Virginia's close proximity to the nation's capital makes it an interesting state for commercial real estate. In the north of the state, where many of the employees of Washington D.C. work, the economy and the value of real estate is much better than the remainder of the state. Still, most of the state is doing well economically, and commercial property for varied businesses is available.

The state of Virginia has a population of 7,642,884 spread out across over 39,594 square miles. There are approximately 191 people living within each of those square miles. The population has been rising steadily at a healthy rate over the past two decades. Between 1990 and 2000 the population rose 14.4%, and since 2000 the population has increased another 8%. The per capita income of the residents of Virginia is $37,503 making Virginia the wealthiest state in the south.


What does this mean for those who are interested in commercial real estate in Virginia?

Commercial real estate in Arlington, Fairfax and Loudon counties is some of the highest priced in the country. These counties are located just below Washington D.C. and are populated by D.C.'s workforce. Fairfax and Loudon counties are two of the most affluent in the country with per capita incomes averaging above $90,000.

Elsewhere in the state, commercial real estate is more reasonably priced. In the state's capital, Richmond, commercial prices are considered a bargain. Richmond is home to nine Fortune 500 companies as well as many companies in the pharmaceutical, insurance, advertising, education, and health services industries. There is plenty of commercial property in Richmond and the surrounding metro area dedicated to these businesses. Downtown Richmond has been experiencing an economic revival.

In 2006 Forbes choose Virginia the state with the best climate for business. A combination of its economical growth, moderate business costs, government incentives for businesses, and the quality of life that Virginia offers its residents were all taken into consideration.

These ideal conditions make the state the home to many software, communications, technical consulting, and defense contracting companies drawing skilled, educated workers to Virginia and stimulating the economy.

Tourism is another industry that thrives in Virginia. The state has miles of beachfront property. The largest city in Virginia is Virginia Beach with a population of 447,000 people. Resorts, hotels, motels, restaurants, entertainment venues, retail and service businesses occupy much of the commercial real estate.

Thirty-four percent of Virginia's land is dedicated to agriculture. Farming real estate produces tobacco, peanuts, cattle, and soy. The state also has a growing winery and vineyard industry on its agricultural commercial real estate.