Archive for November, 2010

Renting and Leasing

According to CoStar Group, the #1 commercial real estate information group, almost every multifamily market saw strong leasing, rising demand and falling vacancy rates in the third quarter as the nations rental market continued a solid 2010 rally. As of now rentals should continue to surge over the next five years, with a growing supply of renters and very little new product in the planning and building pipeline.

Vacancy rates are above historical averages and in many multi-family communities robust incentives are being offered to move renters in. Still the national vacancy rate compiled from the 54 largest markets declined for a third straight quarter in 2010. Raleigh/Durham, Charlotte, Nashville and Dallas/Fort Worth have seen the highest demand and the sharpest decline in vacancy rates.

CoStar Group November 3, 2010

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Around the Town
Have you been to DPAC? DPAC, Durham Performing Arts Center.

The Bull City did it, they defied the odds, they build a state of the art performance venue, downtown. It is beautiful too. DPAC boasts 2800 seats, claims to be the largest indoor theater venue in the state and in its first years of operation earned a profit of one million dollars. There is also a $1 city tax on each ticket sold so Durham collected $303,770 in found revenue. A total of 85,000 people attended events at the DPAC in its first full year of operation.

As a season ticket holder myself, if you haven’t gone to DPAC, go! It is worth the time. The venue is safe, well lit, parking is very easy and the whole experience is exceptionally well done. This season brings… “Billy Elliot,” “Celtic Thunder,” “Joe Bonamassa,” “Young Frankenstein,” “Lion King,” “In the Heights,” “Blue Man Group,” “Shrek,” and “Hair,” to name just a few. Visit DPAC for a complete run down of shows and events.

While you’re downtown don’t miss eating at Piedmont, Revolution, Metro Eight, Dos Perros, Tobacco Roadhouse, Nanas, Magnolia Grill, Pops, Rue Cler and many other fine establishments. The Urban Spoon can keep you up to date on where to go and how to make reservations. Another very cool blog to keep you in the “know” is Bull City Rising, make a point to check in and often.

Have a real estate need? Phone or email me, Michael Sullivan today. I can help. 919-608-2372 or MSullivan@fmrealty.com

*DPAC states Business NC August 2010 page 22

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