Thursday, April 30, 2009

Richmond, VA Office Leasing Still Steady Despite Soft Sales Market


RICHMOND, VA: Metro Richmond was dealt some bad cards to start off the new year, yet is weathering the string of corporate downfalls and looks to turn the corner later this year, according to Perry H. Moss, (top right photo) Regional Director of Research, GVA Advantis, Richmond, VA.

The sales market has all but evaporated.

The leasing market, however, is relatively steady as tenants know that now is the time to strike that ideal lease. Other fundamentals have been damaged with only moderate effects.

Despite the almost daily influx of negative economic news, the metro area maintains seven Fortune 500 companies, down just one from last year.

Recent corporate import, MeadWestvaco announces 2,000 layoffs, leading them to bypass multiple floors at their still under construction CBD HQ.

Circuit City no longer exists. Capital One, a major local employer reported lowered than expected 1st Q earnings while laying off nearly 60 employees.

Contact:

Perry H. Moss CCIM, MBA
Regional Director of Research
Advantis Real Estate Services Company
707 East Main Street, Suite 1400
Richmond, VA 23219
Tel 804.672.4248
Fax 804.783.1920
E-mail pmoss@gvaadvantis.com
Posted by Alex at 7:35 AM
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