOUSE DISTRICT

269,757

76,560

346,317

77.89%

MOORE SQUARE

208,366

33,559

241,925

86.13%

SEABOARD + PERSON

177,065

49,241

226,306

78.24%

Source: DRA

Total Storefront SF by Block 0 SF Less than 12,500 SF 12,500 SF - 24,999 SF 25,000 SF - 49,999 SF More than 50,000 SF

The Bike Library

46 | STATE OF DOWNTOWN RALEIGH

DINING AND NIGHTLIFE Downtown Raleigh’s dining and nightlife scene is gaining national recognition while offering one of the region’s largest concentrations of restaurants, bars, and entertainment venues. The MICHELIN Guide’s first American South edition recognized eight downtown establishments, including two with Bib Gourmand distinctions. This builds on 26 James Beard Award nominations for downtown restaurants and chefs since 2010. Downtown is home to more than 300 restaurants and bars offering a wide range of cuisines and experiences.1 The dining and nightlife economy continues to expand. Of the downtown districts, Glenwood South has seen the largest expansion of dining and nightlife establishments since 2020, followed by Fayetteville Street and the Warehouse District. Continued growth and culinary recognition have elevated Downtown Raleigh’s profile as a dining destination.

DINING AND NIGHTLIFE MAP 1 Opened 2020 to Present

Opened 2020 to Present

Opened Pre 2020

MICHELIN RECOGNIZED THE PIT AUTHENTIC BARBECUE 328 W Davie St SAM JONES BBQ 502 W Lenoir St POOLE’S 428 S McDowell St ST. ROCH FINE OYSTER + BAR 223 S Wilmington St BREWERY BHAVANA 218 S Blount St CRAWFORD AND SON 618 N Person St

STANBURY 938 N Blount St

DINING AND NIGHTLIFE BY YEAR OPENED 1

Opened Pre 2020

Opened 2020 to Present

GLENWOOD SOUTH

FAYETTEVILLE STREET

WAREHOUSE

MOORE SQUARE

SEABOARD + PERSON ST

DOWNTOWN NON-DISTRICT

CAPITAL 0 DRA

100

JOLIE 620 N Person St

SHOPPING & DINING | 47

26 JAMES BEARD AWARD NOMINATIONS SINCE 2010

8 MICHELIN RECOGNIZED RESTAURANTS DINING AND NIGHTLIFE ESTABLISHMENTS

244 RESTAURANTS 1

112 BARS, CLUBS, AND LIVE MUSIC VENUES 1 Brewery Bhavana

48 | STATE OF DOWNTOWN RALEIGH

DINING AND NIGHTLIFE Downtown Raleigh draws millions of individual visitors each year for dining, nightlife, entertainment, and events, generating significant activity well beyond the traditional workday. In 2025, downtown recorded 10.9 million evening visitor visits between 6pm and midnight, a +5.8% increase year over year.1 This marked the highest annual total since at least 2019 and surpassed pre-pandemic levels. This evening activity supports a large hospitality economy, with downtown restaurants and bars generating more than $351 million in estimated food and beverage sales from July 2025 through June 2026.2 Glenwood South remains the largest share of this activity, accounting for 37% of downtown food and beverage sales, while Fayetteville Street, the Warehouse District, and Moore Square each contribute significant percentages.2 The scale and geographic distribution of evening activity demonstrate Downtown Raleigh’s role as a regional destination where restaurants and nightlife draw people from across the Triangle.

ESTIMATED FOOD AND BEVERAGE SALES $90M $80M $70M $60M $50M $40M $30M $20M $10M

3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000

20 20 Q2 20 20 Q3 20 20 Q4 21 20 Q1 21 20 Q2 21 20 Q3 21 20 Q4 22 20 Q1 22 20 Q2 22 20 Q3 22 20 Q4 23 20 Q1 23 20 Q2 23 20 Q3 23 20 Q4 24 20 Q1 24 20 Q2 24 20 Q3 24 20 Q4 25 20 Q1 25 20 Q2 25 20 Q3 25 20 Q4 26 20 Q1 26 Q2

Source: Placer.ai Placer.ai 2Wake County Tax Administration

SHOPPING & DINING | 49

DISTRIBUTION OF FOOD AND BEVERAGE SALES BY DISTRICT

GLENWOOD SOUTH (37%)

MOORE SQUARE (14%)

FAYETTEVILLE STREET (22%)

SEABOARD/PERSON STREET (10%)

WAREHOUSE (15%)

CAPITAL (2%)

Note: July 2025 to June 2026. Source: Wake County Tax Administration

10.9M TOTAL EVENING VISITS TO DOWNTOWN 2025 +5.8% INCREASE TOTAL EVENING VISITS TO DOWNTOWN YEAR OVER YEAR 1 © Hoffman Media

$351M ESTIMATED FOOD AND BEVERAGE SALES IN DOWNTOWN JULY 2025 - JUNE 2026 2

$129M ESTIMATED FOOD AND BEVERAGE SALES IN GLENWOOD SOUTH JULY 2025 - JUNE 2026 2

50 | STATE OF DOWNTOWN RALEIGH

Glenwood South Tailors

123

133

90%

RETAIL BUSINESSES

SERVICE BUSINESSES

GROCERY STORES

RETAIL AND SERVICE BUSINESSES COMING SOON

OF DOWNTOWN SHOPS LOCALLY-OWNED AND INDEPENDENT

Downtown Raleigh is home to a diverse mix of small businesses offering retail goods and services to residents, employees, and visitors. Specialty retailers, apparel and home goods shops, art galleries, salons, personal care businesses, and other service providers create opportunities to shop and take care of everyday needs within a walkable urban environment. Many of these establishments are independent and locally owned, bringing distinctive products, services, and experiences to the downtown market. As downtown grows as a residential neighborhood, this mix of businesses plays an important role in serving the daily needs of residents while contributing to the variety and character that make downtown a destination for the broader community. Source: DRA

EXISTING RETAIL GOODS AND SERVICES BY SUBCATEGORY

Services

Goods

HAIR + BEAUTY GIFTS + SPECIALTY FITNESS MASSAGE, SPA + WELLNESS TATTOO + PIERCING ART GALLERIES + STUDIOS APPAREL GENERAL MEDICAL, DENTAL +EYE BANKS + ATMS APPAREL VINTAGE JEWELRY APPAREL WEDDING HOME, GARDEN + PLANTS CONVENIENCE STORES BOOK STORES GROCERY STORES

SHOPPING & DINING | 51

FOOT TRAFFIC Downtown Raleigh’s population shifts throughout the day and week as residents, workers, and visitors contribute to its unique rhythm. During weekdays, inbound commuting employees make up a large portion of the population from 9am to 5pm, reflecting downtown’s role as a major employment hub. In the late afternoon and evening, visitors become more prominent, contributing to downtown’s nightlife and cultural scene. Activity peaks on weekends, with an average daily population of more than 121,000 on Saturdays, including over 104,000 visitor visits. Saturday activity builds throughout the evening and reaches its highest level around 11pm. Meanwhile, downtown residents provide a steady presence throughout the week, anchoring daily life as commuters and visitors come and go. This ebb and flow reflects Downtown Raleigh’s multifaceted role as a business center, residential neighborhood, and regional destination.

AVERAGE DAILY POPULATION BY DAY

Residents

Inbound Commuters

Visitors

120K 100K 80K 60K 40K 20K 0 MONDAY

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

SATURDAY

SUNDAY

AVERAGE POPULATION BY HOUR BY DAY 40K 35K 30K 25K 20K 15K 10K 5K

Source: Placer.ai

PM :00 11

PM :00 10

0P 9:0

0P 8:0

M 0P 7:0

M 0P 6:0

0P 5:0

M 0P 4:0

M 0P 3:0

M 0P 2:0

M 0P 1:0

PM :00 12

AM :00 11

:00 10

0A 9:0

M 0A 8:0

M 0A 7:0

6:0

52 | STATE OF DOWNTOWN RALEIGH

ARTS, CULTURE & TOURISM D

owntown Raleigh is the cultural center of the city, bringing together museums, performing arts, history, public art, festivals, and all kinds of entertainment. Major state museums and historic

attractions are complemented by local art galleries, theaters, music venues, and cultural organizations, creating a range of experiences unmatched elsewhere in the Triangle. Festivals, performances, exhibitions, and community events further establish downtown as a regional destination and make arts and culture central to its identity and visitor economy. Major investments will build on this foundation, including the Raleigh Convention Center expansion, Red Hat Amphitheater’s new permanent location, and a new Omni Convention Hotel, expanding downtown’s capacity to host visitors, events, and entertainment.

ARTS, CULTURE & TOURISM | 53

22.5M

Total Visitor Visits to Downtown July 2025-June 20261

TOTAL MONTHLY VISITOR VISITS 2.4M 2.2M 2M 1.8M 1.6M 1.4M 1.2M 1M 800K 600K 400K 200K 0 2020

2021

2022

2023

2024

2025

2026

Note: Only visits from people that do not live or work in downtown counted Source: Placer.ai

180+

5.1M

1,454

943

704

PUBLIC ART INSTALLATIONS 2

UNIQUE DOWNTOWN VISITORS PER YEAR 1

PERFORMING ARTS AND CONCERT VENUES 2

EXISTING HOTEL ROOMS 2

HOTEL ROOMS UNDER CONSTRUCTION OR RENOVATION 2

HOTEL ROOMS PLANNED OR PROPOSED 2

Placer.ai 2DRA

54 | STATE OF DOWNTOWN RALEIGH

INVESTMENTS IN TOURISM Downtown Raleigh is a primary driver in the region’s tourism economy, offering the highest concentration of hotels, restaurants, and cultural institutions alongside vibrant arts and entertainment venues. A series of major investments will reshape Downtown Raleigh’s convention, entertainment, and hospitality landscape over the coming years. The Raleigh Convention Center expansion will increase capacity for conventions and events, Red Hat Amphitheater’s permanent location will anchor major outdoor performances, and the 601-room Omni convention hotel will add lodging directly alongside these destinations. Downtown Raleigh has fewer hotel rooms within walking distance of the convention center than most peer markets, limiting its ability to compete for convention business. Combined with additional hotel development underway and planned, these projects will reinforce one another by bringing more visitors downtown and giving them more reasons to stay. The result will be a more connected tourism and entertainment district supporting year-round activity and visitor spending across downtown.

Convention Center Expansion Construction on the expanded Raleigh Convention Center is expected to begin this winter, with completion planned for 2029. The $355 million project will add approximately 300,000 square feet, including 80,000 square feet of event space and 30 meeting rooms. Paired with new hotel development, the expansion will increase Downtown Raleigh’s capacity to host major conventions and attract more visitors.

Red Hat Amphitheater The new Red Hat Amphitheater has topped out and is on track to open in time for the 2027 outdoor concert season, with capacity for more than 6,000 guests. Construction includes closing a block of South Street while improving surrounding streetscapes to maintain pedestrian access.

ARTS, CULTURE & TOURISM | 55

HOTEL DEVELOPMENT PIPELINE PROJECT NAME

COMPLETED

ROOMS

RESIDENCE INN

2017

175

GUEST HOUSE

2018

HEIGHTS HOUSE HOTEL

2020

LONGLEAF HOTEL

2020

THE CASSO, RALEIGH

2020

126

AC HOTEL BY MARRIOTT

2021

147

HYATT HOUSE SEABOARD

2024

149

TEMPO & HOMEWOOD

2024

261

MARRIOTT TOWNPLACE

N/A

138

HOTEL INDIGO (RENOVATION)

N/A

204

OMNI CONVENTION HOTEL

N/A

601

BOUTIQUE HOTEL

N/A

THE DEPOT HOTEL

N/A

170

300 HILLSBOROUGH

N/A

180

CITY GATEWAY HOTEL

N/A

264

RECENTLY COMPLETED

UNDER CONSTRUCTION

Omni Raleigh Convention Hotel

PLANNED/PROPOSED

Construction is now well underway on the 601-room Omni convention hotel, located on Fayetteville Street between the Raleigh Convention Center and Martin Marietta Center for the Performing Arts. The new hotel will significantly expand room capacity near the convention center and support Raleigh’s ability to attract larger conventions and events.

Source: DRA

HOTEL ROOMS IN RANGE OF CONVENTION CENTER Existed Before 2015

Added 2015 to Present

Under Construction

Planned or Proposed

9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 PROVIDENCE

TAMPA

PITTSBURGH

RALEIGH

COLUMBUS

Note: Hotel rooms within .3 mile radius of center of each convention center Source: CoStar

CHARLOTTE

SEATTLE

DENVER

LOUISVILLE

AUSTIN

NASHVILLE

56 | STATE OF DOWNTOWN RALEIGH

HOTEL MARKET AND TOURISM Visitors from across the region and country support a growing tourism economy centered in Downtown Raleigh. Major attractions, cultural institutions, conventions, dining, and entertainment venues draw visitors from far and wide throughout the year, with Charlotte representing the largest source of visits from outside the RaleighDurham area. This demand supports a high performing hotel market, with an average daily room rate of $204 and revenue per available room of $141 between June 2025 and July 2026, both exceeding Wake County, state, and national averages. Hotel room sales exceeded $140 million in 2025, up +4.6% year over year, reflecting continued demand for Downtown Raleigh’s hotels.

TOTAL VISITOR VISITS TO DOWNTOWN RALEIGH BY HOME METRO CHARLOTTE WASHINGTON D.C. NEW YORK CITY ATLANTA VIRGINIA BEACH PHILADELPHIA BOSTON BALTIMORE MIAMI CHARLESTON CHICAGO 0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

80,000

90,000 100,000 110,000

Credit CN Hotels

Source: Placer.ai. Note: geography used is CBSA and only visits occurring between June 2025 and May 2026 included

HOTEL MARKET PERFORMANCE COMPARED

Average Daily Room Rate

Revenue per Available Room

$220 $200 $180

$204

$160 $140 $120

$141

$100 $80 $60 $40 $20 0 DOWNTOWN Source: CoStar Group for GRCVB

WAKE COUNTY

NORTH CAROLINA

UNITED STATES

ARTS, CULTURE & TOURISM | 57

HOTEL INVENTORY MAP + MAJOR ATTRACTIONS

NC MUSEUM OF NATURAL SCIENCES

THE LONGLEAF HOTEL

MARBLES KIDS MUSEUM

HEIGHTS HOUSE HOTEL

RALEIGH CONVENTION CENTER

Hotel Existing

Tempo + Homewood Suites by Hilton

MICHELIN Selected Hotel Hotel Under Construction Hotel Planned or Proposed Major Attractions

GUEST HOUSE RALEIGH

HOTEL ROOM SALES REVENUE $40M $35M $30M $25M $20M $15M $10M $5M

Q2 26

Source: Wake County Tax Administration Photo Credits: Heights House Hotel - David Kuhn / visitraleigh; Guest House Raleigh courtesy of Guest House Raleigh; The Longleaf Hotel - Antionne King

Q2 25

21 20

Credit LS3P and SmithGroup

58 | STATE OF DOWNTOWN RALEIGH

NC Museum of History Renovation

ARTS AND CULTURE Major Downtown Attractions Downtown Raleigh is home to some of the region’s most visited attractions, drawing residents and visitors throughout the year. Major destinations include the NC Museum of Natural Sciences, Marbles Kids Museum, performing arts venues, and historic sites. Major investments are underway in two leading cultural attractions, including a $225 million renovation of the NC Museum of History and an expansion of Marbles Kids Museum. These investments will create new experiences for visitors of all ages while reinforcing Downtown Raleigh’s role as a center for arts, culture, and recreation in the Triangle.

TOP DOWNTOWN ATTRACTIONS PLACE

VISITS

RALEIGH CONVENTION CENTER

794,640

NC MUSEUM OF NATURAL SCIENCE + RESEARCH CENTER

617,225

CITY MARKET

516,403

MARBLES KIDS MUSEUM*

421,346

MORGAN STREET FOOD HALL

350,770

MARTIN MARIETTA CENTER FOR THE PERFORMING ARTS

284,266

GIPSON PLAY PLAZA

266,769

RED HAT AMPHITHEATER

207,464

TRANSFER CO FOOD HALL

184,834

NC MUSEUM OF HISTORY (UNDER RENOVATION)**

133,919

MOORE SQUARE

123,887

Source: Placer.ai, Note: Based on cell phone visitation data; does not count children *Attendance Numbers provided by Marbles Kids Museum; includes children **2024 attendance numbers

ARTS, CULTURE & TOURISM | 59

Downtown Festivals and Events Downtown Raleigh is known for its robust calendar of events and outdoor festivals that draw visitors and support local businesses. Between July 2025 and June 2026, downtown events welcomed 1.2 million attendees, including 192,000 for the Carolina Hurricanes’ Stanley Cup Parade in June 2026.

TOTAL OUTDOOR EVENT ATTENDEES JULY 2025 - JUNE 2026 350K

300K

250K

200K

150K

100K

50K

0 JULY

AUG

SEPT

OCT

NOV

DEC

JAN

FEB

MAR

APR

MAY

JUNE

Source: City of Raleigh

PUBLIC ART INSTALLATIONS BY DISTRICT 48

FAYETTEVILLE STREET

WAREHOUSE

MOORE SQUARE

GLENWOOD SOUTH

CAPITAL

SEABOARD + PERSON STREET 0 Source: DRA

60 | STATE OF DOWNTOWN RALEIGH

CONNECTIVITY & GREENSPACE D

owntown Raleigh is setting a new standard for urban greenspace. With 771 acres of greenspace within two miles of downtown’s center, including Dorothea Dix Park and the recently opened

Gipson Play Plaza, the city is redefining what it means to live in a vibrant, walkable urban center. Downtown Raleigh leads most US downtowns in total acres of greenspace within two miles of downtown center. Investments in green infrastructure and outdoor gathering spaces reflect our communities commitment to make nature an essential part of daily life. Downtown is also at the center of a wave of mass transit investments that will ensure Downtown Raleigh is the most connected part of the Triangle.

CONNECTIVITY & GREENSPACE | 61

Most Climate Resilient City - Raleigh Architectural Digest 2023

ACRES OF GREENSPACE WITHIN TWO MILES OF DOWNTOWN CENTER 1,200

Acres of Greenspace

1,000 800 600 400 200

IN CH IC CIN AGO CIN NA MI TI NN EA PO LI RIC S HM ON D BO ST ON CH AR LO PO T TE RT PH L AND IL A DE LP HIA AT LA NT A NA SH VIL LE DU RH AM TA MP A DE NV SA ER NF RA NC ISC O SE AT TL E

IGH

WA S

HIN G

Source: DRA, TPL ParkServe

771

121

158

ACRES OF GREENSPACE WITHIN 2 MILES OF DOWNTOWN 1

ROUND TRIPS DAILY TO CHARLOTTE BY TRAIN 2

MILES OF GREENWAY IN THE CITY OF RALEIGH 3

NONSTOP DESTINATIONS OUT OF RDU 4

MILES OF BUS RAPID TRANSIT PLANNED WITH DOWNTOWN AT THE CENTER5

MILES OF ONSTREET BICYCLE LANES IN CITY OF RALEIGH 3

DRA, TPL ParkServe 2Amtrak 3City of Raleigh 4RDU International Airport 5GoRaleigh

62 | STATE OF DOWNTOWN RALEIGH

ON THE MAP: PARKS AND GREENSPACES Greenways Streams Trees Downtown HALIFAX PARK

FRED FLETCHER PARK

State Gov. Complex Parks & Greenspaces Plazas & Amphitheaters

MORDECAI HISTORIC PARK

SMOKY HOLLOW PARK

WILLIAM PEACE UNIVERSITY

Campuses

OAKWOOD CEMETERY

HALIFAX MALL

NC FREEDOM PARK

SAINT MARY'S SCHOOL

BICENTENNIAL PLAZA

PULLEN PARK

STATE CAPITOL

CITY CEMETERY UNION STATION PLAZA

NASH SQUARE

MOORE SQUARE

RED HAT AMPHITHEATER

CITY PLAZA

LICHTIN PLAZA

SHAW UNIVERSITY CHAVIS PARK

DIX PARK

MT. HOPE CEMETERY

CONNECTIVITY & GREENSPACE | 63

INVESTMENTS IN GREENSPACE Investing in park space big and small, Downtown Raleigh has a strong system of existing parks and greenspace including historic squares, an expansive government mall, recreation fields, greenways, as well as a new destination park on the way. Recent and upcoming investment in Downtown Raleigh’s parks will greatly enhance downtown’s amenities for residents, employees, and visitors alike. DOROTHEA DIX PARK

JOHN CHAVIS MEMORIAL PARK

Major investment continues to expand the range of experiences available at Dorothea Dix Park. The recently completed $70 million Gipson Play Plaza transformed 18.5 acres with the Southeast’s largest adventure playground, water play, gardens, and gathering spaces. The park has also welcomed hundreds of thousands of visitors to see five giant trolls created by internationally renowned artist Thomas Dambo. Constructed from reclaimed wood and tucked throughout the landscape, the trolls offer a unique public art experience while encouraging visitors to explore the park and consider environmental stewardship.

Located just east of downtown, this historic 28-acre park recently underwent an $18 million renovation, completed in June 2021. The park includes a half mile section of the Capital Area Greenway Trail as well as a historic carousel, water feature, large playground, community center with a full-size indoor gym, elevated walking track, and numerous new amenities. Since opening in 2022, Raleigh voters approved further updates, including development of a new aquatic center.

NORTH CAROLINA FREEDOM PARK Downtown’s newest park is dedicated to the African American experience and struggle for freedom in North Carolina. The park is located in the Capital District between the State Legislature and the Governor’s Mansion. The one-acre park was designed by internationally recognized architect Phil Freelon.

CHAVIS-DIX STROLLWAY The Chavis-Dix Strollway is a plan to connect Chavis Park, Downtown Raleigh, and Dorothea Dix Park. This project will connect southeast and southwest Raleigh, allowing people to bike or walk the 1.5 miles between the two parks and downtown while learning about historically significant sites throughout Raleigh.

Nearby, improvements to the John P. “Top” Green African American Cultural Center and implementation of the South Park Heritage Trail will highlight the area’s African American community and secure the park’s listing on the National Park Service’s National Register of Historic Places.

SMOKY HOLLOW PARK The City of Raleigh is advancing plans for a new urban park in Downtown Raleigh. The approved plan includes environmental remediation, pathways, plazas, natural spaces, native landscaping, improvements to the Pigeon House Branch stream channel and floodplain, and constructed wetlands. The project will transform the site into a new natural and recreational amenity in northern downtown. Construction is expected to begin in 2027 and the park is anticipated to open in 2028.

64 | STATE OF DOWNTOWN RALEIGH

INVESTMENTS IN CONNECTIVITY S-LINE Plans are underway for a new high-speed rail line connecting Raleigh to Richmond. The project was awarded a $1.1 billion grant in 2024 to begin design work, acquisition, and construction of the line. The S-Line will enhance mobility options and strengthen connections within our region, making it easier for people to live, work, and visit in a growing, connected urban center.

RALEIGH UNION STATION BUS FACILITY Raleigh Union Station Bus Facility, or more commonly known as RUS Bus, opened last year adjacent to Union Station. The new multimodal hub will serve both GoTriangle and GoRaleigh bus routes with six off-street bays, two layover spaces, comfortable waiting areas, public restrooms, bike parking, lockers, and digital wayfinding. The new facility strengthens downtown’s connectivity by linking regional transit systems with existing intercity rail services.

CONNECTIVITY & GREENSPACE | 65

BUS RAPID TRANSIT Construction of Raleigh’s first bus rapid transit (BRT) line is now underway. The first BRT line will run along New Bern Avenue between downtown and WakeMed. Construction is anticipated over the next several years. The Eastern BRT route along New Bern Avenue is the first of four routes coming to Raleigh over the next decade with downtown at the center.

RALEIGH ACTIVE MOBILITY PLAN: THE BIG JUMP Over the next five years, Raleigh will make major investments in downtown bicycle infrastructure through the Raleigh Active Mobility Plan: The Big Jump. The plan will upgrade existing facilities while adding new separated bicycle facilities along key corridors, including Peace Street, Morgan Street, and Lenoir Street. These improvements will create safer, more comfortable connections into and across downtown while expanding the network available to people traveling by bike.

RDU INTERNATIONAL AIRPORT

New Separated Bikeway New Neighborhood Bikeway Priority Upgrade Current Bike Facility

RDU is undergoing major capital improvements to support long-term growth, including a new runway and terminal upgrades. These investments will enhance passenger experience and regional connectivity, ensuring the airport keeps pace with demand as the region continues to grow.

66 | STATE OF DOWNTOWN RALEIGH

2026 BOARD, STAFF & ACKNOWLEDGMENTS OFFICERS + EXECUTIVE COMMITTEE

BOARD OF DIRECTORS

Mike Munn Board Chair McAdams Company

Nicholle Allen-Steele K&L Gates

Rebecca Quinn-Wolf Vice Chair/Chair-elect PNC Skip Hill Immediate Past Chair Highwoods Properties Emily Williams Treasurer Truist Britt Thomas Secretary Marbles Kids Museum

Tiffany Barrier CBRE Natalie Batten Accenture Chris Budnick Healing Transitions Pete Byers AC Hotel Raleigh Downtown Adrienne Cole Raleigh Chamber* Matt Coleman The Davie

ACKNOWLEDGMENTS

Yvette Holmes Southeast Raleigh Promise Kathleen Makena Makena Skin Care LT McCrimmon APCO Worldwide Evan Raleigh City of Raleigh* Chris Roberts LS3P Lauren Romer Romer and Company Gregg Sandreuter HM Partners

Joseph ‘Bo’ Dempster, Jr. Legal Counsel Poyner Spruill

Janet Cowell City of Raleigh*

Stacey Buescher At-Large Kane Realty Corp.

Denny Edwards Greater Raleigh Convention & Visitors Bureau*

Felicia Trujillo Food Seen

Carly Jones At-Large Artspace

Mark Edwards NC Department of Administration*

Taylor Vanden Hoek Atomic Object

David Ellis Wake County*

Owen Williams Williams Realty & Building

Tia McLaurin At-Large Downtown Resident (511 Faye) Derrick Remer At-Large Duke Energy Bill King President & CEO* DRA

Jamie Schwedler Parker Poe

CBRE City of Raleigh: Planning & Development; Urban Projects Group; Parks and Recreation; Public Works; Office of Sustainability; Office of Transportation Planning; Special Events Office; Community & Small Business Development; Parking; Transportation; Urban Forestry CoStar GoRaleigh and GoTriangle Greater Raleigh Convention and Visitors Bureau JLL Monarch Realty National Science Foundation North Carolina Sustainable Energy Association Placer.ai Raleigh Chamber Raleigh Convention Center Raleigh-Durham Airport Authority Ray Aull, City of Raleigh STR Global Triangle MLS, Inc. U.S. Bureau of Labor Statistics U.S. Census Bureau Wake County: GIS, Tax Administration Department Wake County Economic Development

For errata visit: DowntownRaleigh.org Anna Grace FitzGerald Copperline Plant Company

*Ex-Officio

Kassia Gibbs Empire Properties Pranav Harish Bricks & Minifigs LEGO Store

PROFESSIONAL STAFF Roxanne Coffey Office Manager

Bill King President & CEO

Ileana Rodriguez VP of Communications & Community Relations

Nicole Drake Events Project Manager

Elizabeth Martini VP of Finance & Operations

Will Gaskins VP of Economic Development & Planning

Lucy McInnis Director of Creative Programming & Activations

Xenna Smith Digital Communications Manager

Kimberley Jones Executive Assistant & Special Projects Manager

John Nelson Safety Manager

Kate Turley Small Business Program Manager

Gabriel Schumacher Director of Research

This report was authored by Will Gaskins and Gabriel Schumacher. The layout and design were created by Stacey Simeone. www.staceysimeone.com

THANK YOU TO DRA’S ANNUAL INVESTORS LEADERS

VISIONARIES

CHAMPIONS

ADVOCATES

SUPPORTERS AT&T

Clancy & Theys

Cleanest Restaurant Group

Williams Building & Realty

THANK YOU TO THE CITY OF RALEIGH FOR PARTNERSHIP AND SUPPORT.

DRA MISSION: Advancing the vitality of Downtown Raleigh for everyone.

PRODUCED BY:

333 Fayetteville St., Ste 1150 • Raleigh, NC 27601 • DowntownRaleigh.org • info@downtownraleigh.org • 919.832.1231 PHOTO BY MATT ROBINSON - RALEIGHSKYLINE.COM