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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.

Q3 & Q4 2023 | Semiannual Market Report

The second half of 2023 continues to show economic stability across all markets within the Hillsborough Street’s Municipal Service District (MSD) boundary. Residential development continues to sprout
within the corridor, adding over 2,200 units. New business openings show exciting opportunities for
all to have something fun to do while on Hillsborough Street.

Retail continues to have higher rents than the city average, but occupancy rates remain neck-and-neck
with Raleigh’s retail market as a whole. With multiple business openings during Q3 & Q4, there is still
opportunity for new businesses to join the Hillsborough Street community. The office market is very
strong, with vacancies well below the city average.

The corridor had over 792,000 individual visits, up 23% from the first half of the year. While the corridor is heavily student based, we see a lot of visitors come for the Food & Beverage (F&B) options we
have available. F&B was strong this half of the year, with our highest month of the year being October
with over $5.2 million in sales. Hillsborough Street has surpassed pre-COVID numbers and is looking
to continue to grow in the F&B category with new businesses like Stonewall’s Tavern, Wake-N-Bakery,
Playa Bowls, Gussie’s and the reopening of Wolfe & Porter.

Full Report