This article will help anyone looking for information pertaining to a commercial real estate and commercial lending in the State of
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
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.