Grocery Stores, Restaurants, Fitness Are Driving Richmond’s Retail Market

This year is shaping up to be very exciting and productive for the Richmond retail market. The Richmond retail market has started at a brisk pace for the first half of 2015, similar to the end of 2014 as it absorbed 111,889 square feet. The vacancy rate has continued to decline over the past 12 months as well. The overall retail vacancy rate in Richmond tightened to 6.6 percent, a 50 basis point improvement over last year. The main drivers of retail activity throughout the Richmond MSA …

November 30, 2015Market Reports, Retail, Southeast, Southeast Market Reports, Virginia

Richmond’s Multifamily Market Couldn’t Look More Attractive to Investors

The Richmond metropolitan area, with a population of 1.3 million, is bursting with multifamily development. The growing MSA contains more than 72,000 apartments units (45 percent Class A) and has 2,018 units under construction with another 5,826 in various stages of pre-development. On top of all this activity, the overall market occupancy remains at 96 percent. The fuel for these conditions comes from the many amenities in the market, from the University of Richmond and a robust sports …

November 23, 2015Market Reports, Multifamily, Southeast, Southeast Market Reports, Virginia

Apartment Supply in Richmond’S CBD Attracts Young, Economically Powerful Residents

Richmond has become a multifamily safe haven with unemployment rates below the national average and the second-best annual rental returns in the nation at 20.42 percent. Richmond’s high annual returns are due in large part to its population. The city has become a mecca for young adults as 32.2 percent of the population is in its 20s and 30s — well above the national average of 22 percent. This population’s drive for an urban, walkable lifestyle is generating a great deal of development …

November 16, 2015Market Reports, Multifamily, Southeast, Southeast Market Reports, Virginia

Expansion of Grocery Stores Sets Tone for Richmond Retail Market

The first half of 2014 has produced a tremendous amount of activity in the Richmond retail market. The vacancy and unemployment rates have both seen a reduction within the past 12 months. The overall vacancy rate for retail in Richmond is 8.3 percent, down from 8.6 percent this time last year, and unemployment is down 70 basis points to 5.6 percent for the same period. The main drivers of activity throughout the Richmond MSA are grocery stores. The most impactful announcement is Wegmans …

September 8, 2014Market Reports, Southeast, Southeast Market Reports, Virginia

New Apartment Developments Reflect Richmond's Cool Atmosphere

Did Richmond get hip while you weren’t looking? If you missed all of the skinny jeans, slim-fit plaid, tattoos, beards and craft breweries, then you were not paying attention. Is there a correlation between the amount of breweries, luxury apartments and historic rehabs? Maybe, but something is happening here and it has little to do with Richmond’s former designation as the Capital of the Confederacy and more to do with a vibrant and diverse culture, native-brick buildings, the …

August 18, 2014Market Reports, Southeast, Southeast Market Reports, Virginia

Solid Job Growth Brings New Multifamily Development

Hampton Roads, the grouping of cities clustered around the meeting of the Atlantic Ocean, the Chesapeake Bay and the Intracoastal Waterway, is long known for its huge and vital military installations, and its tremendous maritime/shipping industries. The Port of Virginia is one of the busiest ports on the Eastern Seaboard, and is about to become even busier. At the end of the second quarter of 2012, the port posted a 7.2 percent year-over-year increase in cargo. Furthermore, with the widening …

October 28, 2013Market Reports, Southeast Market Reports, Virginia

Richmond Industrial Fundamentals Improve; Market Still Favors Buyers

At the mid-year mark, CoStar reported industrial occupancy in Richmond was approaching 90 percent for industrial product of all sizes, excluding flex space. Buyers looking to purchase single-user Class A facilities of 40,000 square foot or greater are experiencing an acute shortage of said product. These larger free-standing, single-occupant facilities are now in shorter supply in the suburban areas of all four quadrants, though multiple opportunities remain in the city of Richmond, both …

September 3, 2013Market Reports, Southeast Market Reports, Virginia

Tourist and military hub growing steadily.

The Hampton Roads metropolitan area of southeastern Virginia, named for both the Norfolk-Virginia Beach metro area it encompasses and the body of water that surrounds it, is unlike most other U.S. markets. Its huge military presence, which includes the Air Force, Army, Coast Guard, Marines and the largest Naval base in the world, helps keep this market on an even keel, as do the estimated 6 million people who visit its tourism haven, Virginia Beach, each year. Consequently, this growing …

July 20, 2010Market Reports, Southeast Market Reports, Virginia