Virginia’s Future: Top 3 Takeaways from the 2023 Commercial Real Estate Forum

Competitive tax rates. World class supply chain solutions. Ongoing investments in clean, renewable energy. We have a lot going for us in Virginia. Yes, Commonwealth Commercial Partners is a Virginia-based company, so we may be biased. But hearing from our speakers at the 2023 Commercial Real Estate Forum on April 27 really renewed our excitement for our Commonwealth and gave us all an opportunity to reflect on the amazing things happening across Virginia.
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Presented by Commonwealth Commercial Partners, this year’s Forum topic focused on the future of Virginia in terms of infrastructure investment and economic development. We welcomed three speakers, each of whom is incredibly knowledgeable in their field: the Honorable R. Brian Ball, attorney and partner at Williams MullenChris Gullickson, Director, Development and Transportation Policy at The Port of Virginia; and Emil Avram, Vice President-Business Development at Dominion Energy. Following the speaker presentations was a Q&A-style panel moderated by T. Preston Lloyd, Jr., Partner at Williams Mullen.

 

Here are the top three takeaways our team walked away with from this year’s Forum:

  1. Virginia has important tools to help companies succeed.

What makes Virginia an attractive place to do business? To start, “the natural amenities here are second to none,” said Ball. He raved about our roads, rails, ports, schools and more before diving into some of the pro-business incentives we’ve had in place for decades. Virginia has remained at the same tax rate of 6% since 1972; a sign of security and stability, says Ball. “We pay all our bills; we have a AAA-bond rating. I can’t tell you how important that is for companies coming from overseas. They want to know we are a stable place to work.”

2. Our own Port of Virginia is the top performing port in North America.

The Port of Virginia boasts six terminals across Virginia, its primary business being the transportation of shipping containers. It is considered the top performing port in North America, a model in terms of supply chain management, marine terminal operations, and technology integration. “Our advanced, semi-automated container handling facilities are efficient, cost-effective, and safer operations, able to rapidly move freight from the water into commerce,” said Gullickson. The Port of Virginia also has its eye on renewable energy – specifically wind energy through the Portsmouth Marine Terminal – and aims to operate with net zero carbon emissions by 2040.

3. Electric demands in Virginia are forecasted to grow 5% annually, amongst the highest in the nation.

Virginia has some of the lowest electric rates in the nation, helping attract new businesses. One such business booming in Virginia are data centers, or facilities that centralize a company’s IT operations and equipment. Northern Virginia is the largest data center market in the U.S., demanding significant power consumption. “Data centers take lot of energy,” said Avram. “There are a number of servers packed into small spaces that require cooling, HVAC, and power to operate.” Dominion is answering the call for electricity through renewable sources and new technology. The wind farm currently being built off the coast of Virginia Beach is slated to be the largest of its kind in the U.S., and small modular nuclear reactors are being considered in locations across the Commonwealth.

A huge thanks to our Forum speakers this year, as well as to all of our attendees and our sponsors: ARCO Design/BuildAtlantic Union BankBowman ConsultingC&F BankCoStar GroupKeiter CPAsKensington Vanguard National Land Services, LLC.Scott InsuranceSMBW, PLLC, Specified Commercial Flooring, and Williams Mullen.

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A project’s walkability will be key to future success

Posted on 4/24/2018 by Paula Squires at Virginia Business

Attention commercial real estate developers: a project’s walk score will be the new barometer for future success.

As major markets in the U.S. shift from a car-dependent, sub-urbanism model to what is known as walkable urbanism, the ability to meet one’s daily needs by walking to an office, restaurant or store will rank high in a project’s popularity and its price premiums.

That was the key message delivered by Christopher B. Leinberger Tuesday, the keynote speaker for the 9th annual Commercial Real Estate Forum sponsored by Commonwealth Commercial Partners at the Westin Hotel in Richmond.

Nearly 400 people turned out to hear Leinberger, a professor, real estate developer, researcher and advocate of urban, mixed-use and mixed-income development.

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