Page 24 - Guardian Broker Questionnaire Summary Complete Package 2 2 22_Neat

MARKET OVERVIEW

RICHMOND

12 MO. DELIVERED UNITS 12 MO. ABSORPTION UNITS VACANCY RATE 12 MO. ASKING RENT GROWTH
2,412 4,412 4.5% 11.9%

electric power, and medical products sectors. The region is a vibrant 1.3M 44 th 38
Richmond is home to seven Fortune 500 companies utilizing world-
class technologies in the consumer products, financial services,

and growing community with nearly 1.3 million people, gaining 32 POPULATION LARGEST MSA MEDIAN AGE
net new people daily. Richmond’s low cost of business includes
electric rates that are 28 percent below the national average, with
U.S. RVA boasts a highly-educated and talented workforce, with 7 FORTUNE
unionization and unemployment insurance among the lowest in the

over 60 percent of working adults having some college experience. 500 HQS
Nearly 80,000 students attend post-high school classes in the
region, with over 15,000 degrees conferred annually.

RICHMOND T-3 INDICATORS
UNDER
BUILDING CLASS UNITS VACANCY RATE ASKING RENT EFFECTIVE RENT DELIVERED CONSTRUCTION
CLASS A 26,838 7.4% $1,567 $1,559 201 5,201
CLASS B 38,968 3.5% $1,346 $1,341 0 287
CLASS C 27,376 2.9% $1,071 $1,071 0 0
MARKET 93,182 4.5% $1,340 $1,340 201 5,488

16 | NORTHMARQ