Richmond October 2022 – Key Take Aways
Charles Piper – Quinn Evans
• Focus on museum and culture work, historical preservation, multi-family living and educational work. Majority of work out of Richmond focuses on education (K12, higher education & libraries)
• Across the business we are seeing new RFP (request for proposals) coming in, been an encouraging 30 days
• Virginia is waiting to see the Governor’s Budget
Andy Little – John B Levy & Co
• Recent acquisition of 129 (out of 160) broken condo units in Richmond city; planned to sell as affordable housing @$150,000
• Potential buyers are holding off because of interest rates
• Multi-family deals are struggling because there is a need for more equity for the deals to make sense
• Bank credit officers have a huge influence in matters at this point
Lindsey Shaw- McGuire Woods
• Responsible for leasing locations throughout the US and London
• Hybrid work schedule; 3 days in the office
• McGuire Woods is maintaining all office space and not downsizing due to hybrid work model
• Leases are ending and looking for new space; McGuire Woods is a high-end company providing leverage in lease negotiations
Brian Korach – Capital One
• Hybrid work environment: 3 days in office are highly encouraged
• Volume is slow at this time, closing deals is difficult
• Interest rates vary by location throughout the US; agrees with Andy Little, credit officers play a large role in deals
• Less activity with shopping centers, offices and assisted living facilities at the moment
Tyler Miller – Lillibridge Healthcare Services
• Leasing subsidiary of Ventas out of Chicago
• Regional Leasing Director covering territory primarily from New York to Virginia
• There has been an increase in leasing this year but is expecting it to slow down the end of the year due to labor shortages, construction costs, etc.
Kelly Roberts – Lynx Ventures
• Mostly multi-family developments, some mixed use
• Primarily in Manchester area of Richmond
• Focusing on land acquisition
Brian Gullette – Cardinal Partners
• Real estate advisory firm started in Charlotte, NC about 20 years ago
• Currently in house council for Mitsubishi Chemical Corp.
• BRD Land & Investment, backed by a New Zealand individual, very aggressively closely on land in VA, NC & SC
• Greater Richmond area is a target area for land
• Volatile time in the land acquisition area
Chris Messersmith – Divaris Real Estate
• Main focus is landlord – tenant leasing, smaller retail space, mom & pops shops, small office space
• Retail growth from 2020 entrepreneurs who have been successful online looking to expand to brick & mortar
• Difficulty for some to financially qualify for rental space
• Halt on bigger industrial projects
Christian Taylor – CoStar Group
• Costar is steadily growing in Richmond; Research Dept is almost fully staffed
• Hybrid work structure 4 days in office Mon- Thurs
• Ceremonial Groundbreaking on Nov 1 for 2 new buildings
o Tower Building will have offices and the 1st floor will be dedicated to training all CoStar employees
o Amenities Building will have a gym, food concession area, ground floor retail and open air workstations
Zach Bruss – CoStar Group
• Activity in grocery anchored retail – especially Food Lion
• VA Beach- Acme Marina purchased property and is planning a high-end yacht club
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