Andrew Moriarty, Principal, Bohler

Invest: spoke with Andrew Moriarty, principal at Bohler, about what is shaping real estate development in Raleigh-Durham, and where projects are still moving forward despite tighter economics. “Compared to a few years ago, the development environment feels more disciplined and less speculative,” Moriarty said.

How has Bohler adapted its strategy over the past year, and what are the biggest trends in the market?

Compared to a few years ago, the development environment feels more disciplined and less speculative. Bohler continues to support projects across industrial, residential, commercial, and retail sectors, but a consistent challenge right now is that deals are harder to pencil out. Elevated construction and land costs mean many projects can secure approvals yet pause before breaking ground, as rent growth and pricing don’t always keep pace with development costs.

In the Raleigh market, performance varies by sector. The industrial market remains relatively solid, particularly for midsize flex buildings in the 150,000- to 200,000-square-foot range that support contractors and smaller businesses. That product aligns well with continued job growth and population growth across the region.

Residential activity has slowed overall. Single-family construction continues, though at a reduced pace due to higher interest rates. Multifamily has experienced a more pronounced slowdown, driven by recent supply increases, softer rent growth, and rising incentives that challenge project underwriting.

Despite these headwinds, Raleigh-Durham’s long-term fundamentals remain strong. A deep talent pool tied to universities like NC State, Duke, and UNC, along with a robust research, technology, and biotech ecosystem, continues to support growth. Overall, the market feels more stable — and that stability is ultimately a positive, reinforcing the region’s position as a strong place to invest and build.

What strategies are you using to navigate a complex landscape and serve the segments that are still moving forward?

Our primary strategy is leveraging Bohler’s integrated, multi-discipline model. By bringing survey, civil engineering, planning, landscape architecture, and design teams together from the outset, we can coordinate efforts early, build more practical development plans, and identify potential risks before they become costly issues. This approach also helps streamline permitting and approvals.

In today’s market, developers are focused on cost and schedule certainty. We work closely with clients to clarify where costs can be controlled, how timelines can be protected, and how to navigate entitlement and permitting with fewer unknowns. By reducing uncertainty upfront, we help clients make more confident decisions — especially in an environment where delays and financing challenges carry greater consequences.

What role do you see technology playing in the years ahead, especially in a relationship-driven business like yours?

Technology will continue to drive efficiency across the industry, with much of the current focus on AI. While these tools can enhance proficiency and improve how we operate, the work we do remains deeply human. The built environment still relies on in-person collaboration — whether on construction sites, through team coordination, or within the public processes required for permitting and approvals — and technology will not replace that.

Where technology can add the most value is in areas like design development, plan production, and internal workflows. Our focus is on using technology thoughtfully, particularly in behind-the-scenes processes that influence speed, quality, and consistency.

To support this, we’ve invested in a dedicated internal technology team that continuously evaluates emerging tools and identifies practical, real-world applications. Given the rapid pace of change, the challenge is separating short-term hype from solutions that deliver meaningful, lasting benefits for both our clients and our teams.

Last year, you mentioned pressure on utilities like water and sewer. Have capacity upgrades improved feasibility, or are system limits still holding back development?

The answer depends on the location and the specific utility system, but the most pressing constraint today is power. Power availability has become a significant limiting factor for development. In the past, utility providers were often willing to move quickly to support large, power-intensive projects. Today, supply is tighter, and providers are more cautious, often requiring greater certainty that projects will move forward before committing capacity.

Developers are increasingly expected to fund studies and contribute more directly to the infrastructure needed to deliver power to their sites. While data centers are a major driver of this demand, placing pressure on both power and water systems, the issue extends well beyond that sector. Manufacturing, logistics, and automated warehouse facilities now require substantially more electrical capacity than similar buildings did just a few years ago.

Power is likely to remain the most significant infrastructure challenge nationally and globally for the next decade. These constraints are compounded by supply chain delays, particularly for transformers and other electrical equipment, which can disrupt schedules and force teams to plan construction around equipment availability.

Looking ahead, where do you see the most opportunity across your southeastern footprint?

The Southeast continues to present strong opportunities, driven by sustained population and job growth and a quality of life that attracts both employers and residents. One of the most significant areas of opportunity is advanced manufacturing, particularly as onshoring efforts accelerate and expand in the coming years.

Growth in advanced manufacturing creates a ripple effect — supporting job creation and fueling demand for residential, commercial, and other real estate development. The region is also well positioned due to a deep and growing talent pipeline, with graduates earning technical and specialized degrees from public and private institutions across the Southeast. These fundamentals have been building for years and show no signs of slowing.

Another area of opportunity is mission-critical development. Data centers remain a major focus nationwide, and this sector has been active across our footprint. Markets like Raleigh, which historically were not considered core data center locations, are now seeing increased interest and development activity.

How is Bohler attacking the current workforce challenges across the industry?

Workforce challenges remain a major focus across the industry, particularly as an experience gap continues to widen. As baby boomers retire and Gen X represents a smaller segment of the workforce, firms are navigating a tighter pool of seasoned professionals across construction, design, and development.

Bohler has been preparing for this shift for more than a decade by making sustained investments in our people. That includes robust benefits, human resources, and professional development programs designed to attract, develop, and retain talent at every stage of their careers.

A key part of our strategy is leadership development. We have strengthened and expanded programs specifically designed for experienced professionals, including THRIVE, our comprehensive leadership development experience focused on leading self, others, and the business through assessments, coaching, and peer learning. Young professionals can also participate in the RISE Program, a 10-month advanced development experience that builds leadership, technical, and project management capabilities, as well as executive coaching partnerships that support individual growth and strategic impact.

In parallel, we invest heavily in technology, technical resources, and ongoing performance management training to ensure our teams are equipped with the tools, support, and skills needed to lead effectively in a changing industry.