Grocery Chains and Other Retail Categories are Making Hay in Mid-Atlantic Region

The Washington, D.C., and Baltimore markets, when combined, represent the fourth-largest metropolitan region in the nation by population, and retailers are taking notice again. Grocery-anchored projects are the most prevalent in the headlines. For example, the first of nearly 20 Amazon Fresh locations has opened in the area. Additionally, Wegmans’ smaller format rollout plan is active with its first location in Stonebridge’s Carlyle Crossing in Alexandria opening spring 2022, along with …

Richmond’s Multifamily Sector is the Best-Kept Secret in the Southeast

Mention “rising secondary multifamily markets in the Southeast” and what might come to mind are markets such as Charlotte, Raleigh, Nashville or Orlando. A less discussed candidate is Richmond, which has a case to be considered the multifamily sector’s best-kept secret. It’s a secondary market that’s moving forward full steam ahead for two primary reasons: supply and demand.More people = demand According to the 2020 Census, the population of the city of Richmond stood at 232,226, …

Redevelopments and Backfills Drive New Retail Activity All Around Richmond

“Infill, redevelopment and reuse” are the mantras in the city of Richmond and even in some suburbs, where new construction continues to follow residential growth in nearly all the surrounding counties, with Chesterfield and Henrico being the most active. The municipalities themselves play key roles as well. Costs for land and construction continue to escalate, so creativity is key no matter what avenue pursued in the retail world. And like most of the United States, Richmond’s developers …

Richmond Industrial Pipeline Shows No Sign of Slowing Development, Leasing

At the mid-year mark, industrial occupancy in the greater Richmond area remains strong, closing with an overall occupancy rate of 93 percent in the categories we track (Class A, B select C vacant and investor-owned product with a minimum of 40,000 square feet total).Class A occupancy increased to 96 percent at the end of the second quarter, up from 93 percent at the end of the first quarter. Class B occupancy experienced a slight decrease to 91 percent, down from 92 percent at the end of …

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 …

Content Partners
‣ Arbor Realty Trust
‣ Bohler
‣ Lee & Associates
‣ Lument
‣ NAI Global
‣ Northmarq
‣ Walker & Dunlop

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