Raleigh ranked #2 iN "Top Ten Places to Live" by Time

You don’t have to empty your savings account to afford city living in America—at least not in these locations.

Urban areas offer a gateway to culture or a medley of activities, but they typically come with a high price tag. That’s why MONEY crunched the numbers to find big cities—those with a population of 300,000 or more—with the best of all worlds: attractions, iconic neighborhoods, a relatively low cost of living, and promising job growth.

Here are our top 10 picks for best big cities to live in. (See MONEY’s full 2018 ranking of the Best Places to Live in America.)

#2: RALEIGH, NC

Average Family Income: $82,021

  • Median Home Price: $263,000

  • Projected Job Growth (2017-2022): 9.6%

Part of North Carolina’s tri-city university hub, called the Triangle, along with Durham and Chapel Hill, Raleigh is home to a relatively young, diverse, and educated population.

Like Austin, Raleigh is a hotspot for employment seekers: Moody’s Analytics projects the area’s jobs will grow 9.6% by 2022. Forbes this year ranked Raleigh among the top 10 cities for jobs, owing in part to its 17.25% job growth over the past five years. And people are listening: There’s been a 13% increase in population since 2010, according to MONEY’s Best Places to Live database.

Your wallet will feel the benefits too: With an average sales tax of about 7.25% and average property taxes at $2,632, the city’s cost of living is relatively low compared with our other big cities.

As the historically significant birthplace of Andrew Johnson, Raleigh is host to dozens of museums, earning it the nickname Smithsonian of the South. The North Carolina Museum of History reaches back 14,000 years into the state’s past, and at the massive North Carolina Museum of Natural Sciences, general admission is free.

There’s a strong sense of community as well. Every fall, the North Carolina State Fair draws 1 million visitors to Raleigh for a 10-day festival featuring rides, music, games, and crafts from local artists. Tickets cost about $10 for adults and $5 for children.

Source: Time

Full article HERE

Strong economy expected to lift all commercial real estate sectors in 2019

Sustained momentum from the U.S. economy’s extended economic expansion bodes well for major commercial real estate asset classes in 2019, promising additional allocation from institutional and international investors, a hunt for opportunities in secondary markets, and robust construction completions in sectors such as office and multifamily, according to a new report from CBRE, 2019 U.S. Real Estate Market Outlook.CBRE’s outlook report anticipates that absent economic shocks such as sharply rising inflation and import costs, the U.S. economy will generate solid growth amounting to a 2.7 percent gain in gross domestic product and benefiting all sectors. That, in turn, will contribute to stable capitalization rates for the market as a whole, a 10th consecutive year of positive net absorption in the office market, and support for redevelopment and re-tenanting in the retail market.

“Continued economic growth bodes well for all sectors, sustaining job growth for the office market, consumer confidence for retail and industrial, and entity-level, mergers-and-acquisition activity for the capital markets sector,” said Richard Barkham, global chief economist and global head of research, CBRE. “We foresee compelling opportunities in secondary markets, given that we haven’t experienced cap-rate convergence in those markets or even in many of the crowded primary markets.”

CBRE’s 2019 Outlook dives deeper into six topics for the coming year. In regards to the U.S. economy, CBRE sees “confidence and momentum driving consumer spending and business investment in 2019. Growth might be less than in 2018, given the potential drags of inflation and the slowing single-family housing market, but we predict healthy GDP growth of 2.7 percent,” said Barkham.

As for capital markets, robust investment volume in 2019, including entity-level deals, should match the strong transaction levels of 2018. M&A momentum should carry into 2019, especially since individual assets are in limited supply and generally priced at a premium. Borrowing costs may ease up, due to slowly rising bonds rates, but the amount of equity available for investment in real estate should support transaction volume and keep cap rates low in some cases. Specifically, various secondary markets may register cap-rate decreases in 2019.

Source: CBRE and Institutional Real Estate

Full article HERE

Charlotte (#1) and Raleigh(#2) Top list of cities where demand for tech workers is greatest.

Based on job posting data over a 12-month period (August 2017-July 2018), CompTIA looked at 20 metropolitan areas with populations greater than 250,000, where demand for tech workers is greatest. The cities were then ranked based on cost of living, number of open IT positions, and projected job growth over the next 12 months and the next 5 years.

The result? A geographically diverse list that shows Tech Towns are flourishing across the nation and in areas that extend far beyond the traditional coastal tech hubs.

North Carolina was a major stand-out, with Charlotte earning the no. 1 spot and Raleigh just behind at no. 2. Southern hotbeds like Austin, Dallas, Atlanta and Huntsville, Alabama also made the top 10.

Source: CompTIA

Full Article HERE

Raleigh (#3), Charlotte (#13), and Durham (#16) rank in the top 35 largest metro cities with most job opportunities

35 Fast Growing Cities With the Most Job Opportunities

People are flocking to these booming cities.

If you're looking for an up-and-coming city with a growing business scene, you won't find popular destinations like New York City or Los Angeles on any list.

Rather, Texas and parts of the Mountain region are taking over and considered the "biggest boomtowns" in America.

That's according to MagnifyMoney, which looked at the 100 largest metropolitan areas around the US and their change from 2011-2016 to determine which cities have the biggest influx of people, most work opportunities, and biggest business growth based on US Census data.

To calculate the ranking, every metro was scored on a scale of 100 in three categories:

  • People and housing: How many people are flocking to the area and is the metro keeping up, considering total population and housing units.
  • Workforce and employment opportunities: Unemployment rates, civilian labor force, and median earnings.
  • Growing industry: Rate of business and industry growth, including number of establishments and paid employees per paid period.

Each category was scored relative to other metros and looking at positive and negative changes in the area. The biggest positive change scores a 100, except unemployment rate, which was reversed in respect to the scale.

Below are the top 35 metros that showed the most people, business, and opportunity growth over a five-year period.

Source: Inc.com

Full List HERE

Blue Heron Commences Construction on Foster on the Park

Blue Heron Commences Construction on Foster on the Park

The 164-unit community will rise next to Durham Central Park, replacing a functionally obsolete and underutilized building

Durham, North Carolina - Blue Heron Asset Management, a leading private equity real estate investment and development firm based in Raleigh, has closed a construction loan with First National Bank, for Foster on the Park, a boutique multifamily and retail project adjacent to Central Park in Durham, North Carolina. Foster on the Park will be a 164-unit apartment community with ground floor retail/restaurant space overlooking Central Park - the city's main urban park which hosts a Farmers Market, food truck rodeos, and community and social events. The development is adjacent to the 1.7 million square foot Durham Innovation District as well as the Historic Durham Athletic Park, the original home of the Durham Bulls. Demolition and site work commenced on May 14th.

“We’re extremely excited to close our financing with FNB, begin the construction of Foster on the Park and see our collective vision head towards reality. Our entire team has worked diligently over the last few years to collaborate with the City, Durham Central Park, Downtown Durham Inc., and other local stakeholders. Our focus has been on thoughtful place-making and trying to create a vibrant community with great walkability and access to downtown Durham’s growing job base, renowned dining, and its many lifestyle, recreation, and entertainment amenities. Foster on the Park represents the types of infill redevelopment opportunities that we hope to continue to pursue and invest in,” said Benjamin Grinnell, project lead, and partner at Blue Heron Asset Management.

 

Chris Moore, President of FNB’s Raleigh-Durham Region, added, “We are pleased to provide the financing for Foster on the Park under the experienced leadership of Lewis Bass, our Regional Manager of Investment Real Estate Banking. Contributing to our communities is part of our mission at FNB, and it is a privilege to partner in a project that builds on downtown Durham’s momentum as a thriving destination for residents, businesses and visitors alike.”

The financing was arranged by the HFF team of Roger Edwards, Justin Good, and Henry Sisson. “Blue Heron secured one of the best sites in downtown Durham and have created an amazing project that we expect will be hugely successful. We are excited to be a part of the team and contribute to making this great project a reality,” said Roger Edwards. In addition to Blue Heron Asset Management, FNB, and HFF other team members include Resolute Building Company as the general contractor, Cline Design Associates as the architect, Coulter Jewell Thames as the civil engineer, JLL as the owner’s representative and Bell Partners as the property manager.

The project, located at 545 Foster Street, is slated for completion in the first quarter of 2020.

Blue Heron Closes Construction Loan for NC Property

Raleigh, N.C.-based private equity real estate investment and development firm Blue Heron Asset Management has closed a construction loan for Foster on the Park, a boutique mixed-use project to be developed in Durham, N.C. The loan was closed with First National Bank, the largest subsidiary of FNB Corporation.

Adjacent to Durham’s Central Park, Foster on the Park will be a 164-unit apartment community featuring ground-floor retail and restaurant space overlooking the park. The site is adjacent to the 1.7-million-square-foot Durham Innovation District. It is also situated steps from the Historic Durham Athletic Park, for decades the home of Minor League Baseball’s Durham Bulls and the filming location for the movie Bull Durham.

The existing building on site is functionally obsolete and underutilized and we didn’t see a whole lot of minuses pertaining to the redevelopment,” Blue Heron Asset Management partner Benjamin Grinnell told MHN.

The original plan was for an urban condominium project . . . While we believed in the urban living, for-sale thesis in Durham, there were some challenges in terms of certain pre-sale requirements, especially for a larger-scale condo project in the Durham market. Once we decided to switch o a mixed use—apartments and ground floor retail—project, the financing markets were much more receptive.”

Grinnell added that the entire Blue Heron Asset Management team worked diligently over several years to collaborate with the City of Durham, Durham Central Park, Downtown Durham Inc. and other local stakeholders.

Our focus has been on thoughtful place-making and trying to create a vibrant community with great walkability and access to downtown Durham’s growing job base, renowned dining, and its many lifestyle, recreation and entertainment amenities,” Grinnell reported. “Foster on the Park represents the types of infill re-development opportunities that we hope to continue to pursue and invest in.”

THRIVING DESTINATION

Added Chris Moore, president of FNB’s Raleigh-Durham Region: “We are pleased to provide the financing for Foster on the Park under the experienced leadership of Lewis Bass, our regional manager of investment real estate banking.

Contributing to our communities is part of our mission at FNB, and it is a privilege to partner in a project that builds on downtown Durham’s momentum as a thriving destination for residents, businesses and visitors alike.”

Financing was arranged by the HFF team of Roger Edwards, Justin Good and Henry Sisson. “Blue Heron secured one of the best sites in downtown Durham and [has] created an amazing project that we expect will be hugely successful,” Edwards said

We are excited to be a part of the team and contribute to making this great project a reality.”

Full article HERE

Source: Multi-housing News

North Carolina, Apple negotiating deal on Triangle campus

RALEIGH, N.C. — Apple is close to announcing a deal that would bring as many as 10,000 jobs to North Carolina, including a major investment in the Research Triangle Park, according to multiple sources with knowledge of the deal.

The investment would be between $1.5 billion and $2 billion, and the jobs would pay on average around $130,000 a year. Many of the jobs would be high-tech research and development jobs. One government source said this is "by far the biggest project this state's ever seen as far as average salaries, number of jobs."

Republican legislators planned to meet Wednesday afternoon to hear details of a state incentives package that would allow Apple to hold onto a portion of the taxes generated by the project.

"It's a done deal," one source said, "as soon as we pass this bill."

Full article HERE

Source: WRAL news

 

Real Estate has Lower Leverage, Despite Rising Global Debt Levels

Executive Summary:

  • Unlike the previous cycle, U.S. commercial real estate is not over-leveraged.
     
  • This suggests that real estate may offer a defensive strategy in coming years.
     
  • CBRE’s house view is expressed despite the recent International Monetary Fund (IMF) warning on debt levels in the global economy.

The build-up in U.S. commercial real estate debt levels has been much more measured than in previous cycles, in particular prior to the Great Financial Crisis (GFC). Figure 1 shows that real estate debt as a percentage of U.S. GDP reached a peak of 23.1% in 2009. After the GFC, commercial real estate de-levered, with the ratio of commercial real estate debt to GDP falling to 19.1% in 2013. While overall asset values in the U.S. are now substantially above their previous pre-recession peak, debt accumulation has lagged. As of 2017, the ratio of commercial real estate debt to GDP (20.9%) remains more than 2.2 percentage points below its previous peak. This contrasts with the expansion of private and sovereign debt levels globally, which is of concern to the IMF. While current commercial real estate debt levels are above the long-run average of 17.9% since 1990, we think they are sustainable in a continued low-inflation and low-interest-rate environment.

Full Article HERE

Source: CBRE Capital Markets

Millennials ISO Affordable And Established Tech Hubs

The “flight to suburb metros” are in such cities as San Francisco, Los Angeles and New York. These areas will attract primarily older Millennials looking to establish households; they will want to stay close to urban centers, preferring areas with short commutes and urban amenities, according to TH Real Estate. This group will potentially give a boost to suburban office properties and well-located lifestyle shopping centers.

“Millennial Magnets” such as Chicago, Salt Lake City, Phoenix, Austin, Orlando, Charlestonand Raleigh will be the preference of younger Millennials, who want to work in the technology sector, and in communities with a lower cost of living compared to other big cities.

Full Article HERE

Source: Globest.com

2018 will be one of the Triangle's busiest years for builders. Here's what's coming.

The Triangle is a “huge, growing market,” said Ashley Rogers, JLL’s senior research analyst in Raleigh. “What is driving that is tenants attracted to talent in the area where 47 percent of the millennials have a bachelor degree or higher. As tech and life science (companies) are looking at the markets with affordability — not everyone can afford the Silicon Valleys of the world — Raleigh-Durham is a good entry point.”

Full Article HERE

Source: Triangle Business Journal

Higher Interest Rates Mean More Renters for Apartment Sector

The steady rise of mortgage rates presents a good-news/bad-news situation for the multifamily property sector, according to CoStar research. 

While any bump in interest rates increases borrowing costs for apartment developers and other commercial real estate projects, it also makes it harder for would-be homeowners to qualify for mortgages, which results in more demand for apartments. 

Recent research from CoStar posits that for every rise in home mortgage interest rates, thousands of renters who may be looking to buy homes are priced out of qualifying for a mortgage - thereby remaining in the pool of renters. 

On the other hand, this group of renters is more likely focused on affordable and mid-priced rentals rather than the most expensive luxury units that most developers are building. 

CoStar’s analysis weighs a number of factors in determining the reduction in potential new homeowners resulting from interest rate increases - including a market’s median income, the market’s average home prices, and other factors.  

"Assuming that up to 30 percent of a household’s income can be designated for monthly mortgage payments [under commonly accepted mortgage qualification guidelines], a 100-basis-point increase in the 30-year fixed rate would reduce the nation’s potential homebuyer pool by approximately 4.2 percent, or 5.3 million households," according to a report authored by Boston-based managing consultant Jeff Myers, of CoStar Portfolio Strategy.

Full Article HERE

Source: CoStar

North Carolina’s Research Triangle Tops Our 2018 List Of The Best Places To Rent

Home to UNC Chapel Hill, N.C. State and Duke University, North Carolina’s Research Triangle region—including the cities of Raleigh, Durham and Chapel Hill—is best known for top notch universities, but students would be wise to consider sticking around after graduation. Reasonably priced apartments, coupled with strong population growth and ample employment opportunities, earn the area the top spot on our 2018 list of the best places to be a renter this year. 

Full Article HERE

Source: Forbes

Prices Keep Rising for Apartment Properties, Forcing Investors into Smaller Markets

Investors keep looking for apartment buildings to buy at good prices. The search is leading them to smaller properties in smaller markets.

“Things continue to be very good in multifamily,” says John Sebree, national director of the national multi housing group with brokerage firm Marcus & Millichap.

The amount of money multifamily investors are spending has stabilized at a high level. Investors continue to accept relatively low yields on their acquisitions, even though interest rates rose substantially in 2017 and are expected to rise further. Part of the reason is that apartment rents continue to rise across the country, attracting investors to bid for new properties.

Full article HERE

Source: National Real Estate Investor

 

Are Commercial Real Estate Prices on Shaky Ground?

The sustained rise in prices of commercial real estate over the past seven years has prompted questions whether valuations may be getting ahead of themselves. Most recently, the Federal Reserve warned in its latest Monetary Policy Report of valuation pressures in commercial real estate markets.

Let’s take a look at four measures of valuations in commercial real estate:

  • Cap rates and cap rate spreads to yields on Treasury securities;
  • Price gains, and whether such gains are driven by rising net operating income (NOI) or declining cap rates;
  • Economic fundamentals, including occupancy rates and growth of demand; and
  • Leverage and debt growth.

None of these measures is flashing a warning signal, suggesting that commercial real estate prices remain on solid ground.

Full article HERE

Source: NAREIT

Managing Partner, Maurice Malfatti, Interviewed by NYC Accounting, Audit, Tax, and Advisory Firm, EisnerAmper on Private Equity Real Estate Trends

We recently spoke with Maurice Malfatti, managing partner at Blue Heron Asset Management LLC, regarding the latest trends in real estate private equity as well as his outlook for the future.

Mr. Malfatti began by discussing the change in underwriting trends from the recession to today. He noted that six to eight years ago, investment returns were able to be generated simply by buying deeply discounted assets. Lenders were required to shed assets; therefore, buying well-located assets at wholesale prices and then selling at retail prices had the ability to produce favorable returns. Price appreciation was also driven in part by yield compression as the economy stabilized. Today, it’s a little more complex and relies upon operational expertise. Underwriting needs to carefully consider and build a value-creation plan, and good asset management requires diligent execution of that business plan. At Mr. Malfatti’s funds, which focus on multi-family as a property type, the underwriting consists of a target maximum level of debt of 65% at the portfolio level and requires strong property level fundamentals. The belief is that prudent leverage and sufficient capital to weather any future downturns will provide cushion and adequate runway to preserve value and generate returns in the long-term.

In real estate, the common notion is “location, location, location.” Blue Heron focuses on areas such as Raleigh, Charlotte, and Nashville, which over the past 10-15 years have shifted from 12-hour to 18-hour cities. Mr. Malfatti noted that while capital from institutional and foreign sources will always flow into primary gateway markets such as New York due to the liquidity and safety associated with those locations, “secondary” markets are increasingly drawing the attention of institutional investors, as evidenced by two recent multi-family sales by Blue Heron, each of which was purchased by a Canadian REIT. Mr. Malfatti, a former New Yorker, provided some examples of the changes he has seen in these markets, such as the transformation of downtowns to include shopping, entertainment, transportation, and other cultural aspects that have caused areas in Raleigh, Charlotte, Nashville, etc. to be compared with Brooklyn. Mr. Malfatti stated that while some people will still want to be in Brooklyn regardless of the cost, more and more employers and employees are finding the reduced cost of doing business and living, respectively, are very attractive in select secondary markets. 

Mr. Malfatti also touched on instances where Blue Heron has participated in competitive bidding for deals. He talked about the possibility of up to 30 bidders during the process and how, with the competitive nature in mind, 90% of his funds’ deals have been cultivated through Blue Heron’s relationships. He stressed the importance of ‘doing the right things’ – being responsive and thoughtful, sharing knowledge, and providing meaningful feedback. He strives to educate his relationships on his firm’s multi-family focus and investment philosophy. Mr. Malfatti stated it is crucial to “be the person others think of when deals come to their desks.” He stressed that even in the event of a recession, a good reputation and the resulting relationships will help keep a firm strong.

A common theme/question at real estate events is “which inning we are in” relative to the current real estate cycle. Mr. Malfatti and his team at Blue Heron are currently in the process of starting their third fund. He said regardless of what inning we are in, if underwriting is conservative, the asset-level business plan is well structured and executed to unlock/create value, and prudent leverage is used, there will be ample opportunities for good investments.

Full Blog Post HERE

Source: EisnerAmper

Raleigh is second-best performing city for jobs in U.S., report says

Raleigh is the second-best performing city in the United States, according to the latest index released by the Milken Institute.

In its report “Best-Performing Cities: Where America’s Jobs are Created and Sustained,” Milken points to Raleigh’s comparatively low business costs and thriving research and development-driven industries as major reasons for the high rank.

A number of metrics were considered in the overall ranking, including job growth, wage growth, GDP growth, etc. Raleigh ranked in the top 10 in several categories such as 5-year wages/salary growth, 1-year job growth and high-tech location quotient.

Raleigh climbed four spots from last year’s report. “The region has experienced strong job and wage growth in recent years, and short-term job gains indicate that economic momentum remains strong,” the Milken report stated. “In the 12 months ending in August 2017, the rate at which new positions were created in Raleigh was 2 percent higher than the U.S. average.

Full Article HERE

Source: Triangle Business Journal

9 real estate markets to watch in 2018

#5: Nashville: Music City matures

Across the street from the Ryman Auditorium—former home of the famous Grand Ole Opry and a link to Nashville’s past—a new development looks toward the city’s future. 

The $430 million Fifth + Broad mixed-use project, set to open in 2019, is just one of the more obvious signals that Music City is becoming a bigger financial and business center. Observers counted more than 50 cranes hovering above Nashville last year. 

Analysts have praised the city’s low cost of business, connectivity to the East Coast, and low cost of living—Zillow found median rent was $1,498, and the median home cost $228,900—as key factors driving job growth and resettlement. 

One of Realtor.com’s hot homebuying markets for 2018, Nashville is also witnessing a commercial boom. Capitalizing on the growth of tourism, numerous hotels have broken or will soon break ground, including boutiques like the Joseph and the Printing House. New projects in the River North neighborhood are drawing tenants, and the gargantuan, billion-dollar Nashville Yards project has started taking shape.

#7: Raleigh-Durham: An affordable center for innovation

While they may not house the corporate headquarters of other growing cities, Raleigh and Durham have first-rate universities and booming economies that are vaulting the Research Triangle area to first-tier status. 

Tech hubs like American Underground, part of the massive redevelopment of the American Tobacco historic district, have become centers of a resurgent tech scene, and the area’s median rent of $1,441 offers affordable living for budding entrepreneurs. 

In addition to larger projects—like the Dillon, a mixed-use project opening in Raleigh’s Warehouse District this fall, and Mosaic, a large, $800 million mixed-use commercial and retail space—housing and suburban developments, especially in Apex, Cary, and Wake Forest, are rolling out at a breakneck pace. More than 600 new subdivisions have been built or greenlit in region in the past seven years, adding 40,000 new homes. Even with that new inventory, home prices have spiked: In Raleigh, the median home costs $314,900, according to Zillow, up 16.9 percent from 2016 to 2017.

Full List HERE

Source: Curbed.com

Charlotte — and Raleigh — among nation's 'hottest' housing markets for 2018; Here's why

North Carolina's two largest cities — Charlotte and Raleigh — are home to the "hottest" housing markets for 2018, according to a new prediction from residential real estate site Zillow.

Both housing markets ranked among the top five on Zillow's list of the nation's hottest during the current year. Raleigh placed at No. 2, while Charlotte landed at No. 4. 

In order to compile the rankings, Zillow measured six components for the 50 largest U.S. metro areas. That includes weighing home value and rent forecasts, income estimates, population growth, current unemployment rates and job opening data from Glassdoor to create a "hotness" score. 

Western housing markets and tech hubs largely dominated the list. San Jose, Calif., had the "hottest" projected market, while Seattle ranked third and San Francisco ranked fifth. Austin, Texas; Denver; Nashville, Tenn.; Portland, Ore.; and Dallas rounded out the top 10 markets.

"This list shows that just because a market is smaller or more affordable doesn't mean it isn't dynamic," said Aaron Terrazas, Zillow senior economist, in a statement. "Growing cities in the Sun Belt, places like Raleigh, Charlotte and Nashville, offer plenty of opportunities in health care and finance, while providing a less-expensive, but still-convenient, alternative to the larger and pricier markets in the Northeast."

In Charlotte, as is the case with Raleigh and seven of the other top markets, home values are expected to increase at a higher rate than the national forecast of 3.2%. Charlotte is expected to see a 4% increase in home values in 2018, compared to a 3.7% increase for Raleigh. Meanwhile, rents should climb 1.9% in Charlotte and 1.2% in Raleigh, says Zillow.

Charlotte's expected income growth of 9.4% — from a household estimate of $59,979 — registered as the highest of the top 10 markets ranked by Zillow. Raleigh trailed closely with a projected rise in income of 9%. Its recent household income was estimated at $71,685.

Raleigh's population growth of 2.3% from 2015-16 slightly outpaced Charlotte's 2% rate.

Both unemployment rates were also somewhat similar: 3.6% in Raleigh and 3.9% in Charlotte. Raleigh has 29,136 online job postings compared to Charlotte's 49,736.

This is the second time in as many months that high expectations have been placed on the Queen City's housing market in 2018.

Full Article HERE

Source: Triangle Business Journal

Millennials Prefer These 5 Tech Hubs To Silicon Valley

Raleigh, NC #2 on the list!

Tech jobs in Raleigh have grown 38.5% from 2010-2015. The sector is growing almost as quickly as it is in Silicon Valley. Raleigh also has several accelerators and incubators such as Innovators Program and First Flight Venture Center.

Raleigh has a relatively lower cost of living too, compared with other established tech hubs. “I was attracted to Raleigh by the growing urban area, great weather, and overall amazing ratio of quality of life / cost of living balance,” said Will Bernholz, VP, Marketing for Dropsource. “Having lived and worked in expensive and hyper-fast-paced cities before (Beijing and NYC), I was ready for a smaller city experience. I also wanted a city that would provide the right balance of activity (nightlife, sports, restaurants), space (sick of living in a broom closet), and affordability. The clean natural environment and easy access to nature here was also a big draw. ”

Full article HERE

Source: Forbes