Richmond
Anyone have any insights on the Richmond market? Not looking to do anything there, just curious about the city's market.
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Richmond is the headquarters for BB&T's IB Operations and is the headquarters for Harris Williams. I also know KBW has some operations in Richmond. There's a number of small boutique investment banks in the city as well. From what I've heard, its a very nice city and people that enjoy the outdoors tend to enjoy the city. Financial services is probably the city's largest industry. Not at all a bad place to be, although it won't provide the same opportunities as larger financial centers.
Very big cost of living / quality of life arb opportunity with bigger cities. Seeing more capital from bigger regional markets (DC, NoVA, suburban MD) come into markets like Baltimore and Richmond for higher yields.
Thanks for the insight...can you speak to in what sense you’re seeing this in Baltimore? Seeing larger corporate tenants start offices there? Maybe for the back office, operations, etc?
Can only speak from a MF perspective....
Definitely tier 2 relative the to the core SE markets (Atlanta, Charlotte, Raleigh, Charleston). Demographics and job picture leave a little bit to be desired, but you could do a lot worse that's for sure. Comparatively speaking, supply picture is above average. Personally, I like the overall story.
And yeah I forgot Nashville in the tier 1...All you wannabe country singers paying $2,000 for a 1 BR on Music Row can sue me.
Better watch out for Eric Lannon.
Did you get lannon'd?
Of all places, never imagined he would reach this place.
Haha, no I fortunately did not, but I know a few people with near misses. Once upon a time, I was a less than model citizen, but rather a SEC frat kid with a penchant for Widespread Panic.
As someone who has been Lannon’d, consider yourself fortunate.
It's definitely an interesting city; feels like it's been forgotten even among the other tier 2 Southern cities that have recently become much hotter commodities. Would be curious to hear who the big players in the area are. Does product trade often there/which firms do most of the investment sales down there?
We just bought a hotel near the city. Hopefully it plays out... business is certainly expanding in the area.
You're not looking at working at CoStar are you?
No just curious about the city from an acquisitions perspective, particularly MF.
Douglas Development out of DC has been extremely active there. They really like the environment compared to DC.
I'm coming out of DC and have spent a decent amount of time looking or doing projects in Worcester, MA, Batlimore, and Richmond. Of the three I'd strongly prefer Richmond, more businesses, lower taxes, and better demos
What type of projects would you be eyeing for Baltimore? And in what general locations?
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