Local CRE Trends

Discover What’s New and Interesting in Our Backyard

The city of Richmond is the capital of the Commonwealth of Virginia, with a total area of 62.5 square miles. The James River flows through the center; the Port of Richmond serves waterborne rail and truck shippers throughout the Mid-Atlantic. Richmond offers easy access to rail and major interstates, and it boasts one of the most well-equipped airports on the East Coast, having recently undergone a $280 million expansion.

Richmond is experiencing a population boom; between 2000 and 2010, the Richmond MSA population grew by 12.43 percent and is estimated to expand an additional 15 percent between 2010 and 2020, according to the City of Richmond Department of Economic & Community Development.

Richmond is home to several Fortune 500 corporations, such as Dominion Energy, a power and energy company; WestRock, a corrugated packaging company; Universal Corporation, a tobacco company; CarMax, the largest used car retailer in the U.S.; and petroleum additives company NewMarket Corporation. It is also home to several prestigious colleges and universities, creating a steady stream of highly educated graduates who feed into the labor pool. Richmond is also the capital of Virginia state government and houses the headquarters of the Fifth District of the Federal Reserve Bank and the United States Court of Appeals for the Fourth Circuit.

The Richmond metro area added 16,200 jobs from August 2016 to August 2017, according to the City of Richmond Department of Economic & Community Development. The sectors that contributed most to the job growth include education, health services, government, professional and business services, and construction. Advanced manufacturing is one of the area’s strengths; Richmond is home to more than 450 companies in the advanced manufacturing industry sector. The area is also known for its culture of creativity and innovation, with a strong concentration of creative services companies and a burgeoning film and music industry. Other prominent sectors include finance, insurance and real estate; health and life sciences; transportation and logistics; and food and beverage.

The City of Richmond is home to several vibrant commercial corridors, many of which have experienced significant growth and development. The City of Richmond and the Commonwealth of Virginia offer numerous financial incentives to secure business location or expansion in the city, including an infrastructure development grant, loan programs, and a generous tax abatement incentive program.

The Richmond office market has experienced strong activity throughout 2017, according to real estate services firm Colliers International. The downtown Richmond market remains active as many companies look toward downtown to establish roots. Facebook recently announced that it chose a spot in Henrico County, just outside Richmond, to build a new $750 million data center, which will be one of the most advanced and energy-efficient data centers in the world. Officials said it is expected to create thousands of construction jobs and 100 full-time employees when complete.

About Fidelity National Financial

Fidelity National Financial, Inc. (FNF) is currently ranked #375 on the 2020 Fortune 500®*, and is among numerous defense, energy, media, hospitality and financial Fortune 500®* companies based in the region. Our Richmond-based team of CRE professionals works in all facets of the industry, including power and energy projects, office buildings, industrial parks, multifamily housing, retail properties, government contracts, corporate transactions and more.

Discover what’s new and interesting in our backyard in the latest real estate news, provided courtesy of the FNF Newsdesk.

*FORTUNE®” and “FORTUNE 500®” are registered trademarks of Time Inc. Time Inc. is not affiliated with, and does not endorse products or services of, Fidelity National Financial, its subsidiaries, or affiliates.

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