Future of Work: With demand for space increasing, investors focusing on Triangle land

Editor’s Note: This month, WRAL TechWire launched a new series, the “Future of Work.” The Future of Work series is supported by commercial real estate firm JLL and other partners. The first report is here, and the second story is here. Earlier this week, the series explored the relationship between work spaces, work places, and the current labor market. The series will continue next week, along with a LinkedIn Live broadcast on Tuesday, May 3, at 11 a.m.

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RALEIGH – Triangle-area companies are entering the greatest experiment yet when it comes to work place and work space.

That’s according to Molly Glasgow, executive vice president at JLL, who joined WRAL TechWire reporter Jason Parker and a JLL colleague for a WRAL TechWire LinkedIn Live session earlier this week.

Amidst a competitive labor market, companies are adapting to a new normal when it comes to what workers want. Increasingly, companies are changing policies, and in some cases, moving workplaces, in order to provide greater flexibility and access to in-demand amenities.

And the shift in demand is leading to what Glasgow called a “flight to quality” when it comes to space.

Those themes were the focus of WRAL TechWire’s special reporting project, Future of Work, this week. The series launched earlier this month with an overview of the economic environment in the Triangle and across North Carolina, and the impact of the regional economy and labor market on space.

The future of the economy depends on its places and its spaces. But as space is in high demand, there’s only so much land on which new development can occur.

Special report: Employers making ‘flight to quality’ decisions to attract, retain employees (Q&A)

Land, ho

While anything in or near Research Triangle Park is sought-after, Sarah Godwin, a senior director of capital markets at JLL told WRAL TechWire in an exclusive interview last month, the demand for land development is not limited to the center of the Triangle.

And increasingly, the Triangle area is broadening, with residential development occurring at a rapid pace in places like Fuquay-Varina, Garner, Sanford, Wake Forest, and Pittsboro.

Beyond residential development, the region continues to attract interest for those who are seeking life science or laboratory space, industrial space, and office or flexible space.

And demand is spreading, Matt Winters, executive vice president at JLL, told WRAL TechWire.

An area of particular interest to Winters?

The US-1 corridor, which connects Sanford to Apex and then Raleigh to the east, and connects Sanford to Greensboro to the north.

This corridor includes the Triangle Innovation Point megasite, which was selected by automaker VinFast for its planned $4 billion facility. JLL, which is the commercial real estate broker for the site, confirmed to WRAL TechWire earlier this week that FedEx Ground would also occupy a facility at Triangle Innovation Point, and that additional acreage remains available and is attracting interest.

“There is an insatiable demand for land that can accommodate industrial projects,” said Winters. “In addition to longtime Raleigh stalwarts in industrial development, there is now great diversity of capital searching for industrial land in the Triangle, leading to increased competition and land values.”

The Future of Work series will continue next week, focusing on land across the region. And, to explore this theme, Winters will join WRAL TechWire’s Jason Parker for a LinkedIn Live broadcast next Tuesday, May 3, at 11 a.m. eastern time.

This editorial package was produced with funding support from JLL and other partners. WRAL TechWire retains full editorial control of all content.