The Pulse of Downtown Raleigh
In a recent Bloomberg article by Richard Florida “Why Downtown Won’t Die” he details why our beloved downtown districts will withstand the test of time.
To start, he mentions the impact of COVID (how could you not?) on our downtowns and goes on to discuss the resiliency of the downtown footprint. From natural disasters to terrorist attacks to transformations like deindustrialization, our city blocks have seen it all, and most, have adapted and survived.
Downtown Raleigh has been through a lot and the beat carries on.
A city's pulse depends on many things, but the biggest is the believers behind it—the people. In terms of downtown Raleigh, there is a deep commitment to our downtown thanks to the dedication and support from key people, organizations, and businesses.
There are multiple organizations that enhance downtown Raleigh. Our city officials, county government, the Raleigh Chamber, Wake County Economic Development, Raleigh Economic Development, and the Downtown Raleigh Alliance. And of course, our tourism partners, Visit Raleigh. Each organization approaches the vitality of our downtown with a slightly different spin and that’s needed to create a dynamic and vibrant downtown.
Downtown Raleigh is not immune to the struggles and growing pains of a city experiencing massive growth, but the numbers show a strong pulse. Florida shares this comment: “And with smart strategies and perseverance on the part of city leaders, real estate developers, and the civic community, they (downtowns) can become even better than they were.”
Here’s a look at the data related to set strategies implemented by various downtown stakeholders:
Planned Office Space:
144,410 SF of new Class A office space is under construction at 400H
1.9 million SF of additional office space planned or proposed
Planned Residential:
2,451 total residential units under construction or in site preparation
5,385 other planned or proposed units
Hotels: In development, Kimpton and Hilton Garden Inn
Convention Center Expansion: The strategic plan calls for a 500,000 SF expansion to the existing 500,000 SF. Additionally, there are plans for a hotel and possibly residential/mixed-use tower projects.
Tourism to Downtown Raleigh (DTR): 1.2 million visitors to downtown (2021)
Tourism Spending in DTR: 145.6% increase in downtown revenue per room (2021 to 2022)
Outdoor Entertainment: 650k attendees to outdoor events downtown (July 2021 to June 2022)
Data Source: Downtown Raleigh Alliance Q2 Report (2022) & Downtown Raleigh Alliance State of Downtown Report (2022)
Growth and investment are the name-of-the game in 2022 and beyond. According to CNBC, North Carolina is the number one state for business and the nation's strongest economy, and the city of Raleigh and its downtown play a key role in the overall success of the state. As companies open their doors and workers return to the city, the pull to be downtown will get even stronger. Residents and visitors benefit from intentional programming, various entertainment options, and restaurants.
Florida shares, “The change is so sweeping that the old moniker “central business district” no longer applies. Today’s downtowns are more aptly considered central connectivity districts — essential platforms where people socialize, cooperate, and collaborate.
Now, more than ever, our downtown district has a big job to do, and it should be considered a central connection district meant to bring people back together. The data shows this is happening. Furthermore, one of the key assets for downtown is the connectivity infrastructure it has in place to fill this role— makers spaces, museums, theaters, offices, music venues, parks, co-working spaces, restaurants, government, breweries, shops, festivals, and more. No other part of the city can compete in this sense. This is the future of downtown Raleigh and how we need to conceive of it—serving as the largest connection point in our region. Finally, our expectations and understanding of what downtown Raleigh is must evolve just as our own downtown has evolved over the years.
From welcoming new businesses to attracting top talent and courting tourists, downtown Raleigh has an undeniable pulse.
Photo Credit: Michael Robson/Visit Raleigh