"If You Build It, They Will Come" - February 2014 CVAA Morning Coffee Recap
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On February 20, 2014, CVAA hosted its first "Morning Coffee Break" of the year at the Estates at Horsepen Apartments with the Apartment Guide as the proud sponsor. With record-breaking attendance, the topic focused on economic growth in the Richmond market. From Property Managers to Marketing Directors to Vice Presidents and Suppliers, all signed up to hear the 2014 forecast and the construction slated for the next five years. The panel was moderated by Peter Lowe, of Drucker & Falk, and the three expert panelists included Bryan White, President of Main Street Realty, Angela Grassa, the Mid-Atlantic Regional Sales Director for the Apartment Guide and Lee Shadbolt, a partner for Commonwealth Architects.
As roughly 3,000 units come online this year, Richmond will continue to surge and be a healthy market in regards to its economic growth; however, occupancies are expected to slightly decline over the next 18 months. The outlook is still positive for the apartment market. Per the research discussed, the population will continue to grow at roughly 3.5% every four years. The added commercial space in Downtown Richmond, the proposed Flying Squirrels ballpark, and the added shops and restaurants in Shockoe Bottom should attract a new crowd of apartment dwellers. So, as saying goes, "if you build it, they will come."
