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Back to work- Charlottesville bucks lagging office space trend

05.29.22 | Category: News

VIRGINIA BUSINESS – MAY 29, 2022

“Although the nation’s commercial real estate market is still lagging for the most part, that isn’t the case in Charlottesville, where fresh new multiuse projects have perked up interest in workspaces.

The nationwide vacancy rate for office space in the first quarter of 2022 was a rather dreary 15.7%, according to Yardi Matrix, a commercial real estate research service. The picture in Virginia was only somewhat brighter, with Washington, D.C.-based CoStar Group Inc. reporting a statewide office vacancy rate in the commonwealth of 12.3% for the same period.

However, in Charlottesville, only 8.9% of office space was vacant. Making that stat more impressive is the fact that in the past 18 months or so, the city has added an unprecedented half-million square feet of new Class A office and mixed-use space to its inventory.”

Apex Plaza, CODE Building, and Dairy Central are three of our projects that have contributed to these numbers!

Read more of the article here.

 

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