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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 2022 | Semiannual Market Report

Key Takeaways:

  • Prepared food and beverage sales for the second half of the year were $27 million in gross sales. Due to the COVID-19 pandemic this is an increase to year-over-year sales of 12% and a gross of $3M.

  • Q3 and Q4 saw 3 business openings and 3 business closings for a net change of 0. The six-month net absorption in combined office and retail space was 789 SF.

  • Hillsborough Street retail vacancy continues to remain fairly low at 6.1%.

  • Three apartment projects are in the construction phase. Several additional apartment projects are in the planning phase.