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Blog | 3 min read
Program aims to incentivize premier office spaces in Henrico
April 14, 2025
Cities across the U.S. face rising office vacancies due to increasing remote work schedules, outdated spaces and evolving workforce expectations and trends. In Greater Richmond, Virginia, a new initiative called Henrico Tomorrow aims to reinvent existing office spaces to attract and retain companies and talent alike.
Henrico, one of the four localities in Greater Richmond, launched the initiative in December 2024. Henrico Tomorrow is a package of programs and incentives designed to promote innovation and productivity by enhancing the county’s current office buildings.
The decline of office workers in business districts impacts more than just real estate: A decline in potential customers is a crisis for small businesses and restaurants in bustling communities. With fewer people commuting, these businesses are declining in foot traffic, leading to reduced revenue, job losses and even closures. Restaurants depend on the lunch rush and after-work crowds to stay afloat while service businesses face dwindling customer bases.
To counter this, Henrico Tomorrow aims to revitalize office spaces, encouraging businesses to reinvest and support a hybrid workforce. By modernizing office buildings and fostering vibrant mixed-use developments, areas in Greater Richmond can help small businesses remain lively, economically strong and community driven.
According to Jane duFrane, Senior Vice President and Richmond Market Leader of Highwoods Properties and a Henrico Tomorrow collaborator, “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.”
What’s included?
Henrico officials as well as public-sector industry experts began collaborating in 2023 to build an incentive package which includes:
- Technology zone benefits of fee waivers, customer incentives and more to every office building in the county, with coverage expanded from only the Innsbrook area to the entire county. This program has no deadline.
- An Office Renovation Incentive Program to provide reimbursement grants of up to $500,000 for the renovation of qualifying office properties, with submitted applications currently under review.
- A Commercial Investment Tax Abatement Program that reduces 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 percent, currently is still accepting applications.
- Establish grants up to $25,000 for architectural services related to redesigning or reusing an existing office building. Initial funding for this Reimagining Grant program was set at $200,000 and applications were accepted on a rolling basis until funds were depleted. Due to higher-than-expected demand, the Henrico Economic Development Authority Board approved an additional $100,000 in funding, and the application window remains open.
Greater Richmond for corporate services
Initiatives such as Henrico Tomorrow enhance Greater Richmond’s offerings for companies seeking new headquarters locations or an East Coast office. Affordable business costs, a pro-business environment plus abundant and educated talent are just some of the reasons why 12 Fortune 1000 headquarters call Greater Richmond their home.
Click here to learn more about Henrico Tomorrow.
- Topics:
- Henrico County
- Talent + workforce
