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Henrico Tomorrow initiative aims to elevate today’s office
December 3, 2024
Groundbreaking program provides comprehensive package of incentives for creating premier workspaces in Henrico
Henrico, VA – The Henrico Economic Development Authority (EDA) is excited to launch Henrico Tomorrow, a landmark compilation of curated initiatives designed to ignite the transformation of today’s office into a modern workspace that fuels productivity and innovation. This robust collection of programs and incentives is the culmination of a yearslong effort to elevate office space in Henrico to premier status.
Henrico Tomorrow is the collaborative product of the Henrico Office Task Force, a cohort of local industry experts in both private and public sectors, who convened throughout 2023-2024 to formulate best practices for advancing Henrico’s office stock. The group devised several significant recommendations that were positively received by both the Henrico EDA Board of Directors and the Henrico County Board of Supervisors. The task force proposed:
- Expanding Henrico’s existing Innsbrook Technology Zone benefits of fee waivers, customer incentives, and more to every office building in Henrico
- Enhancing the Reinvest: Commercial Investment Tax Abatement Program by reducing the minimum building age to 20 years, extending the tax exemption period to 15 years, and reducing the property’s minimum assessment increase to 30%
- Establishing grants of up to $25,000 for Office Reimagining for architectural services related to redesign or reuse of an existing office building
- Creating an Office Renovation Incentive Program to provide reimbursement grants of up to $500,000 for the renovation of qualifying office properties
“We’ve been working diligently over the last several years to enact policy that will support businesses and elevate Henrico’s office spaces to a premier status,” said Board of Supervisors Chair Tyrone E. Nelson, of the Varina District. “We’re confident the Henrico Tomorrow package of incentives will strategically spark the vision to invest and transform today’s office into modern thriving hubs of innovation and productivity.”
“It was an honor to serve as a member of the Henrico Office Task Force,” said Jane duFrane, Senior Vice President, Richmond Market Leader of Highwoods Properties. “The calculated office incentives we recommended will help companies and office owners throughout Henrico leverage their resources to create premium quality workplaces where the coveted talent of tomorrow will thrive.”
“Henrico has always shown itself to be pro-business,” said Henrico Office Task Force member Amy Broderick, Senior Vice President at Thalhimer, “but they’ve raised the bar with Henrico Tomorrow. This package of office-focused incentives is one of the most extensive offerings I’ve seen available within my industry’s circles.”
As a business-friendly locality and the home of seven Fortune 1000 companies, Henrico has a long history of proactively implementing initiatives that boost its economy. Since 2017, the Henrico Board of Supervisors has reduced business taxes by incrementally increasing the amount of gross receipts exempt from tax. In mid-2024, the Board unanimously approved an increase to the Business, Professional, and Occupational License (BPOL) tax threshold exemption to $1 million, essentially exempting nearly 16,000 Henrico businesses from the tax – and reducing the tax burden of thousands more.
More recently, Henrico debuted its Global Business Gateway, which is set to open in the nationally recognized mixed-use community of Innsbrook in early 2025. The program provides established international businesses with resources – including modern office space through a partnership with Highwoods Properties and Gather, a workspace solutions company – as well as services and personalized support for expansion into the U.S. market.
Learn more about Henrico Tomorrow and how your business can qualify by visiting https://www.henrico.com/target-sectors/corporate-and-regional-headquarters.
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About the Henrico EDA
As enduring economic stewards for more than 50 years, the Henrico EDA is your single point of contact for business development and site selection services in Henrico. Our team of experts goes the extra mile in every initiative and interaction to ensure both companies and residents can enjoy the vibrant community that they deserve. The Henrico community is strategically located in the heart of the Eastern Seaboard, adjacent to Virginia’s capital city of Richmond. Learn more about our extensive inventory of commercial and industrial properties ideal for the advanced manufacturing, life sciences, and corporate services sectors when you visit Henrico.com, and sign up for our Property Now and Henrico Now newsletters.
- Topics:
- Corporate Services
- Henrico County
