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Q3 2021 Raleigh Skyline Report

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Office development slowed in Q3, with no new ground breaks or deliveries. The 293,000 square-foot 301 Hillsborough Street at Raleigh Crossing is on schedule to deliver its Class A office space by the end of the year, and construction is set to begin on Gensler’s 400H project located at 400 Hillsborough Street, which calls for 150,000 square feet of Class A office space, 16,000 square feet of ground-level retail space, and 242 residential units. Rental rates have sustained throughout the year and have already begun to increase slightly as the newly delivered product begins to lease up. Currently, there is nearly 250,000 square feet of space on the sublease market, with two sublease options north of 40,000 rentable square feet. These subleases are Arch Capital at The Dillon and Pendo at 150 Fayetteville Street.

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Q3 2021 Raleigh Skyline Report

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Eric Forshee

Senior Vice President

Raleigh

Eric Forshee has over 11 years of experience in the commercial real estate industry, with his primary responsibilities including landlord representation of office and life science properties for both institutional and local owners in both the Triangle and Charlotte. In addition, he is involved with tenant representation for both international and local clients. Since 2009, Eric has leased over 3 million square feet totaling over $300 million in value.

Prior to joining Colliers, Eric started his career in Charlotte with The Spectrum Companies and aided in the leasing of their approximately 1.1 million square feet of high-rise office towers in Charlotte’s CBD, and approximately 1.2 million square feet of suburban property consisting of both office and flex product. Relocating to The Triangle in 2014, Eric led the leasing of The Spectrum Companies Triangle portfolio, consisting of over 2.5 million square feet.

A native of Hickory, NC, Eric has lived in Raleigh for six years. He and his wife, Andrea, have a dog (Bearn) and cat (Winnie), and enjoy traveling the world together. Additionally, Eric is a big sports fan, especially the Tar Heels.

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Ryan Toland

Executive Vice President, Occupier Services

Raleigh

As Executive Vice President, Ryan leads the Occupier Services team for Colliers Raleigh.  Ryan focuses on advising and representing corporations and office space users in their strategic real estate initiatives.  Ryan’s diverse client base spans a variety of industry sectors including: pharmaceutical, life science, software and technology, manufacturing, and professional services. Throughout his career, Ryan has been known for his methodical and analytical approach where he has been involved in hundreds of transactions of varying size and complexity.  In 2020 alone, Ryan negotiated over 400,000 square feet of lease transactions valued at approximately $50 million.

Prior to joining Colliers in 2021, Ryan was a Managing Director for Cushman & Wakefield for 7 years.  Previously, he served as Partner and Executive Director of Corporate Services at Synergy Commercial Advisors prior to their sale to Cassidy Turley. Additionally, Ryan opened and managed the Raleigh-Durham office of UGL Equis where he oversaw an office that ranked third nationally in overall profitability before merging with DTZ.

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