2017-18 Economic Development Annual Report--Town of Garner, NC 2017-18 Economic Development Annual Report | Page 8

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significant growth and development and is
projected to see steady growth in the years
GARNER
Grovemont Rd.
to come. With this growth, Garner needs to
2
In recent years, Garner has experienced
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keep its focus on improving transportation
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infrastructure, providing interconnectivity,
and enhancing safety for all transportation
modes. The need to interconnect streets has
Flex
Industrial
Office
V acancy : 1%
T otal market size :
4 Million sq. ft.
A vg . lease rate :
$16.96/sq. ft.
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people and goods - an essential component
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of economic development for every com-
munity. The current on-going transportation
projects within Garner all seek to improve the
flow of traffic at congested intersection or
V acancy : 4.3%
T otal market size :
3.9 Million sq. ft.
A vg . lease rate :
$6.11/sq. ft.
V acancy : 3%
T otal market size :
947,605 sq. ft.
A vg . lease rate :
$17.19/sq. ft
Retail
become more important to the mobility of
V acancy : 5.5%
T otal market size :
908,900 sq. ft.
A vg . lease rate :
$11.62/sq. ft.
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areas of Town and provide sidewalk connec-
tivity and continuity in high pedestrian traffic
areas.
Upcoming Transportation Improvements
Economic development and growth stemming from Garner’s proximity to Raleigh is driving several town and
state-led transportation improvement projects over the next 3-5 years. Several current and upcoming projects
are highlighted above; many are expected to begin construction in FY 2018-2019.
M arket R eport for
Commercial Real Estate
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The past year saw vacancy rates stay in the low single digits in all sectors: retail, office, industrial and flex. Even
as new spaces have come to market, lease rates have risen consistently over the past several years and show
signs of continued growth as space availability remains tight.
Lease Rates in Garner
Vacancy Rates in Garner
WHITE OAK,
HEBRON CHURCH, &
ACKERMAN RD.
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I-40
WIDENING
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US 70,
TIMBER DR., &
HAMMOND RD.
This Town-led project is looking at a geometrically chal- This NCDOT-led project is look- This NCDOT-led project is
lenging, unsafe and congested intersection of three state ing at widening of I-40 from the looking at intersection improve-
maintained roads to enhance the operational efficiency intersection of I-40 and I-440 ments of US 70, Timber Drive,
and safety of the intersection. The project, currently in the in southeast Raleigh to I-40 and and Hammond Road to develop
design phase, includes development of partial-dual lane 42 in Clayton. The project is one of the first Continuous Flow
roundabout. The Town plans on applying for the Locally anticipated to begin construction Intersection (CFI) in the area. This
Administered Projects Program (LAPP) of the Capital Area in Fall 2018. project is nearing completion of
the design phase.
MPO (CAMPO) for the right-of-way and construction
funding for this project.
Town Projects
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20
09
20
10
20
11
20
12
20
13
20
14
20
Office Space
15
20
16
20
17
20
18
Retail Space
20
09
20
10
20
11
20
Flex Space
12
20
13
20
14
20
15
20
Industrial
16
20
17
20
18
TIMBER DRIVE
SIDEWALKS
NCDOT Projects
2
US 401
SUPERSTREET
4
NC 50/BENSON
RD. BRIDGE
REPLACEMENT
This Town-led project is looking at connecting missing This NCDOT-led project is look- This NCDOT-led project is look-
sidewalk gaps along the south side of Timber Drive. The ing at superstreet improvements ing at replacing the bridge for NC
project limits include Blanton Street to Stowe Place and of US 401 from just north of Ann- 50 (Benson Road) over US 70.
from Harth Drive to NC 50 (Benson Road). This project is aron Court to south of Old Stage This project is nearing completion
currently in the design phase of the project and construc- Road. This project is nearing of the design phase.
tion is anticipated to begin in Summer 2019. completion of the design phase.