Richmond: Economy/Business/Real Estate

[Child2021]

There seems to be a glut of supply on the market just sitting, I'm thinking a general slowdown in apartment construction may happen if demand doesn't pick up. 

[Child2021]

Also, what do they mean by "Unfavorable demographics"? I'm guessing how the renter cohort is decreasing, or how we could be attracting more older people. 

[I miss RVA]

46 minutes ago, Child2021 said:

Also, what do they mean by "Unfavorable demographics"? I'm guessing how the renter cohort is decreasing, or how we could be attracting more older people. 

Not sure.

One interesting fact, though, (and I really like hearing this) is that RVA's population will continue "faster-than-average" growth. Not sure what "average" is - but "faster-than" certainly is music to my ears.

Edited November 14, 2023 by I miss RVA

[Downtowner]

I will say cost of living sucks bad in va. The income to cost of living in this state is so screwed up. Even a state that pays less but the cost of living ratio matches up better shows a better cost of living and better quality of life. I get life is not all about money if your really happy and love what you do but the cost of living is the  worst in va. We have to get that ratio back on track income vs cost of living. It’s just not working out causing people to flee also transportation needs to be taken care of fast. 81 in the northern Shenandoah where I live should have been expanded 25 years ago. It’s so dangerous all the truck traffic and even just people in general.. I’m happy to see rva finally make 64 three lanes from rva to Williamsburg and then the hrbt expansion in Hampton roads help out. 

[Child2021]

Richmond and San Jose expected to have rent growths of about 4.0% into 2024, thus leading the pack. 

Forecasting 2024’s Top Apartment Markets | RealPage Analytics

For projected rent growth, two markets tied for the top spot. The tech hub of San Jose and Virginia capital of Richmond are both forecasted to grow rents 4.0% in 2024 – the highest rate among the nation’s 50 largest apartment markets. Next comes West Palm Beach with forecasted rent growth of 3.9%. Other top markets include Anaheim, Pittsburgh and San Francisco above 3.4%, along with Columbus, Riverside, Baltimore and Philadelphia above 3.2%. In general, robust local income growth often drives the steeper rental price increases.

[Brent114]

Love the forward momentum, hate that I won’t be able to live here soon. 

[eandslee]

1 hour ago, Brent114 said:

Love the forward momentum, hate that I won’t be able to live here soon. 

What?!  Where are you going and why!? Or are you saying you’re going to get priced out?

Yeah, we are on top for rent growth, but I would have thought we’d be one one of the other charts too.  I guess it’s 4.0% based on the current size of the market?  Still, that’s good - just not the demand the big cities on the other charts are seeing, just due to shear volume. 

Edited December 15, 2023 by eandslee

[Brent114]

Priced out lol

[I miss RVA]

Maybe this will make more developments "pencil" and we'll start seeing some bigger projects coming down the turnpike.

All of that said, we HAVE to land some "big fish" to pull jobs into the market in the tens of thousands. Otherwise, we're going to keep spinning our wheels and ultimately - yes - lose our cost vs other metros advantage.

[Flood Zone]

2 hours ago, Brent114 said:

Priced out lol

I know the subject is rent, but I'm not sure where else to put this: There is a house for sale down the block that is 70% the size of ours, but priced nearly 100% more than what we paid for ours 9 years ago, and for 10% more than our "Zestimate." Things are still insane.

[Brent114]

And this new construction in the Fan (maybe Museum District).  They can’t even make the “old world charm” claim because it’s new.  Seems to be overvalued by $1million to me! 
 

[RiverYuppy]

4 hours ago, Brent114 said:

Love the forward momentum, hate that I won’t be able to live here soon. 

Come check out Highland Park and Chestnut Hill. There are still some affordable houses to be found.

While there are some going for $500k+, there are still a lot of great finds. Take a look at this one that sold for only $325k and has a third floor terrace.

[123fakestreet]

5 minutes ago, RiverYuppy said:

Come check out Highland Park and Chestnut Hill. There are still some affordable houses to be found.

While there are some going for $500k+, there are still a lot of great finds. Take a look at this one that sold for only $325k and has a third floor terrace.

Been saying for ~5 years Highland Park is the new frontier. Nice area with affordable homes.

[Shakman]

*delete*

Edited December 15, 2023 by Shakman

[I miss RVA]

2 hours ago, Brent114 said:

And this new construction in the Fan (maybe Museum District).  They can’t even make the “old world charm” claim because it’s new.  Seems to be overvalued by $1million to me! 
 

Visually, it looks great! Where is this?

[RiverYuppy]

4 hours ago, 123fakestreet said:

Been saying for ~5 years Highland Park is the new frontier. Nice area with affordable homes.

I moved here back in 2017 ... boy was it different then.

I think Northside is going to drastically change in the next decade though. After the 2020 rezoning it's the only area in the city that has a decent shot of having a quality k-12 pipeline. 

It went from having 3 elementary schools that were below division & state average and one that was just below state average to 3 elementary schools above the division average and 1 above the state average.

It went from the middle and high school being fed by one of the worst elementary schools in the city to only being fed by the 4 in Northside that are doing so well. This will make the jump from elementary -> middle -> high school much easier to do for parents since they don't have to worry how things are going to change with a completely different set of students. 

Once Northside gets seen as a good school district, it will be a self-fulfilling cycle. Just like Linwood Holton has done for Bellevue area. Except parents won't feel forced to sell before 6th grade.

I'm excited to see the results from the 2023-2024 school year to see how much things have changed in just 3 years!

[eandslee]

Cool development tracker I discovered after someone posted it on Reddit. It’s like our map, but this one covers the whole region. Check it out:

https://experience.arcgis.com/experience/7963b39b52124a5082eeca70e7dcaa99/

[I miss RVA]

@RVABizSenseMikehas a comprehensive roundup of 2023 development activity in today's RBS. Mike hits all the highs and lows in the RVA development arena in a good lookback at 2023. Lots of good stuff happened this past year, and with interest rates and inflation both looking like they're coming down, 2024 could well be a banner year for development in metro Richmond.

From today's RichmondBizSense:

https://richmondbizsense.com/2023/12/27/development-roundup-for-2023-interest-rates-slowed-things-down-but-developers-carried-on/

A PERSONAL NOTE: Humble thanks to @RVABizSenseMikeand all the fine folks at RichmondBizSense for outstanding reporting in 2023. A number of RBS stories - particularly the series on the VCU Health/Block D development debacle - are worthy of Virginia Press Association awards - and they absolutely should be nominated. Great investigative journalism, very much worthy of recognition by the VPA. For what it's worth, Mike - and we don't dispense these lightly - you've more than earned the RVA/UP community's highest and most prestigious award for this past year's consistent, outstanding reporting and tireless work: the RVA/UP GOLD PORT-A-POTTY TROPHY - marking just the third such piece of gold hardware ever awarded in the RVA/UP community. MAZAL TOV, Mike!! VERY much deserved!!

May 2024 bring a bumper crop of new developments and projects big and small all across metro RVA to keep your daily and weekly storyboards filled to the brim. Again great work this past year, Mike. Well done - and from all of us at RVA/UP - our collective and heartfelt thanks!

 

Edited December 27, 2023 by I miss RVA

[eandslee]

52 minutes ago, I miss RVA said:

@RVABizSenseMikehas a comprehensive roundup of 2023 development activity in today's RBS. Mike hits all the highs and lows in the RVA development arena in a good lookback at 2023. Lots of good stuff happened this past year, and with interest rates and inflation both looking like they're coming down, 2024 could well be a banner year for development in metro Richmond.

From today's RichmondBizSense:

https://richmondbizsense.com/2023/12/27/development-roundup-for-2023-interest-rates-slowed-things-down-but-developers-carried-on/

A PERSONAL NOTE: Humble thanks to @RVABizSenseMikeand all the fine folks at RichmondBizSense for outstanding reporting in 2023. A number of RBS stories - particularly the series on the VCU Health/Block D development debacle - are worthy of Virginia Press Association awards - and they absolutely should be nominated. Great investigative journalism, very much worthy of recognition by the VPA. For what it's worth, Mike - and we don't dispense these lightly - you've more than earned the RVA/UP community's highest and most prestigious award for this past year's consistent, outstanding reporting and tireless work: the RVA/UP GOLD PORT-A-POTTY TROPHY - marking just the third such piece of gold hardware ever awarded in the RVA/UP community. MAZAL TOV, Mike!! VERY much deserved!!

May 2024 bring a bumper crop of new developments and projects big and small all across metro RVA to keep your daily and weekly storyboards filled to the brim. Again great work this past year, Mike. Well done - and from all of us at RVA/UP - our collective and heartfelt thanks!

 

Here! Here! From me!  RBS is absolutely the best news outlet for business news in the Richmond area…and we absolutely love all of you!  Best wishes for an awesome new year!  May 2024 be the best year for Richmond development!

[RVABizSenseMike]

22 hours ago, I miss RVA said:

@RVABizSenseMikehas a comprehensive roundup of 2023 development activity in today's RBS. Mike hits all the highs and lows in the RVA development arena in a good lookback at 2023. Lots of good stuff happened this past year, and with interest rates and inflation both looking like they're coming down, 2024 could well be a banner year for development in metro Richmond.

From today's RichmondBizSense:

https://richmondbizsense.com/2023/12/27/development-roundup-for-2023-interest-rates-slowed-things-down-but-developers-carried-on/

A PERSONAL NOTE: Humble thanks to @RVABizSenseMikeand all the fine folks at RichmondBizSense for outstanding reporting in 2023. A number of RBS stories - particularly the series on the VCU Health/Block D development debacle - are worthy of Virginia Press Association awards - and they absolutely should be nominated. Great investigative journalism, very much worthy of recognition by the VPA. For what it's worth, Mike - and we don't dispense these lightly - you've more than earned the RVA/UP community's highest and most prestigious award for this past year's consistent, outstanding reporting and tireless work: the RVA/UP GOLD PORT-A-POTTY TROPHY - marking just the third such piece of gold hardware ever awarded in the RVA/UP community. MAZAL TOV, Mike!! VERY much deserved!!

May 2024 bring a bumper crop of new developments and projects big and small all across metro RVA to keep your daily and weekly storyboards filled to the brim. Again great work this past year, Mike. Well done - and from all of us at RVA/UP - our collective and heartfelt thanks!

 

Thanks y'all. I think I can speak on behalf of the whole RBS newsroom when I say I appreciate the RVA/UP community's continued readership and support. It's a cliche but we truly  wouldn't be able to do what we do without dedicated, engaged readers like yourselves. 

Cheers and happy holidays, all. 

[Child2021]

Richmond Inno - Richmond's Aditxt reaches deal to acquire maker of Phexxi (bizjournals.com)

First good story coming into the New Year!

[eandslee]

Saw this last night and was pleasantly surprised!  Such good news for a Richmond company…that moved here from California!  Hope this is just the very beginning for them. They are already HQ’d downtown, just north of the Coliseum.  Maybe they’ll have desires and need for expansion sometime soon…downtown! 

[I miss RVA]

This could just as easily have been posted in the Monroe Ward thread - but I think it's more impactful as an RVA economic story:

New York-based Mercer Street Partners has bought into the Quirk Hotel downtown in the Arts District, according to @RVABizSenseMike's reporting in today's RBS. Mercer - which has other investments in Richmond - purchased a minority ownership portion in the hotel for an undisclosed amount. Katie and Ted Ukrop - who opened the hotel nine years ago - will remain majority owners.

It might seem like a small thing, but I always view these kinds of out-of-state investments in RVA to be a WIN for Richmond. Mercer Street obviously sees plenty of money-making potential and success for the hotel, and that's a good thing for the Arts District, Monroe Ward and downtown Richmond.

From today's Richmond BizSense:

https://richmondbizsense.com/2024/01/04/n-y-firm-buys-in-as-investor-in-richmonds-quirk-hotel/

Edited January 4 by I miss RVA

[eandslee]

HUGE accolades received today listing Richmond as the 8th best US city for HQ projects.  Surprising which cities are not on the top 10 list.

See:

https://www.grpva.com/news/consultants-rank-greater-richmond-a-best-u-s-city-for-headquarters-projects/?utm_content=277795247&utm_medium=social&utm_source=facebook&hss_channel=fbp-350808887428&fbclid=IwAR0dqiVxDgwJOmiMzUiMxXRPc5_7PRPi_bdxqYdqZ5PzZ9s6u6wteoGggcY_aem_AYGR35EUi31UjhIGm-9fCj1JwJXHM0r-2926g-Bh0Nauz9UdjxrPL6O030ijGXmPaQw&mibextid=Zxz2cZ
 

and see:

https://siteselection.com/issues/2024/jan/here-come-the-boys-from-the-south.cfm?mibextid=Zxz2cZ

Edited January 8 by eandslee

[I miss RVA]

51 minutes ago, eandslee said:

HUGE accolades received today listing Richmond as the 8th best US city for HQ projects.  Surprising which cities are not on the top 10 list.

See:

https://www.grpva.com/news/consultants-rank-greater-richmond-a-best-u-s-city-for-headquarters-projects/?utm_content=277795247&utm_medium=social&utm_source=facebook&hss_channel=fbp-350808887428&fbclid=IwAR0dqiVxDgwJOmiMzUiMxXRPc5_7PRPi_bdxqYdqZ5PzZ9s6u6wteoGggcY_aem_AYGR35EUi31UjhIGm-9fCj1JwJXHM0r-2926g-Bh0Nauz9UdjxrPL6O030ijGXmPaQw&mibextid=Zxz2cZ
 

and see:

https://siteselection.com/issues/2024/jan/here-come-the-boys-from-the-south.cfm?mibextid=Zxz2cZ

Wow!!! Glad the GRP is all over this (and you'd expect them to be). 

Once again - bringing more attention and more name recognition to Richmond. This is wonderful to see!

And what makes it even more impressive: We're the only city in the Top 10 without a true, legitimate "major" airport. (And yes, yes, yes -- I know - D.C. isn't that far away, blah, blah, blah. Who cares?  I'm talking about having a "major" airport DIRECTLY dedicated to the specific market). We're still maybe 200K passengers shy of getting out of the basement and moving up into the "mid-sized" airport conversation (on the low end of it - but at least it would be a category upgrade).

Also - we're the only city in the Top 10 without at least ONE major-league level sports franchise. (Austin has an MLS team, in case anyone is wondering.)

Edited January 8 by I miss RVA