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Richmond: Economy/Business/Real Estate

wrldcoupe4

By wrldcoupe4
in Richmond

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Wahoo 07
Wahoo 07

Like many on this board, I would love to see Richmond throw up some 600' buildings; however, a shorter but dense urban core makes for a better city than a few sparkling, disconnected high rises and a

KJHburg
KJHburg

I am a Charlotte native and current resident but I did live in Fairfax County for 10 years in the early 80s.  I am very familar with how the rest of the state hated Northern VA then and probably still

Downtowner
Downtowner

https://www.valdostadailytimes.com/ap/business/plenty-building-world-s-largest-indoor-vertical-farm-campus/article_6ea0f258-c663-5235-859a-49b0a7a9088e.html     300 more jobs coming to mea

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D_C Whistle-Stop

D_C

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Found this from another forum, but it looks like Richmond has the highest rental vacancy in the country at 23.7% :o Link: Emptiest cities

I was just reading that story and almost blew coffee out of my nose when I hit paragraph 4. That is an extremely high vacancy rate! It couldn't come at a worse time, just as I am about to put my house in the city up for rent this summer. I have been watching the rental rates in Richmond and they seem extremely high. I had initially planned on renting my 5 bdrm on Brook Road for a little over a thousand, but when I saw what other houses, similar to mine and in the same area, were renting for, I decided to ask for a little more.

I wonder if the rental vacancy percentage is jacked-up here because the number of foreclosures might be lower than the national average. If the job losses here are not as bad as the rest of the country, then you would expect that there would be less foreclosures and a smaller number of people looking for rental property. Also, I wonder if the new condos are adding to this huge number.

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HopHead City

HopHead

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Posted (edited)

I agree the rental number for Richmond is pretty staggering at almost 24%. For Richmond to not be in the top 15 must indicate there's a very low foreclosure rate in the region. Apparently my houses must be some of the few (I had one in glen allen and one in the near west end both foreclosed upon after I sold them). I would be interested in the raw numbers of how this is all calculated across the board as wrldcoupe mentioned. The FL cities, Atlanta, Detroit, Vegas are of no surprise. Can't say Charlotte is either. But Greensboro at #4 was very surprising. I always thought they were pretty conservative. If anyone knows a local realtor, they could probably decypher how it's all calculated in regards to the census numbers.

Edited by dbull75
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creativeclass Unincorporated Area

creativeclass

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Posted (edited)

I agree the rental number for Richmond is pretty staggering at almost 24%.

All, there is a lively discussion of the rental vacancy rate here (see comments below the article, also click on the links provided in some of the comments for more details):

http://richmondva.wordpress.com/2009/02/16...rst-in-country/

The statistic is based on a U.S. Census survey of the Richmond MSA, which includes Petersburg, Hopewell and Colonial Heights, as well as some exurbs such as Louisa, Caroline and King and Queen Counties, so it may not be representative of Richmond City alone. However, the rentalvacancy rate seems to have been very high through all four quarters of 2008, at least according to this data.

Edited by creativeclass
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burt Megalopolis

burt

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Someone at a local electronic publication has written a somewhat ditzy story about the State Legislature passing a bill to encourage film making in Virginia. It's put together in such a way as to make one wonder if his piece is satirical or factual.

He claims in-house rental movies at hotels will be taxed 10% to help the State Film Office attract movie-makers to Virginia.

If it's true, I'd like to read a reliable verification.

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burt Megalopolis

burt

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All, there is a lively discussion of the rental vacancy rate here (see comments below the article, also click on the links provided in some of the comments for more details):

http://richmondva.wordpress.com/2009/02/16...rst-in-country/

The statistic is based on a U.S. Census survey of the Richmond MSA, which includes Petersburg, Hopewell and Colonial Heights, as well as some exurbs such as Louisa, Caroline and King and Queen Counties, so it may not be representative of Richmond City alone. However, the rentalvacancy rate seems to have been very high through all four quarters of 2008, at least according to this data.

Hello, creative.

This situation is a head scratcher. There are charts that prove the opposite of what's claimed in the Forbes story. As far as the exurbs are concerned, expansion at Fort Lee should lessen the vacancy rate beginning this year in the Tri Cities area and elsewhere.

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Shakman Burg

Shakman

Posted
Posted (edited)

Here is a suggested plan for redevelopment of the gigantic Qimonda facility in Eastern Henrico that has a lot of merit, IMO, and should be thoroughly studied.

From yesterday's R-TD:

http://www.timesdispatch.com/rtd/business/...-210616/213809/

I read it more like re-use as compared to a redevelopment.

Edited by Shakman
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burt Megalopolis

burt

Posted
Posted

The headline on this story is unnecessarily alarmist. While The Martin Agency in Shockoe Slip is cutting back somewhat, its employee situation is far better than at some of the big competing agencies.

Martin ranks 28th nationwide. That's a major star in Richmond's crown.

From today's R-TD:

http://www.timesdispatch.com/rtd/business/...-210416/214793/

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Good news is tough to come by these days, but here's something to cheer about:

Richmond Chosen as US headquarters for UK insurer Admiral

UK-based car insurance firm, Admiral, announced plans this week that they have chosen Richmond as headquarters for their newly formed subsidiary Admiral Americas.

The company will start doing business across the pond sometime this year. They will hire up to 50 people by the third quarter, and employ as many as 200 by the end of next year, according to a press release issued by the Greater Richmond Partnership.

Some job listings have already appeared online.

The company will lease 26,000 square feet somewhere in the Innsbrook area, according to the release.

Richmond beat out Charlotte, Dallas, Chicago among other cities.

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burt Megalopolis

burt

Posted
Posted (edited)

Good news is tough to come by these days, but here's something to cheer about:

Richmond Chosen as US headquarters for UK insurer Admiral

Richmond beat out Charlotte, Dallas, Chicago among other cities.

At last, some good news!

In the link to Richmond BizSense provided by Coupe, click "News", then "Commercial Real Estate" and scroll down to the 9th story. While Innsbrook's vacancy rate rose from 12.6% in the 3rd Quarter to 17.9% in the 4th, the reverse is true downtown. Vacancy in the CBD, bouyed by the State's purchase of space in downtown buildings, dropped from 13.5% in the 3rd Quarter to 9.9% in the 4th

By the way, there are some really neat skyline views among these stories.

Edited by burt
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