make a splash… Lynchburg, VA Commercial Real Estate

INDOOR ROCK CLIMBING ARRIVES IN LYNCHBURG (Soon)

Ξ September 6th, 2007 | → 0 Comments | ∇ Uncategorized, Lynchburg Area Commercial Issues |

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Hey Everyone,

You heard it here first! (unless you are late getting here.) I spoke with Dan Hague last month and asked him to get some information for me to break here. So far the Lynchburg news and business haven’t caught on…. See my earlier posts about Young Professionals for more background on this event.

 Amos  

Rise Up Climbing to Open 8,000 Square Foot Facility Downtown

wrote The Self Coached Climber in which he reveals the many principles, tips and tricks which

Interesting Discussion going on in the Commercial Issues Thread..

Ξ August 27th, 2007 | → 0 Comments | ∇ Lynchburg Area Commercial Issues |

Be sure to check out the discussion on the “young professionals” thread, we’d love to hear your opinion.

  Amos

Lynchburg MSA Office Market Summary

Ξ April 5th, 2007 | → 0 Comments | ∇ Lynchburg Area Commercial Issues |

(This Summary is an excerpt from our “Hall Associates Western Virginia Market Report” for 1st quarter of 2007. If you would like a .pdf copy of the Full Report, you can send me your name and email address and I will be glad to send you the file.)

The Lynchburg office market in 2006 was stable; this was a year of relatively low activity with few major transactions or space vacations to have a significant impact on the market in either direction. Most of the lease transactions during the year were relatively small and involved lateral moves rather than major expansions.

The rental rates for existing buildings have remained stable with some properties even showing a moderate increase despite a market which seems to be basically fiat in terms of net absorption. 

In the downtown market, activity was dominated by lateral moves and the expansion of existing tenants in the market from one building to another with a prime example being Edmunds & Williams relocation from 800 Main Street to the Bank of the James Building. At 918 Commerce Street, Telephia took approximately 12,500 square feet, which was a significant expansion over its previous location on Jefferson Street. While there were a number of smaller lease transactions between 500 and 3,500 square feet, these did not add up to have a significant impact on the overall supply of space in the Central Business District. However, the lease of approximately 10,200 square feet at 800 Main by BWXT was among the most significant deals in the downtown market and hopefully this will be the start of a positive trend for the downtown office market. This is perhaps the largest relocation of a tenant new to the downtown market over the past few years. While the steady lease activity of relocation of existing tenants helps keep things moving, it is the absorption of space by tenants from outside the downtown area which will help to make it truly thrive. 

As always, medical office activity dominated the mid-town and Langhorne Road area office market. With the major expansion of Lynchburg General Hospital well underway, the market is expected to remain steady, with the demand for modern medical space anticipated to remain strong. While there were a few lease transactions in the sub market during the year, the majority of these were smaller spaces of less than 5,000 square feet. New construction has dominated the office market in this area with the completion of the local headquarters of Planters Bank on Langhorne Road, the start of the new oncology center by Centra Health at Langhorne and Tate Springs Road and the groundbreaking for the new offices of The Orthopaedic Center of Central Virginia on Atherholt Road.

In building sales activity, the market was fairly brisk with the sale of the fully leased 53,000 square foot building at 2215 Langhorne Road, the acquisition of the former Wachovia Data Center on Atherholt Road by Centra Health, and the sale of the Central Virginia Orthopaedic building on Tate Springs Road. Overall, the Langhorne Road area is very stable, but with few available spaces that are ready for occupancy without major renovation. Modern buildings with high parking ratios suitable for medically related uses are absorbed fairly quickly, but older properties with limited parking areas are finding it more challenging to attract tenants and buyers.

In the suburban markets little seems to have changed over the past 12 months with there being a relative glut of office space in the 1,000 to 2,500 square foot range. However, there is a severe shortage of quality suburban office space in the 4,000 square foot and up range. It is expected that the pace of new construction of smaller multi-tenant buildings will slow significantly in 2006 as the market waits to absorb the existing inventory. High land and development costs are making it more difficult to economically justify the construction of free-standing office buildings of less than 10,000 square feet, These costs increases have made existing small single tenant buildings a hot property in the current market, with available stand-alone properties being sold or leased very quickly after becoming available. Overall, we see the Lynchburg market as stable with the potential for positive absorption in 2007. It is anticipated that new speculative office construction will slow dramatically, which will give the market time to absorb the existing inventory of small space. With rising construction and development costs, it is felt that the economically viability of new spec projects will be “iffy” at best. However, rental rates (while not keeping pace with rising construction costs) have remained stable for modern and quality space.

Lifestyle of the YP and Y it matters to Lynchburg.

Ξ March 29th, 2007 | → 8 Comments | ∇ Lynchburg Area Commercial Issues |

Greetings to all.

I’ve been thinking about writing this blog since I first heard about the ‘Big G Generations Conference’ that the Lynchburg Chamber would be hosting about trying to attract and retain young professionals to our fair city.

Yesterday was the day if you missed it.

I realize that it is always a more dangerous position to say anything that can be considered negative, even if you are only trying to bring about improvement, but once again I will take the risk, because when all is said and done, I love Central Virginia. I love the people. I love the history, the buildings and I the land. I’m willing to take the risk of being considered a little negative if it can help bring change. And none of what I’m about to say is meant negatively, it’s just human nature.

Here is the short bio on Rebecca Ryan, the keynote speaker for yesterday’s event, which was highly and entertainingly informational.

KEYNOTE SPEAKER: REBECCA RYAN
The founder of Next Generation Consulting (NGC), a research and consulting firm that helps clients engage the next generation. NGC has conducted interviews, focus groups, and surveys with over 8,500 young professionals since 1998. Cities, states, arts organizations, and companies use NGC’s research and applications to attract and develop the next generation of citizens, patrons, employees and customers. Rebecca was named the 2004 Entrepreneur of the Year by the U.S. Association for Small Business and Entrepreneurship. Dr. Richard Florida, author of the best-seller, The Rise of the Creative Class and The Flight of the Creative Class says, “I am a HUGE Rebecca Ryan fan,” and considers “NGC one of the most reliable sources for CEO’s, mayors, legislators, economic developers and non-profit leaders who want to attract and retain the next generation of creative workers.” For more information go to www.nextgenerationconsulting.com

So, young professionals, 20-35… According to Ryan, “The motto of the young professional today is ‘Live first, work second.’” (paraphrased)

While I don’t personally qualify any longer for the young part — except that if 30 is the new 20 then 40 must be the new 30, and so on, so that would qualify me no matter how old I got. Right? I haven’t forgotten what it was like moving here years ago, from what was, in many ways, my dream location. At that time, the general consensus among my age and peer group (20-35 college educated and town or city raised) was that there was very little interesting going on in the area. Unfortunately, that is still — with some happy and slowly increasing exceptions — the case (for that age group).

The main problem, then and now, is that – the people who make a lot of the decisions about what activities will be available — have forgotten what it was like to be who they were then. Now, the activities that are mostly available are tailored to who we are now.

The best way to illustrate this is with lists. Here is a list of things-to-do that I and my friends at that age were passionate about when I was between 20 and 35. Some of these things I would still really like to do, but find my time is constrained by family obligations and my body won’t recover from the pounding that it used to.

• Physically demanding indoor and outdoor sports like, mountain biking, soccer, orienteering, white water kayak and canoe, rock climbing… oh for the local crag 5 minutes away again or a climbing gym where I could fit an hour or so into my afternoons after work again. (Left this love when I moved my family here)
• Working out at with weights or resistance training.
• Music and dancing — Nothing against country music, but I’m not talking about Cattle Annie’s. I haven’t done the market study, but I would guess that the young professionals would still not figure highly among the clientele there, though I stand ready to be corrected. The new ballroom dancing, swing, shag, latin, alternative, rock, none of these are consistently available activities, but attend any dance function like the Realtor Christmas Gala and see if you don’t think there is a demand. Who are all those people anyway? Most of the people who go aren’t even in real estate. J
• Movies, plays, art, museums, reading. Isn’t it nice that there is some cross over?

What are we interested in now? (If you are in your mid-30s or later)

• Things we can do with the family.
• Things we can still do and not injure ourselves. J
• Things we can fit into the tiny facets of spare time that we still have.

Another part of the obstacle to providing the lifestyle choices that will attract young professionals to come and stay here is that most of the people who make the decisions about what activities will be available have NEVER been like the majority of the young professionals today. The people who rise to that level of clout generally tend to be workaholics who are mostly interested in working, playing and socializing in networking environments… like squash, tennis, golf or racquetball — the ultimate businessman’s pastime — where you can discuss a deal and gracefully win or lose depending on your position on the totem pole. Don’t get me wrong, I like racquetball too, but when I tried to talk the YMCA into using just one of the racquetball courts to outfit into a rock gym ten years ago they wouldn’t even consider it, they had never even heard of a rock gym, (The burg has a tendency to lag behind the cutting edge of activities) but that was when racquetball was popular here… Now the courts are mostly empty, and the new Y doesn’t even have courts. But climbing gyms are still growing in popularity … maybe the time has come.

‘Live first, work second.’

I could get behind that one myself. Maybe I’m younger than I think…

Small Business Can Grow Here with Seminar Facilities Included

Ξ March 27th, 2007 | → 0 Comments | ∇ Commercial Properties Sale and Lease |

Property Description:
The seminar driven business model’ s dream comes to life in the Well-in-Hand headquarters building. This lease space offers single or multiple offices for start-up to medium size companies and timesharing of the 1,500 SF meeting room which holds 50 people. Other common areas in the inclusive lease are bathrooms, kitchen, conference room, reception foyer, and snack shop. Offering offices and suites from 8×10 to 620 SF multiple offices adding more seminar time is an option as well. There is ample parking for seminar attendees as well.

Location Description:
Waterlick Road is a business area with a high traffic count. The office has good visibility and signage options.

Zoning Description:
Business/ Light Industrial

Highlights

17 Acres Commercial Land at major Route 29 interchange in Altavista, VA

Ξ March 27th, 2007 | → 0 Comments | ∇ Commercial Properties Sale and Lease |

The site outlined in yellow is at the interchange of Route 29 and Route 43. It has good visibility for signage from both Route 29 and Route 43. There is frontage on three sides of the property (total of around 2,400 feet, though not all of it provides street access).

This property would be suitable for a variety of commercial uses, especially commercial applications benefiting from access to and traffic from the area’ s major highways.

Sewer lines run across the south side of the property. County water also is available. The property is elevated from the highway so a good sign could capture attention from quite a way. It is on a section of highway where travelers are usually ready to take a break. It’s pretty far from the last place for gas, food, etc. and it’s visibility is better than the nearest facilities at previous interchanges.

Location Description:
Intersection of Highway 29 and Highway 43 in Altavista VA

Zoning Description:
B-LC (Light Commercial) May need rezoning or variance for highest and best use.

Highlights

Help! Lynchburg Really Needs Downtown Parking

Ξ March 9th, 2007 | → 1 Comments | ∇ Lynchburg Area Commercial Issues |

When companies go shopping for a business location, they generally look at the downtown business district’s economy and health, even if they aren’t planning on locating downtown. So a city’s downtown business district effects the whole area’s economy like a rudder that steers a ship.

 The issue of parking downtown has been a bottleneck for office leasing for us in the commercial leasing industry for some time now. Usually an office tenant prospect feels that the parking hurdle overcomes the benefits of being in the business district. So, unfortunately, office leasing downtown is very soft in all but three of the leased office buildings over 10,000 square feet.  

The city has recently hired a parking consultant to look at automating our current parking to increase the efficiency of our available parking. At the recent Chamber breakfast at The Summit, I heard the figure of 20% more efficiency being thrown out, but I’m not exactly sure how “efficiency” translates to “availability”. Still, it seems a step in the right direction.

 My mother and father tried to teach me to always try to be encouraging to people around me whenever possible, so I’m writing this open letter to city government and businesses in downtown Lynchburg with this suggestion…  Most people don’t seem to know this, but there is a parking lot downtown owned by the city that is almost completely unoccupied and provides free parking. 250 spaces!  It is at the far west side of Court Street and currently seems to only get use by the James River Conference Center.

Here is my suggestion: “Park and Ride”. We may not be a huge city, but we have big city problems with our parking. If the city would encourage/require some of its staff to utilize parking opportunities like this on the outer edges of the business district and then car pool to work, it could open up a number of spots that could be used by businesses or shoppers. If businesses did the same, it could save them money and improve the health of the leasing and retail environment in the business district too. I suspect there are other lots that could be utilized this way too.

This strategy has been successfully used by a number of large metro areas like (Washington DC) to help take pressure off the downtown traffic and parking. I think it is past time to put this first (and free) measure into play. Not that we don’t need to spend some money and bite the bullet for better parking solutions in the center of downtown too, but if we could add a little circulation to the office occupancy, it would be a step forward for downtown health in the retail and office sectors. 

Your comments and thoughts are welcome. I’ll bet you have good ideas to share. 

Lynchburg Commercial Real Estate

Ξ March 8th, 2007 | → 0 Comments | ∇ Lynchburg Area Commercial Issues |

I hope you enjoy this topic. If you would like a report on rent rates for a location in Lynchburg, let me know. I have completed one for the downtown business district office space in buildings over 10,000 square feet and I’m currently working on other areas. If you are involved in Lynchburg business, whether office or retail, I’d like to hear from you.