With Pendo lease, technology leads 2019 leasing activity
Homegrown technology company Pendo has signed a lease for the top five floors 301 Hillsborough
June 04, 2019
- Homegrown technology company Pendo has signed a lease for the top five floors 301 Hillsborough, one of a number of proposed office towers slated for Downtown Raleigh. The increase in space is part of Pendo’s expansion plan, which includes adding approximately 600 jobs over the next five years. The lease, estimated to total 135,000 square feet, means tech companies now account for nearly 40.0 percent of Raleigh-Durham’s 2019 leasing activity tracked by JLL. Upon completion, Pendo’s logo will grace Downtown Raleigh’s skyline with the likes of Redhat and PNC Bank.
- The company’s expansion speaks to the strength of the market’s technology foundation, which is largely supported by local incubators, the college and university system, and a vast array of technology, software, and biotech companies.
- Leasing in Raleigh-Durham has largely been dominated by the rapid expansion of coworking operators, which rounded out 2018 as the market’s number one leasing industry. Health and life sciences, a core industry in Raleigh-Durham, currently accounts for 17.4 percent of tracked leases.
Source: JLL Research