Commercial development
Barry I. Matherly, CEO of the Greater Richmond Partnership, says top-tier and tier-two office space in the metro area sells at prices below national average. “This puts our region at a great advantage to attract more middle- and back-office operations,” he says. The central business district has seen an uptick in new companies, including Owens & Minor Inc., ICMA-RC and the CoStar Group. The James Center was recently purchased by Riverstone Properties with renovations planned. David M. Williams, CEO, of Colliers International, cites renovations on Broad Street and Hull Street in Manchester.
Rental development
Laura Lafayette, chief executive officer for the Richmond Association of Realtors, says the rental market is strong, with Manchester and Scott’s Addition the fastest-growing rental markets in the city. “In Henrico, Short Pump and Goochland rentals are growing,” says Lafayette. Mercer May, director of government affairs for the Home Builders Association of Richmond, says area homes are getting rented out quickly and occupancy rates are good. “Urbanism is hot again,” says May. “It has to do with walkability and how people want things that are close.”
Industrial development
On the horizon are industrial installations from Facebook at White Oak Technology Park, Old Dominion Freight Lines, American Furniture Rentals and 1-800-Pack-Rat. Barry I. Matherly, CEO of the Greater Richmond Partnership, says the region’s hot market for speculative logistics projects are around the Richmond Marine Terminal, with Panattoni Development Co. and Hourigan Development investing millions of dollars in individual sites accessible to the terminal and Interstate 95.
