Brock Storrusten, PE AECPM’s Post

What is the State of Land Market in Raleigh? .Sarah Godwin and Maggie Sparling sharing their insights at our WithersRavenel #LandCon event. Overall lots of demand and interest...2X in offers in #multifamily...slowing down on infill and single family #residential. #missingmiddle? Changed inside the beltline with regulation changes and bus rapid transit. Neighborhood opposition and overlays/covenants are reducing effectiveness. #NIMBY ruling...need regulations and education with municipalities to help promote...otherwise won't be used. Density is not a death sentence! #build #communities #together #affordability? Need to embrace since municipalities will keep but many bidders don't want it...and not high on developers priority list but not avoiding it. The numbers can overlap very closely so think about it. Need officials to be more of a #partner and not think developers are greedy. #pricing? Nationals now have Land Banks involved. Retrading is variable depending on the market. Sellers still unreasonable but little better...#education is key...seeing multiple offers to understand market. Most demand in suburbs so pricing holding there...but homebuyers are weaker. Apts stronger than last year...lack of supply coming in 2 years. #uncertainty is greatest challenge. Wait for stabilzation is the mantra for buyers and sellers right now. Interest rate reduction and construction pricing is key. Strong future #growth potentials...Southern Wake, Lee, and Chatham, Granville, NE Raleigh to Zebulon. Water/Sewer availability is key! Thanks to all our #development #partners for attending and sharing your thoughts and Jed Byrne for your ##thoughtleadership!