Grill of the city
Colin Robinson
Senior Vice President of Operations
Construction of branches
Health care, life sciences and municipal markets “continue to perform well in Richmond,” Robinson says, adding that “federal and state government funding for life sciences and municipal markets is consider necessary to build adequate infrastructure in the U.S. Like most cities, Richmond is seeing the impact and influence of interest rates on multifamily and developer-led projects,” he says.
Robinson also notes that as companies move workers back into the office, the tenant improvement market could pick up. “A big return to office would be positive for building owners, property managers and contractors alike,” he says. But Robinson also says he sees a “general simplification of design details and material selection” to achieve project budgets. “Inflation and interest rates continue to have an impact,” he adds, “especially on larger projects that were budgeted for years ago.”
But he also says the Richmond-area market “has proven to be pretty robust to economic changes” since the Great Recession of 2008.
