Creating successful and dynamic places requires a solid understanding of economic conditions and opportunities. In 2022, the Town engaged Kimley-Horn, a planning and design consultant, to prepare a comprehensive commercial real estate market study.
Overview and Purpose
The Commercial Market Study Report provides a market assessment of development trends, economic development conditions, demographics, and growth opportunities in the Town of Fuquay-Varina.
The Town will use this data to support economic development and planning strategies.
Kimley-Horn used a phased process for the analysis, starting by assessing the community’s demographics, economic development, and real estate. That information was used to estimate future market potential and to identify short and long-term development opportunities.
The Commercial Market Study Report:
outlines community characteristics,
estimates market potential, and
identifies development opportunities.
The study assessed and defined the following areas:
Fuquay-Varina + extra-territorial jurisdiction (ETJ) (referred to as the Fuquay-Varina Planning Area)
Raleigh-Durham-Chapel Hill combined statistical area (CSA)
Custom-defined Trade Area (25-minute drive from the center of town)
View the key takeaways below, or download the full report here.
Household earnings in the Planning Area demonstrate a slight premium over the surrounding region. Educational achievement and labor force participation are also strong metrics for the Planning Area.
Fuquay-Varina has a favorable location in the Triangle region, which has experienced one of the strongest recoveries from the COVID-19 pandemic in the country. Job growth in the region has positively impacted Fuquay-Varina, which has also experienced job growth in recent years.
As one of the fastest-growing communities in the Triangle region, there is a large volume of for-sale units under construction in Fuquay-Varina to keep up with the expanding population.
Residential units under construction
Residential units proposed
Based on the inventory of under construction and proposed residential projects presented in this section, there could be a total of 8,885 new residential units completed in the Planning Area over the next ten years.
Demand and Opportunity
The study identifies commercial real estate demand and development opportunities.
Commercial Real Estate Demand (2022-2032)
Known trade area pipeline
1,050,000 square feet
115,000 square feet
Net planning area demand
151,000 square feet
193,500 square feet
Total 10-year demand
1,201,000 square feet
308,500 square feet
The study predicts 10-year spending potential for the Trade Area at over $494 million, equating to net square footage demand of over 1.5 million in the Trade Area through 2032.
The business categories with the highest square footage demand over the next ten years include:
The Planning Area is forecasted to add more than 5,400 jobs over the next ten years, resulting in a 36.5% increase over the current job base.
The Planning Area is forecasted to add approximately 1,600 new office-occupying jobs between 2022 and 2032. At an average space per employee of 200 square feet, this equates to a demand of more than 361,000 square feet of new office space.
Based on a 3.0% estimate for the number of rooms per hotel-generating job added, there is demand for approximately 94 net new hotel rooms in the Planning Area through 2032.