Hillsborough Street - Market Report
This report includes trends in food and beverage sales, businesses openings and closings, commercial space inventory, business and development news and properties for sale or lease.
The goal of this report is to track the market of Raleigh’s Hillsborough Street Municipal Service District with data and metrics on a semiannual basis. Download the latest report below.
Prepared food and beverage sales for the year reached its biggest total ever, $51.7 million in gross sales. That is an increase year-over-year of 8.86%, a gross increase of $4.2 million or the equivalent of an entire extra month of sales.
Business openings and closings netted four new businesses in the second half of 2019. Despite the net gain, six-month net absorption was -7,536 square feet in combined office and retail space.
Hillsborough Street retail vacancy continues to remain at an extremely low level (1.8%).
Two major construction projects were completed in Q3 and Q4. Construction continues with another 1.2 million square feet planned or under construction.