Apple's presence in the Triangle region of North Carolina has already made a significant impact on the local economy and real estate market. Initially, the announcement of the new campus led to a surge in home prices, a phenomenon known locally as the "Apple effect." In areas like Morrisville and west Cary, home prices soared by as much as 53%, reflecting the anticipation of increased demand from Apple's future employees and associated economic growth. In addition, since Apple announced that it put its stamp of approval on the Triangle, we have seen many other major employers, both tech related and otherwise, also announce their intent to come to the Triangle. This is the “halo effect” that a major influential employer can have on a local economy.
Recently, Apple announced that it is delaying the construction of its $552 million campus in Research Triangle Park (RTP). It now has a target occupancy date of 2026. Apple already owns the 281 acres that will hold this future state of the art campus. However, Apple's commitment to the Triangle remains strong with the tech giant leasing approximately 223,000 square feet of office space in Cary's MetLife III building for its more than 1,100 employees that Apple has already hired in the Triangle. This strategic move allows Apple to maintain its operations in the region while waiting for the eventual completion of its larger campus, which is expected to house around 3,000 workers.
Apple will be taking Building 3 (at left) on MetLife campus in Cary, North Carolina.
Photo By: MacRumors.com
According to Chela Tu, CCIM with BOLD Commercial Real Estate, "Apple taking on that much office space in the Triangle is a big deal. While there may be some construction delays to navigate, this decision definitely establishes Cary as a hub for major tech players. We anticipate this will spark excitement from other companies looking to take on office space in the area. Proximity to Apple's operations is compelling for sure.”
Even with the construction delays, the residential real estate market in Cary, Apex, and Morrisville remains robust. According to Triangle MLS data, the median home sale price in June 2024 reached $645,000, up from $470,000 in 2021. This continued growth is not solely due to Apple's influence; the region was already experiencing significant demand driven by a strong local economy and an influx of out-of-state residents. The high demand and limited housing inventory have kept prices elevated, even as some might have expected a slowdown following Apple's delay."
Apple’s delay should have little to no effect on the real estate market in Cary," says Connor Reside, REALTOR with BOLD Real Estate. "Cary was already a booming market long before Apple's announcement, driven by the area's excellent schools, quality of life, and job opportunities. While Apple may have contributed to some growth, it’s not the only factor driving the popularity of the community. The strong demand for homes here will continue regardless of Apple's timeline."
The Triangle is poised to see continued growth and price appreciation as more and more people recognize all the advantages of living and working in the region.
Whether you’re buying, selling, or investing in real estate in the Triangle, navigating this dynamic market can be challenging. Working with a trusted real estate agent or commercial real estate agent is essential to ensure you make informed decisions. A knowledgeable agent can provide insights into market trends, help you negotiate the best deals, and guide you through the complexities of the real estate process.
For all your Triangle real estate needs, BOLD Real Estate and BOLD Commercial Real Estate are here to help. With decades of experience and a deep understanding of the local market, BOLD is equipped to assist you in making the right decisions, whether you're looking for residential properties or commercial investments. Contact us today to learn more about how we can support your goals in this thriving region.
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