Writer: Eleana Teran
3 min read November 2023 — Central Business Districts (CBD) continue to reconfigure themselves as a result of the changes in the way people work and economic uncertainty.
With CBDs continuing to grapple with the effects of office vacancies, diminished foot traffic and the shift to hybrid work models, the question stands: How can downtowns like those in the Triangle adapt and thrive in this changing landscape? A recent global study offers insights that could help shape the future of these urban cores.
The Gensler City Pulse 2023 study, which gathered insights from 26,000 people in 53 cities, showed that although downtown residents enjoy their CBDs, local visitors – those who live in the city but not in the CBD itself – aren’t having the same positive experiences.
The study highlights the appeal of Raleigh’s CBD, with a significant 76% of locals affirming that it provides a great experience, a sentiment that ranks it among the top five in a review of 53 cities. Nonetheless, Triangle residents have specific needs that must be met to strengthen their bond with downtown.
In the same study, parking emerged as a priority, with 34% indicating they would visit more if parking were less of a headache. The ability to discover new things has kept 24% of those surveyed looking for more, while an additional 18% yearn for the buzz of more restaurants, cafes and bars. Culture and events, alongside a varied retail scene, draw nearly one-fifth of those surveyed, hinting at a potentially vibrant future rich with experiences and community engagement. And while the quest for family activities and greener parks may resonate with fewer — 13% and 12%, respectively — their voices add to the chorus calling for a more accessible, walkable and ultimately, a more connected city.
The Downtown Raleigh Alliance and the City of Raleigh recently reviewed their forward-looking economic development strategy to position Downtown Raleigh for future success. The strategy looks to extend beyond the repositioning of the downtown office market and embraces a retail strategy that includes energizing the Fayetteville Street corridor. It also recognizes the critical role of diversity and inclusion in a thriving urban economy, as there is a concerted effort to support minority and women-owned businesses and identify catalytic projects that could spark further growth.
In terms of physical growth, Downtown Raleigh has seen a notable expansion, with commercial square footage swelling by 21% since 2000, primarily to the north and west of the core Fayetteville area. Food and Beverage, along with Tourism, are the heavy hitters contributing to the CBD’s vibrancy and outshining the General Merchandise use mix found in North Hills and the Village District. Raleigh’s main street pulls 6.8 million visitors per year, outperforming other comparable MSAs in both visitor numbers and frequency.
The 2023 Annual Survey corroborates how residents and visitors feel about Downtown Raleigh as it scored high marks as a place to dine out, with 76% rating it ‘good’ or ‘excellent.’ Its daytime safety and arts scene are also highly regarded, scoring 73% and 69%, respectively. However, the feedback suggests there is room for improvement in living conditions and shopping options in the CBD, as well as in nighttime safety, with only 54%, 40%, and 49% of respondents giving “good” or “excellent” ratings in these areas, respectively.
Chad Parker, managing director at Gensler, offered insights into the broader challenges and opportunities faced by urban centers in the wake of the pandemic during an interview with Invest:. He said, “The ecosystem is adjusting post-COVID, with a delay in office returns impacting urban centers. It’s crucial we address reinvigorating these areas. We have an opportunity to reimagine their use, transforming less frequented spaces into active hubs again. The question is: How can we bounce back from recent challenges and take concrete steps towards recovery? Our city is remarkable, and by focusing on revitalization, we can navigate our way out of tough times.”
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