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.
Q1 & Q2 of 2024 | Semiannual Market Report
Economic conditions within the Hillsborough Street Municipal Service District (MSD) remained steady throughout the first half of 2024. Retail growth within the corridor accelerated, with 18,200 square feet in net absorption. The influx of new businesses offers a diverse range of entertainment options for Hillsborough Street visitors.
Retail rents exceed the citywide average, yet occupancy rates mirror those of Raleigh’s overall retail market. Numerous new businesses opened during Q1 & Q2, indicating opportunities for additional retail establishments. The office market remains robust, with vacancy rates significantly lower than the city average.
The corridor had over 803,600 individual visitors, up 1.35% from the second half of last 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 very strong this half of the year, with our highest month ever being April with over $6.1 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 Alpaca, Lobera, Playa Bowls, Cali Burger, and Wolfe & Porter.