RALEIGH, NC—Studley is expanding its commercial real estate horizons—in Raleigh. The firm has opened its second North Carolina office and its 24th in the United States.
Tim Capps, formerly of Tri Properties, Inc., a full-service commercial real estate firm based in Durham, NC, is leading Studley’s expansion into Raleigh. He will serve as senior vice president and branch manager.
“Raleigh is currently one of the fastest growing markets in the U.S., so it was natural for Studley to have a presence here,” Capps tells GlobeSt.com. He pointed to “booming” technology, renewable energy, bio-tech, life science and pharmaceutical sectors as local commercial real estate market drivers.
Capps, a recognized expert in global tenant representation services, will oversee day-to-day operations of the new office while spearheading a recruiting effort. Capps is looking to add several real estate professionals in 2013. He will also oversee the firm’s overall expansion in the Carolinas.
“Not only are we seeing growth from within and outside of the market, but the tenants are requiring more complex transaction services,” Capps says. “Office vacancy rates are generally trending down, rental rates are trending upwards and we are seeing new construction throughout the market—build-to-suits and speculative—for the first time in several years.”
Managing director Tucker Shade and associate director Greg Capps will join Capps in Studley’s new office. Both men were tenant advisory specialists and former colleagues at Tri Properties.
“Raleigh offers access to a highly skilled, young workforce coming out of the three world-class research universities in UNC-Chapel Hill, Duke and NC State University on an annual basis,” Capps says. “There’s no question that the quality of life in Raleigh is certainly another factor for the growth we are seeing. The market’s proximity to the RTP helps it capture a highly skilled work force, new companies arising from technologies and innovations developed at the universities, as well as the global investment capital and advisory personnel and firms that these companies and innovations attract.”