Commercial Real Estate News / Buying / Top 5 Places to Buy Land in North Carolina

Top 5 Places to Buy Land in North Carolina

Published: 09-24-24 Category: Buying

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

It won't take long for any commercial investor to realize why North Carolina is such an attractive location for businesses and working professionals.

With scenery that includes the Atlantic coastline and the Blue Ridge Mountains, the state's population has grown by over 10% in the last ten years.

The state's nickname—the Tar Heel State—is derived from its early role as a producer of tar and similar materials from its plentiful pine forests.

The phrase “Tar Heel” was originally used to describe the workers producing these products and was eventually adopted by the state's military and university.

Reasons for the state's attractiveness to investors include:

Its diverse economy, driven by banking, technology, research, and agriculture.
Its business-friendly outlook, with the lowest corporate tax rate in the nation.
Its dedication to an educated workforce. The state's goal is for 66% of the population aged 25 to 44 to earn a post-secondary degree by 2030.

Investors who purchase land in the state can establish a valuable foothold in a market that offers a variety of growth strategies, including developing commercial property for a consistent passive income stream.

The state also welcomes investors through the Economic Development Partnership of North Carolina, a nonprofit that operates under contract with the North Carolina Department of Commerce.

Investors who prefer to stake their claim in North Carolina have various options. Here are details of five of the most attractive areas.

#1 – Charlotte Metropolitan Area

The Charlotte metro area continues to be a prime location for commercial land development. As the largest city in the state and a major financial hub, Charlotte offers a robust economy and a growing population.

Business investors often choose this area as it offers the following advantages:

A strong job market, particularly in the banking and finance sectors;
Transportation infrastructure, including Charlotte Douglas International Airport; and
Rapidly expanding areas like Concord and Huntersville offer opportunities for new commercial developments.

Investors in retail and office development should focus on areas along major highways and near residential developments.

#2 – Research Triangle (Raleigh-Durham-Chapel Hill)

The Research Triangle remains one of the most sought-after regions for commercial land development. It's home to the largest research park in North America, Research Triangle Park. Scientists and researchers based within the Park have made discoveries that have impacted the world.

Known for its high concentration of tech companies and research institutions, this area offers a unique blend of innovation and an educated workforce. There are also plenty of cultural events, sports, and outdoor activities available.

The area got its nickname from the three major universities—Duke, the University of North Carolina, and North Carolina State—providing businesses with a talented workforce contributing to its overall success.

The universities also encourage a growing number of technology and biotechnology companies, which translates into attractive opportunities for investors in this field.

Look for land to purchase near the expanding suburbs and along the corridors connecting the three main cities, as these areas are currently seeing an increased demand for mixed-use developments.

#3 – Wilmington and the Coastal Region

Wilmington and the surrounding coastal areas present exciting opportunities for commercial land development, especially for investors specializing in the tourism and hospitality sectors.

Wilmington offers a riverfront lifestyle, with easy access along the Cape Fear River to many waterfront cafes, shops, and nightlife. Visitors head to the area to attend annual events such as the state's Azalea Festival and Riverfest.

In addition to its popularity with tourists and vacationers, Wilmington is also an increasingly popular retirement destination. This makes it ideal for investors seeking land for building assisted living and retirement facilities or senior health centers.

Investors who seek land for industrial and/or logistics business parks should consider the Port of Wilmington.

Focus on areas near the beaches for hospitality projects, and look inland for retail and mixed-use developments to serve the growing permanent population.

#4 – Asheville and the Mountain Region

Asheville and the western mountain region of North Carolina have seen a surge in popularity. They offer unique opportunities for commercial development that cater to both tourists and a growing local population.

The city's scenic Blue Ridge Mountains location attracts tourists and permanent residents.

The city is also home to the Biltmore Estate, a Gilded Age mansion that is now a historic house museum. Built for the Vanderbilt family between 1889 and 1895, it's the largest privately owned house in the nation, with over 135,000 square feet of living area.

While investors seeking industrial or technical opportunities may not consider Asheville their first choice, the Asheville area is home to a booming tourism industry, with plenty of historical and cultural attractions.

Skiing is also popular, with resorts such as Beech Mountain offering the highest ski area in the eastern United States.

Land investments for mixed-use properties and retirement villages are a possibility. Investors looking for smaller, niche commercial opportunities to promote the area's growing craft beer and artisanal food scene are also headed to this area.

#5 – Triad Region (Greensboro-Winston-Salem-High Point)

With more affordable land prices than the Charlotte metro and Research Triangle, the Triad region is home to Piedmont Triad International Airport. It is also part of an extensive highway network that includes I-40 and I-85, I-77, and new highways I-73 and I-74.

The advantages of this location appeal mainly to manufacturing and logistics investors.

Commercial land investors may want to consider suburban areas for retail and office developments.

As with any real estate investment, thorough due diligence is crucial. Contact Virginia's economic development offices and legal experts to help ensure sound investment decisions that provide lucrative long-term dividends.