Richmond Industrial Market Maintains Strong Momentum Through Mid-Year

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 92 percent in the categories being tracked (Classes A and B, as well as select Class C vacant and investor-owned product with a minimum of 40,000 square feet). Class A occupancy decreased slightly to 95 percent at the end of the second quarter, down 100 basis points from 96 percent at the end of the first quarter. The largest addition to the vacant Class A inventory …

Is it Time to Start Investing in Richmond’s Office Market? All Signs Point to ‘Yes’

Richmond has been considered a secondary market in the eyes of many national investors, and for good reason. Rental rates don’t compare to Washington D.C., New York City or other major primary markets. But a strong leasing market mixed with a large-scale population shift leads to one question: is now the time to start investing in the Richmond office market?[caption id="attachment_273583" align="alignleft" width="100"] Cameron Maxey, NAI Dominion[/caption]Home to seven Fortune 500 …

Washington’s Tech Boom Changes the Multifamily Investment Calculus

Washington and Northern Virginia are among the nation’s most expensive places to rent an apartment, which in part explains the billions of dollars being spent on apartment construction there. But Capital Area asset returns in the post-recession era haven’t clearly supported these decisions. From 2013 to 2018, rents in Washington and NoVA increased at respective compound annual rates of 3.2 percent and 2.6 percent, tabulating Reis data, materially slower than the 4.7 percent average growth …

Human, Financial Capital Transform Richmond, One of the Country’s Oldest Cities

Strategically located within a day’s drive of 50 percent of the U.S. population, the Richmond metropolitan area has experienced immense growth driven by increased millennial demand, arterial connectivity, a pro-business environment, low cost of living and overall high quality of life, cementing its position as one of the leading Southeastern U.S. markets for employment and capital investment alike. The Richmond market’s strong trajectory is attracting interest from new to the market …

Apartment Developments Have Reached a New Peak in Richmond

With easy access to the James River, hiking trails and a burgeoning culinary scene, the Richmond region has won numerous accolades for its quality of life. The city remains a top destination for college graduates and young professionals, as well as families and retirees. Apartment demand is fueled by both a growing millennial population and increasing number of empty-nesters who are downsizing. Renters continue to seek accessible apartment communities that are highly walkable with comfortable …

Retail Demand in Richmond Strengthens as Vacancy Nears Lowest Level This Cycle

Virginia’s capital city added more jobs in 2018 than in 2017 and 2016 combined. The addition of 11,000 jobs in 12 months aided a 7 percent population growth since 2010 and a median household income increase of $10,000 since 2016. With only 2.9 percent unemployed, residents now have more disposable income to shop. Richmond’s rapid growth brought vacancies to the lowest they’ve been in almost 15 years. At 4.7 percent, vacancy is near the cycle’s lowest trough of 4.5 percent in late …

Industrial Construction Activity Remains Robust in Greater Richmond Area

At the mid-year mark, the greater Richmond area industrial market has continued to strengthen, closing with an overall occupancy rate of 91 percent in the categories being tracked (Class A, B, C vacant and investor-owned product with a minimum of 40,000 square feet total RBA). Class A occupancy increased slightly from 89 percent at the end of the first quarter to 91 percent at the end of the second quarter, and the majority of the Class A vacancy is attributed to a vacancy approaching 800,000 …

Hampton Roads Apartments a Gold Mine for Yield-Seeking Investors

Seeking higher yield, private capital multifamily investors are increasingly looking to the Norfolk-Virginia Beach-Chesapeake MSA. This region of seven cities and a population of more than 1.7 million people is known collectively as Hampton Roads. Strong fundamentals, a youthful population and an expanding economy offer more promising returns than most surrounding MSAs. Compressing cap rates[caption id="attachment_227558" align="alignright" width="100"] Hank Hankins, senior Vice …

No Sign of Retail Apocalypse in Sight as Grocers, Restaurants Help Richmond Thrive

If you mention the phrase “retail apocalypse” to anyone in the Richmond market, you will immediately receive a puzzled look back. The Richmond retail market is about as far away from a retail apocalypse as any market in the country. Yes, we have seen the Toys ‘R’ Us, Sears, Macy’s and Kmart closures, but with close to 83 million square feet of retail space in the Richmond MSA, the current retail vacancy rate is below 5 percent. The vacancy rate is at, or near, a record low and demand …

Richmond’s Office Market Grows in Prominence as Corporate-Friendly Destination

Richmond is thriving and the office market is following suit. The office market, like the broader Richmond region, benefits from Richmond’s diverse economy, high-quality of life at a reasonable cost of living and the steadily growing, highly educated workforce. These attributes make Richmond an attractive option for large employers evaluating cities for operations.Recent entrants to Richmond include CoStar Group, ICMA-RC and Owens & Minor. The CEO of CoStar pointed to Richmond’s …

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