Fortune 500 Companies Eye Raleigh

Raleigh is attracting the attention of some of the largest firms in the nation. According to Kyle Touchstone, the city’s economic development director, several Fortune 500 companies are eyeing the city for potential expansions. While Touchstone didn’t provide specifics, he mentioned that his team is currently working on 16 active economic development projects. Among them, eight are in the office sector, five in tech, two in advanced manufacturing, and one in cleantech. Should Raleigh win all these projects, the city could see the addition of 6,000 new jobs and nearly $3 billion in investment.

Touchstone emphasized that Raleigh has become an attractive market for companies seeking office space, with recent wins such as JTI and Jewelers Mutual Group choosing to set up operations in North Hills. These successes are creating a ripple effect, drawing even more interest from other major firms.

During a recent trip to New York City, Touchstone promoted Raleigh’s available spaces to brokers, with a key focus on the 120 West Building, formerly occupied by Citrix. This 171,000-square-foot property in downtown Raleigh is seen as a prime opportunity, though it’s still seeking a tenant after hitting the sublease market in March 2023. Despite the ongoing uncertainty of remote work policies, Touchstone remains optimistic, believing the right company will eventually fill the space.

Other high-profile properties being promoted include 400H on Hillsborough Street, Tower 5 at North Hills Innovation District, GlenLake Three near Crabtree Valley Mall, and 1000 Social in Midtown, each offering a variety of leasing options for growing companies.

But Raleigh isn’t alone in the spotlight. Michael Haley, economic development director for Wake County, shared that his team is currently pursuing 37 active projects, potentially leading to 9,000 new jobs and $6.6 billion in investment. These opportunities span life sciences, advanced manufacturing, clean tech, and technology sectors, underscoring the region’s growing appeal to major firms.

As Raleigh continues to position itself as a prime destination for economic growth, the future looks bright for both job creation and investment in the region.