RALEIGH, NC—It’s no surprise to locals that Raleigh is attracting investors and developers at a rapid pace, but even more so on the national stage. With this growth comes opportunities for brokerage and property management firms, and Colliers International is poised to seize them.
In December, Colliers announced its intention to build a market-leading presence across North Carolina by launching a new company-owned operation in Raleigh as a complement to its existing business in Charlotte. Colliers will not renew its license with its existing affiliate and will open new operations by the third quarter of 2020.
J. Scott Adams, Colliers Virginia president, will oversee the new operation in Raleigh, including identifying a proven business leader and recruiting high-quality professionals in capital markets, leasing and property management. Adams recently shared insights on how the firm is committed to being the market leader in Raleigh, across the Carolinas and beyond.
“There is a reason Colliers is among the fastest-growing global firms in the industry, and we look forward to establishing a new local identity for the firm, beginning officially in the second half of 2020,” Adams tells GlobeSt.com.
GlobeSt.com: What stands out in the Raleigh market as you begin your tenure as market leader?
Adams: The Raleigh market is taking off with national attention from investors and developers at a scale never seen before. These new national players face stiff competition from extremely qualified owners and developers based in the Triangle as well. We are seeing major project announcements in all parts of the market with world-class architecture, design and mixed-use environments.
GlobeSt.com: What are some of the market’s strengths and challenges?
Adams: The market has received broad recognition for leading performance on economic metrics of job and population growth and its premier workforce built on elite tech talent and a strong university system. The market’s central location in the state and governmental prominence as the state capital are fundamental strengths as well. On a challenging note, growth of this scale is really a call to action to raise the bar on the infrastructure systems and help attract new talent and businesses to the market. This is in combination with helping to scale the high number of start-ups and emerging businesses already in the market.
GlobeSt.com: As the capital city, how large of a role does the government play in the CRE world?
Adams: Raleigh and surrounding cities in the Triangle are all recognizing the importance of having a healthy relationship with the owners and developers of real estate. The tax base and quality of our overall environment benefit from the massive investments being made in commercial real estate, and we all have a responsibility to roll up our sleeves on the challenges we face as a society to make sure our whole community sees growth as a positive force.
GlobeSt.com: What property types are the largest focus in Raleigh and why?
Adams: As specialists in commercial real estate, our focus is spread out across the office, industrial, retail and multifamily product types. Historically, these uses were considered separate and they stayed in their own lane, so to speak. But today’s mixed-use environments often have office, multifamily and retail together in a work-live-play environment. Industrial is also seeing fundamental technological and functional evolution to keep up with e-commerce and general business growth, as well as revolutionary new technologies, including artificial intelligence and automation. Raleigh is on the cutting edge of all of these fronts in the Southeast region.