Development continues across Raleigh with thousands of new residences, hotel rooms and space for offices as well as retail despite an economy afflicted with inflation and high interest rates, according to a new report from the Downtown Raleigh Alliance.
A flashing warning light for builders and developers in the Triangle: Vacancy rates are at 15% - a level not seen since the "Great Recession. And developers also face "tepid growth for new office development" in a slowing economy afflicted by interest rates. So warn two commercial real estate firms in the Triangle. And a leading business recruiter says the traditionally strong Triangle will be "forced" to join other metro areas dealing with a downturn.
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