ULI Triangle Members recently analyzed how denser growth has affected several data points including sales, rents, home values, traffic and quality of life in Cameron Village. The study area included the neighborhoods adjacent to the Village and bordered by Wade Avenue, St. Mary’s Street, Hillsborough Street and Chamberlain Street. The panel compared data between 2006 and 2016 to gauge how the new development has affected life and business around Cameron Village.
Joining Moderator Marcus Jackson (TradeMark Properties) were Ann-Cabell Baum, (Glenwood Agency), Lynne Worth and Smedes York (York Properties), Jay Kanil (Regency Centers), Bynum Walter (City of Raleigh) and Jay Dawkins (Cityzen).
Key takeaways included:
- Smedes York indicated that Cameron Village’s Underground was possibly reopening.
- Cameron Village area homes are 40% more valuable per square foot compared to all homes within Raleigh.
- Class A Apartment vacancy in Cameron Village averages 7%, not including the newest apartment complex, 616 at the Village, which is still leasing up.
- Multifamily Class A average rent in Cameron Village is 29% higher than Class A in Wake County.
- Cameron Village office rents are 18% lower than average Raleigh office rents, mostly due to its older building stock. However, Cameron Village vacancy is 52% lower than Raleigh’s.
- Cameron Village suffered a net loss of 8,497 square feet of office between 2006 to 2016 due to conversions to condo and demolitions for new multifamily.
- Average store leases in Cameron Village have increased 40% since 2006 and average sales have increased 31%.
- The percentage of restaurants in Cameron Village increased 116% since 2006.
- Sales per square foot in Cameron Village averages $413/SF compared to Regency Center’s Raleigh Portfolio average of $383/SF.
- Traffic on all streets within the village has increased only 8% since 2008. The intersections within the Village all operate with grades of A or B, except for the Clark/Oberlin intersection which operates at a C grade.
- Several bus stops within Cameron Village operate at a level that is usually seen on key transit corridors including Capitol Boulevard.
- Key results from the quality of life survey included:
- A vast majority of renters and owners like or love living in Cameron Village.
- Walking correlated directly with happiness in living in Cameron Village.
- The panel then discussed the potential future development in and around the Village, with Marcus Jackson pointing out that 64.4 acres could possibly be in play one day.
For more information, please review the entire presentation. The full case study will be published by ULI later this fall.