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Innsbrook empties out: Vacancy rate poised to double
Nearly 1 million square feet of class A office space in the Innsbrook area could be vacated as locally-based corporations downsize, driving down rental rates in the area but potentially making the Richmond area
Read More »Office space getting cheaper
Richmond office vacancies continue to rise, which means prices are likely to fall. The vacancy rate in the central business district rose about 3.5% from the last quarter for a total rate of 13.5%,
Read More »Carytown vacancy declines
Vacancy in Carytown seems to be declining. It’s been three months since we walked through Carytown to figure out how many unoccupied buildings lined the streets. At the time, we counted 22 empty buildings,
Read More »Riverfront condos slow to catch on
The two riverfront condo towers are around 50% occupied, according to a BizSense count. Note: After we published this story, Jack Berry, Executive Director for Venture Richmond, got in touch with us to give
Read More »Ashland and Hanover not fighting growth anymore
A strange shift for the “Center of the Universe,” as the village is sometimes called, to a retail hotspot and thriving business district. Just a few years back, residents of the Hanover County town
Read More »Rough patch for malls
Out of five Richmond malls, only one has a vacant storefront rate below 7 percent – Short Pump Town Center, at 3.8 percent. The highest empty-store rate belongs to the Shops at Willow Lawn,
Read More »There’s hope for Hull Street yet
What was once a main street of Chesterfield County, Hull Street is now the most run-down commercial strip in Richmond. Paper flyers and food wrappers get caught in the wind and ride aimlessly until
Read More »Shockoe Bottom-ing out?
In 2004 Richmond’s historic Shockoe Bottom was devastated by Hurricane Gaston. Drainage systems malfunctioned and overflowed, and floodwater ran freely through the streets causing extensive damage to businesses. Four years later, the area is
Read More »A Tale of Two Broad Streets
The farther east you walk down Broad Street and away from VCU, the more beat up and empty it gets. There are “For Sale” signs, “For Lease” signs, and signs simply marked “Closed.” Some
Read More »Does Carytown have a vacancy problem?
Heading east along Carytown, for every 10 to 15 occupied buildings there’s a vacant one with a placard inviting you to call a commercial real estate broker. Richmond BizSense did an unofficial count of
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