August 23, 2012

Your source for news and events in the Gateway Region

Regional Headlines:

Virginia Guard Taking Down Blighted Buildings in Petersburg

Civilian-Military Council Meeting Focuses on Growth

Prince George Means Business

Victor Branch Named Newest Board Member of Southside Health Education Foundation

Volunteer Learns to Care for Historic Blanford Cemetery

Visually Impaired Find Work at Fort Lee Supply Store

Fort Lee Strategic Sustainability Update

Sports Tourism Generated at Least $20M in Chesterfield

Poster for Spielberg's "Lincoln" Revealed

Virginia is Top 3 Again in Business Facilities' 2012 State Rankings

Virginia again received a top three ranking in two coveted categories-the Commonwealth was ranked No. 3 in Best Business Climate and No. 2 for Economic Growth Potential. Virginia also received top ten recognition in the categories of Employment Leaders, Credit Quality, Per Capita Income, and Workforce Health and Safety.

As part of its eighth annual ranking, Business Facilities magazine weighed factors such as educational climate, the availability of workforce training, cost of labor, infrastructure, utility costs, credit rating and business tax climate. The magazine gave extra credit to states that have established pro-business policies.

YesVirginia Business Blog

Office, Retail and Industrial Markets Slowly Improving

The commercial real estate market continues to slowly improve since the slump that hit in 2010. Positive trends include industrial building sales, retail infill leasing, medical office space leasing and development, and multi-housing development. Vacancy rates are generally shrinking across the board, rents are stabilizing or slightly increasing, and speculative development is starting to emerge according to David M. Williams of Grubb & Ellis | Harrison & Bates.

Amazon.com's million-square-foot fulfillment centers in Chesterfield and Dinwiddie Counties are the big news for the industrial sector. Capital One Financial Corp., will join Amazon.com in Meadowville Technology Park within two years, creating 50 jobs and employing about 50 people. Thanks to growing sales of its hummus, Sabra Dipping Co., is investing $28 million to expand production at its food plant in Chesterfield County. Sabra is in the process of building a 20,000 square-foot R&D facility slated to open in the spring.

Despite the closing of large retailers in the area such as Best Buy, Kmart, Gander Mountain, Dillard's and Food Lion the retail market continues to improve. Dick's Sporting Goods will take over part of the space vacated by Dillard's in Southpark Mall in Colonial Heights next month.

Read more online at the Richmond Times-Dispatch