Durham: The Best Place
For Millennials on the “Move”

Allen Aldrige

Millennials put a high value on travel, according to a study by Airbnb and marketing research firm Gfk. In fact, they often rank travel higher on their priority list than paying off debt.

Travel is one thing, but as far as moving, this generation is doing less of that, according to a Pew research report.

The finding is that only 20 percent of Millennials (between the ages of 25-35) have moved in the past year, putting mobility at a 50-year low. Of course, the main reason for moving at all, according to the study, was job opportunities.

If Millennials do move, the #1 destination, according to Forbes, is Durham, North Carolina. This city offers three times the amount of jobs and a six percent lower cost of living compared to national averages.

The criteria: a happy medium — cities that offer great job opps and lower living costs — for Millennials considering settling down.

Growella, a money management website for Millennials, also chose Durham as the best place for young people to live. The study considered the number of entry-level jobs, commute times, public transportation, entertainment, the population of young people, and — possibly most importantly — how far a paycheck stretches. Data was sourced from such public databases as the U.S. Census Bureau and the U.S. Department of Revenue.

“We over-weighted cities that let you keep a large percentage of your paycheck; and, gave extra consideration to cities that make it easy to get around. We omitted subjective factors completely,” Growella wrote. “You’ll find no mention of the trendiness of a town, or its hipness. Grades are assigned based on statistics and our algorithm only.”

Durham is part of North Carolina’s Research Triangle, which includes the cities of Raleigh and Chapel Hill. It was originally designed in 1959 to attract young people seeking science and engineering jobs with its affordable housing and pleasant year-round climate.

In the 21st century, the Triangle — with its young energy — is more successful and popular than ever. The talent remains, and has expanded beyond science and engineering . According to the 2017 US News & World Report, Duke University ranks as the 8th best university in America — outranking some Ivy League institutions — and UNC Chapel Hill is the 5th best public university in the country.

In addition to numerous startups and entrepreneurial endeavors, Raleigh Durham is home to large companies such as IBM, Duke Energy, Rex Healthcare, GlaxoSmithKline, Cisco Systems and Fidelity Investments.

KBS investments in the Raleigh Durham area include:

Park Central Apartments: a Class A apartment tower in North Hills, encompassing 286 residential apartment units and 36,000 square feet of ground floor retail space. Amenities include a saltwater pool, three residents-only courtyards, a clubroom overlooking Midtown Park, a fitness center, sauna, a lounge with an indoor/outdoor bar, a pet grooming salon, outdoor TV lounge, work-from-home cubicles, a conference area and a billiards room.

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Colonnade I: located in one of the area’s most desirable markets, just off Six Forks Road and only three-quarters of a mile south of I-540. It features a two-story atrium with classic cherry, marble and granite finishes. The property is within walking distance of Whole Foods Market and Panera Bread, and the retail center at Six Forks and Strickland Roads.

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Bank of America Tower Two: at 18 stories with 300,342 rentable square feet, it’s one of the tallest buildings in Midtown Raleigh. It features six high-speed elevators with direct office access, an interior loading dock with storage,100 percent covered parking on-site (floors 2-7) plus free parking across the entirety of the property (more than 5,000 spaces available).

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CAPTRUST Tower: a nine-story, mixed-use Class A office building with 300,389 rentable square feet. It offers picturesque views of Raleigh’s downtown and Midtown skylines from every floor. It features nine floors of office space atop a six-level parking deck and streetscape retail and restaurants.

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Allen Aldridge is a Senior Vice President for KBS, overseeing over 3.2 million square feet in the eastern U.S.