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Blog | 2 min read
April 15, 2022
Developers are flocking to the Richmond market for new projects according to recent CoStar Analytics data. More than 12 million square feet of industrial space or about 9 percent of the areaโs existing inventory is in development as of March 2022.
Industrial development throughout the region is at an all-time high with more construction underway now than throughout the past 15 years. Greater Richmond offers extensive advantages for industrial projects, so developers and new companies are taking advantage of the regionโs untapped potential.
Richmond ranks among the 60 largest U.S. markets with nearly 135 million square feet of existing inventory. According to CoStar, fall of 2020 marked a turning point for the Richmond market with industrial developments growing every quarter since then.
Among the 60 largest U.S. markets, Richmond has the second highest percentage of inventory currently under construction. Richmond ranks just below Phoenix and outperforms markets like Indianapolis, Ind., Austin and Dallas-Fort Worth, Texas.
Companies are increasingly investing in Greater Richmond, but even more space is underway for new businesses to join the growing community. CoStar notes more than 6 million square feet of industrial space throughout the market is currently available.
Much of Greater Richmondโs industrial development has already been leased:
Furthermore, about half of Greater Richmondโs inventory under construction has been pre-leased by several major companies:
CoStarโs data proves Greater Richmond is a strategic location for company investment. There are several reasons why companies choose Greater Richmond for their operations: