Richmond November 2022 – Key Take Aways
Charles Piper – Quinn Evans
Higher Education Post Pandemic
- State schools prepare a 6 year capital budget plan
- VA Tech received a lot of funding last year
- More focus on HBCU colleges
- Buying power has shrunk due to inflation resulting in projects that were approved not getting the funds needed.
- Private supported universities/colleges have more funding thus more projects
- Renovations are donor based
- Improvements in Health/Science areas & Library
- Due to population; there will be a decrease in the high school graduate, college applicant pool for the next several years.
Maynard Grizzard – Whiting-Turner
- 2022 has been a solid year, there is a substantial backlog
- Biggest obstacles are people & resources (labor)
- Office, warehouse, medical & higher education markets are doing well
- Prices are stabilizing and product availability is improving
Brian Gullette – Cardinal Partners
- Biggest area at the moment is the North Carolina market
- Hard pause on closing land acquisition deals
- Had 8 projects and only 2 have closed
Holly Pratt – Winslow, McCurry & MacCormac PLLC
- Lots of nervousness from small business tenants
- Economy is slowing down causing concerns about the future
Brian Korach – Capital One
- Seeing slower transactions
- Seeing more favorable loan terms
Heather Place Mull – Placer Realty Advisors
- Appraisals are back to a normal pace
- More action in rural areas
- Increase in short term rentals
Tom Voekler – KVCF
- Hot Spots at the moment
- Multi-family units
- Storage
- Industrial
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