Market Study Brings Good News For Real Estate Market Trends by bigpoppamust

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									                            Market Study Brings Good News
                            For Real Estate Market Trends


A recently completed real estate market study
points to an untapped Greenville, NC market that
is poised for investment. Vogt, Williams &
Bowen, a national real estate market research firm
working on behalf of Greenville’s Redevelopment
Commission concluded that given the city’s
existing housing market, area, area economic
conditions, and demographic characteristics and
trends, a market exists for new mixed-use
residential, office and retail development in
Greenville’s Uptown business district.

The market analysts found unsatisfied demand throughout the Center City for additional office,
retail, and condominium space:
    • Residential: the Market Study anticipates that the First Street area within Uptown could
        accommodate more than 300,000 square feet of downtown condos, upscale apartments,
        and student rental units.
    • Office: the First Street Project Area can accommodate up to 90,000 square feet of
        additional downtown office space.
    • Retail: Analysis of demographic & consumer trends suggests that several under-
        represented retail types would be excellent fits for Uptown, including full and limited
        service eateries, health and personal care, clothing & accessory stores, grocery stores, and
        bookstores. Retail is thriving throughout greater Greenville. Of the 3.4 million square feet
        of retail space surveyed along major commercial corridors, only 4.4 percent was vacant.

Other findings in the Market Study included:
   • Center City residential = unsatisfied market niche: Upscale condominium units that offer
       an urban residential lifestyle are in very limited supply in Eastern North Carolina. Vogt,
       Williams & Bowen, LLC concluded that a mixed-use residential project across from the
       Town Common could appeal to a specialized niche of households in the market area by
       taking advantage of Tar River view premiums and other Uptown assets.
   • Urban-style student housing is another prime opportunity: East Carolina University is
       expected to keep growing at an annual rate of 3% to 5%. An expected influx of female
       students in particular suggests that multistory buildings with on-site security and modern
       conveniences close to campus will be increasingly in demand.

The Market Study identified two adaptive reuses of historic Uptown buildings that herald great
things to come for urban revitalization in Greenville:

   •   The Self Help Center: after renovations were completed in 2004 on this former hotel, all
       25,000 square feet were leased up completely within a year.
   •   Downtown loft apartments: Developer T.F. Jackson is renovating an historic downtown
       bank building on Evans Street as The Renaissance, an upscale 3-unit “New York-style”
       loft project that is expected to come on-line by early 2007.

The Market Study highlighted numerous economic & demographic trends likely to drive
additional growth in Greenville for years to come:

   •   Uptown and adjacent areas: between 2006 and 2011, population in the Primary Market
       Area is projected to increase by 19.8%, with the number of households projected to
       increase by 728 annually. Households with incomes greater than $50,000 are projected
       increase 21.4%, while renter households with incomes greater than $50,000 are projected
       to increase 32.1%.
   •   City of Greenville: citywide population is projected to increase by 8.3% between 2006
       and 2011. During the same period, persons between the ages of 55 to 64 are projected to
       increase by 32.8%, while persons 35 to 44 years old are projected to increase by 15.2%.
   •   Consumer purchasing power: The Aggregate Consumer Expenditure in the Primary
       Market Area is projected to grow by 30.6% over the next five years, from $1.587 billion
       to $2.073 billion.
   •   Employment base: the city’s employment base has increased by 35.1% since 1997.
   •   Major industries: six of the area’s 10 largest employers are expanding, and many smaller
       operations are entering the market to serve the growing health care services, technology
       and manufacturing industries. The climate for medical technology and research continues
       to anchor economic growth.
   •   East Carolina University: The continued growth of ECU is expected to be a primary
       driver for downtown retail, commercial and housing growth.


Uptown Greenville benefits from its close proximity to major employment centers and East
Carolina University. It offers entertainment venues including the Greenville Museum of Art, the
Emerge Art Gallery, and several restaurants and specialty shops along Evans and Fifth streets.
The Town Common across from First Street is a 19-acre linear park that features walking paths,
a 1,500-foot esplanade along the Tar River, an amphitheater, and a boat dock.

The Greenville Redevelopment Commission is implementing an ambitious revitalization agenda
intended to transform the physical and economic climate of the Uptown business district.
Through public investment such as enhanced streetscapes, parking and recreational amenities,
the Redevelopment Commission plans to leverage renewed interest and private investment in the
heart of Greenville.

For more information, please give us a call at 252-329-4502.
Or, visit our website: www.greenvillenc.gov/urbandevelopment.com

								
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