Panelists at Greater Richmond Association for Commercial Real Estate opined that even with the possibility of rising interest rates in 2018, people are putting more money into their pockets, thanks to the tax cuts. The event was the yearly market preview and the review program. About 400 people attended the event. They thronged The Westin Richmond. All attendees were real estate industry professionals. They discussed the future and analyzed the year gone by.
A better future
Jamie Galanti, a panelist, firmly thinks that Richmond is on its way up. He is the vice president of Commonwealth Commercial brokerage. Galanti pointed out that Richmond had always been subtle, with only a few development in the recent years pushing the area out of the humdrum zone. He expressed hope that the real estate professionals present in the room could take advantage of the upswing in the Richmond market. Recent developments, he confessed, have been dramatic to him. This is especially true from the commercial side of the properties.
Galanti mentioned a few big-ticket companies that have moved into Richmond. He gave examples of CoStar and Facebook. The Social Media giant has opened a data center in the eastern side of Henrico County. The company has already started construction on the site. An 'operations and research center' by CoStar is already operational. The latter is a real estate analytics and data company.
Among the other panelists were Dan Hargett of The Rebjee Co, William Hudgins of Panattoni Development Co, and Daniel T. Schmitt of HHHunt Corp. Hargett discussed retail space and Hudgins industrial space. Schmitt discussed residential space trends. Another panelist was NorthMarq Capital's Mike Lowry. The latter discussed the investors' view concerning real estate market. Schmitt pointed out that plans mooted by the Federal Reserve to jack up interest rates has not slowed the demand when it comes to purchasing homes. The rates, he said, continue to be at their historic lows. Hargett said that he continues to remain positive about Richmond's real estate sector. His company is the co-owner of Regency mall.
Schmitt said that his company had an exemplary run in 2017. The company constructs single-family residences, senior living communities, and apartments. An increasing market segment is those who actually choose the option of renting a home. A few prefer to buy into communities which resemble or provide a resort-like lifestyle. He opined that the market for apartments is a lucrative and robust one.