News

Area apartment vacancy rising

Real estate researcher Reis Inc. reported last week that the national apartment vacancy rate reached 7.5 percent in the second quarter; the rate for Richmond was higher at 8.1 percent. But Patrick McCloud, president of the Central Virginia Apartment Association, said despite the record high vacancy levels Richmond is holding up well and that the rental market is showing signs of improvement.

Rainwater rules cast cloud over development

Developers are lining up in opposition to new storm water requirements they say will dramatically increase the cost of development in the commonwealth, and may even scare off the sort of large companies that could bring thousands of new jobs.

Cap and trade won’t be that bad for biz

Last week in a BizSense guest column, A. Fletcher Mangum overlooked several important points focusing on the pending cap and trade legislation in Congress. The first is that business as usual is killing us. And this is the sort of legislation that will help nourish all sorts of new businesses.

The Pipeline: Commercial Real Estate Round Up for 7.17.09

Petco, a national pet store chain, leased 14,600 square feet at Staples Mill Square in Henrico.DVA Healthcare Renal Care leased 7,000 square feet at 8801-8815 Three Chopt Rd. in Henrico. Rugged Wearhouse leased 14,111 square feet at Circuit City Plaza in Henrico

Richmond reacts to possible sale of Ukrop’s

Richmonders are already acting like Ukrop’s has sold. In part that’s likely because the rumors sound so plausible. Indeed, dozens of business owners and other leaders have said they were not surprised. And for the first time, the company has released a short statement.

Ukrop’s for sale?

Ukrop’s may be for sale.
The website for a grocery trade journal is reporting today that a prospectus for Ukrop’s has been circulated to prospective buyers, which might include grocers such as Minnesota-based Supervalu and North Carolina-based Harris Teeter.

A coffee-fueled expansion

A local café chain is gearing up to open its newest location this fall. The coffee-house meets -wine-bar also is reported to now have some backing from the parent company of Outback Steakhouse.