In two videos presented at the 2019 VCU Klornblau Real Estate Trends Conference on October 10, 2019, James Theobald and Jeff Geiger discussed the Richmond’s thriving real estate market and projections for the future. Theobald and Geiger joined fellow leaders in Richmond real estate and economic development to provide their perspective for attendees at the annual event hosted by the VCU School of Business.
The first of the two videos asked leaders to describe the future real estate market. In the video, which may be found here, Theobald described the future of the market as optimistic and Geiger described it as strategic.
The second video, which is available here, allowed Richmond’s real estate leaders to provide a more in-depth analysis of the market today and going forward. “This market has been trending upward,” Theobald stated. “It’s been a little bit uneven, but it’s all-in-all very positive. We’re seeing more interest in different types of housing, more rental housing, different products. Very innovative products to meet consumer demand and the demand of millennials.”
“I think a trend we will continue to see in the Richmond market is more integration of office and residential uses,” Geiger added. “Whether that is co-working spaces within residential communities as an amenity. Or live-work units within multi-family type projects.”
Geiger continued on to emphasize the importance for Richmond to maintain its competitive advantage – the low cost of living – and stressed that young professionals deserve the opportunity to purchase their first home.
“This is a great place to live and locate your business,” Theobald added. “It’s a stable environment. It’s a good solid economy given the state government being located here. It has a very talented workforce and I think by comparison low tax rates. It’s easy to find good employees and those employees enjoy living here.”
To view the video, you may click here.
Stephanie A. Hood