A Year of Development

WEB EXCLUSIVE It’s not clear what 2021 will look like for commercial real estate. Many companies continue to work from home without a timeline on returning to the office. In a JLL Raleigh-Durham report released at the end of 2020, vacancies were continuing to inch up. It was also reported that rental rates were holding steady with landlords offering concessions instead of lowering rents to keep property values stable. That said, construction didn’t stop in 2020—setting the stage for delivery of big developments across Wake County.

By April 2021, Kane Realty Corp.’s second phase of Smoky Hollow will be complete. The Line Downtown Apartments is open, and the office building, 421 Harrington, will open later this month. The Hollow, the street-level restaurant and retail concept lining the cobblestone streets will open in April.

Tower Two at Bloc(83), the sister tower to One Glenwood, will open this year. The 300,000-square-foot building includes office space, retail and a parking garage.

The first phase of Raleigh Crossing, a two-tower project at 301 Hillsborough St., which will house the headquarters for local software company Pendo, will open at the end of 2021 with 300 apartments, 280,000 square feet of office space and 18,000 square feet of retail to boot.  

Palisades III office building on Trinity Road near the NC State Fairgrounds is scheduled to open this year. Tenant amenities include a fitness center, lounge, plaza and sky terrace.

Grove 98, known more as the Wegman’s shopping center in Wake Forest, will open in May. The 70-acre mixed-use development will feature apartments, restaurants and retail. 

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