Hillsborough Street - Quarterly 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 quarterly basis. Download the latest report below.
- Hillsborough St. prepared food & beverage sales declined year-over-year in Q2 (-2.22%) while still outperforming the three-year average (‘14-’16).
- Business openings and closings netted 4 new businesses in Q2 with the change in square feet occupied being a positive 2,630 SF.
- Vacancy along Hillsborough St. continues to trend lower, with retail vacancy reaching 1.08%. Overall, Hillsborough St. vacancy in Q2 remained lower than West Raleigh and the City of Raleigh.
- Year-over-year net absorption was strongly positive (+5,910 SF) for combined office and retail space in the Hillsborough St. MSD in the second quarter.
- Hillsborough Street continues to see impressive food and beverage sales growth with Q1 sales significantly outperforming the three-year average (‘14-’16).
- Business openings and closings were net neutral both in the number of establishments and the net change in total square feet occupied.
- Net absorption for the quarter was positive for both office and retail space. For the year, net absorption was slightly negative for office space.
- Office (2.7%) and Retail (1.7%) vacancy on Hillsborough Street remained low this quarter and continues to remain significantly lower than West Raleigh and the City of Raleigh as a whole.