{"id":1004180045,"date":"2017-06-12T23:54:12","date_gmt":"2017-06-13T07:54:12","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004180045"},"modified":"2025-02-26T02:51:31","modified_gmt":"2025-02-26T10:51:31","slug":"overbuilding-in-richmond","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/","title":{"rendered":"Overbuilding in Richmond?"},"content":{"rendered":"<p>By\u00a0Bogdan Odagescu<\/p>\n<div id=\"attachment_1004180046\" style=\"width: 410px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004180046\" data-attachment-id=\"1004180046\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/richmond-rent-evolution\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg\" data-orig-size=\"1550,652\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexandra Efrimov&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1497266167&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Richmond rent evolution\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Richmond rent evolution, click to enlarge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg?w=1024\" class=\"wp-image-1004180046\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg\" alt=\"Richmond rent evolution, click to enlarge\" width=\"400\" height=\"168\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg 1550w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg?resize=300,126 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg?resize=768,323 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg?resize=1024,431 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond-rent-evolution.jpg?resize=1536,646 1536w\" sizes=\"auto, (max-width: 400px) 100vw, 400px\" \/><p id=\"caption-attachment-1004180046\" class=\"wp-caption-text\">Richmond rent evolution, click to enlarge<\/p><\/div>\n<p>Following several years of strong supply, Richmond\u2019s multifamily market is shifting down a gear. Rents rose 1.6 percent year-over-year through April, continuing to trail the national average. With almost 20,000 units in the pipeline\u2014more than a third of which are under construction\u2014the metro is at risk of overbuilding.<\/p>\n<p>Richmond\u2019s economy is slowly but steadily expanding. Anchored by military bases, defense contractors and health-care providers, the metro\u2019s job market is underperforming. However, with Virginia Beach becoming a Mid-Atlantic hub for transoceanic high-speed data cables, the area may develop into a tech hot spot. Projects are in the works to connect the region to the Netherlands, Spain and Brazil, and Dutch company NxtVn has announced a $2 billion data center park. Huntington Ingalls, the state\u2019s largest industrial employer, is adding 3,000 jobs this year. The list of major developments includes Dominion Resources\u2019 20-story downtown Richmond headquarters, a $220 million arena in Virginia Beach and the $450 million Tech Center in Newport News.<\/p>\n<p>With $830 million in assets changing hands, 2016 marked the sixth consecutive cycle high. Investors are focusing mainly on value-add opportunities. There were roughly 7,800 units under construction as of April, and the metro is well on track to surpass 2016\u2019s level of completions this year. As new stock is putting a damper on growth, Yardi Matrix expects rents to rise by 3.5 percent in 2017.<\/p>\n<p><a href=\"https:\/\/www.yardimatrix.com\/Media\/Downloads\/File\/245-Richmond-Spring2017Outlook?utm_medium=Research-Center&amp;utm_source=CPE&amp;utm_campaign=245-Richmond-Spring2017Outlook\" target=\"_blank\" rel=\"noopener noreferrer\">Read the full Yardi Matrix report<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With almost 20,000 units in the pipeline\u2014more than a third of which are under construction\u2014the metro is at risk of overbuilding. As new stock is putting a damper on growth, Yardi Matrix expects rents to rise by 3.5 percent in 2017.<\/p>\n","protected":false},"author":740,"featured_media":1004180047,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,11,21742,36153],"tags":[],"class_list":["post-1004180045","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-midatlantic","category-latest","category-richmond-hampton-roads"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Overbuilding in Richmond? - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Overbuilding in Richmond?\" \/>\n<meta property=\"og:description\" content=\"With almost 20,000 units in the pipeline\u2014more than a third of which are under construction\u2014the metro is at risk of overbuilding. As new stock is putting a damper on growth, Yardi Matrix expects rents to rise by 3.5 percent in 2017.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-13T07:54:12+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T10:51:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Bogdan Odagescu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/\",\"name\":\"Overbuilding in Richmond? - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond.jpg\",\"datePublished\":\"2017-06-13T07:54:12+00:00\",\"dateModified\":\"2025-02-26T10:51:31+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/b496539dc21c086e1deff9b417453162\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/06\/Richmond.jpg\",\"width\":800,\"height\":620},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/overbuilding-in-richmond\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Overbuilding in Richmond?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/b496539dc21c086e1deff9b417453162\",\"name\":\"Bogdan Odagescu\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Bogdan-Odagescu.png?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/03\/Bogdan-Odagescu.png?w=96\",\"caption\":\"Bogdan Odagescu\"},\"description\":\"Bogdan Odagescu is an executive editor with Commercial Property Executive and Multi-Housing News. He joined CPE and MHN in 2016, as associate editor. Bogdan coordinates news writing and editing work for the two publications, among others. 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