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Richmond: Economy/Business/Real Estate


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  • 2 weeks later...

CoStar has purchased Homesnap for $250 million.   The bigger their international presence gets, the more I keep hoping their new tower will be impressive.  
 

https://www.google.com/amp/s/www.wsj.com/amp/articles/costar-in-advanced-talks-to-buy-homesnap-for-250-million-11606068000

EDIT:

Other acquisitions through the years according to Wikipedia.  You'll probably recognize a few names.

"In April 2012, CoStar Group acquired LoopNet for $860 million.[4][5]

In April 2014, the company acquired Apartments.com for $585 million.[6]

In April 2015, the company acquired Apartment Finder for $170 million.[7]

In July 2015, the company acquired Belbex an online marketplace and information provider for commercial property based in Spain.

In February 2017, the company acquired Westside Rentals.[8]

In February 2018, the company acquired ForRent.com from Dominion Enterprises for $350 million in cash and $35 million in stock.[9]

In October 2018, the company acquired Realla.co an online marketplace for commercial property based in the United Kingdom.[10]

In November 2018, the company acquired Cozy Services for $68 million.[11]

In February 2019, the company announced that Oxford Economics will provide the economic data and forecasts used in CoStar’s products.[12]

In June 2019, it was announced that CoStar Group would acquire Off Campus Partners, LLC, the leading online marketplace for off campus student housing.

In October 2019, it was announced that CoStar Group would acquire STR, Inc, a global leader in hospitality data analytics, for $450 million.[13]

In February 2020, it was announced that CoStar would acquire RentPath for $588 million.[14] Prior names associated with RentPath are K-III and PriMedia Inc."

Edited by rjp212
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  • 1 month later...
16 minutes ago, rjp212 said:

Comment from Bruce Milam (are you on here?) on Bizsense the future of Richmond.  I’ve noticed he seems to be pretty well versed on the comment section. 

There has been a flurry of activity in the downtown office towers recently with the relocation of D.C. and NYC firms scoping the City for space at much lower rates. Richmond is going to have a net positive overall when this pandemic shakes out.”

I don't think Bruce is on this site, but would love to have him join!  I do know that he is well connected with the commercial real estate market in Richmond (I think he is in Real Estate Sales if I'm not mistaken).  If it's happening, he knows about it.  With that said, his comment is very encouraging!

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1 hour ago, eandslee said:

I don't think Bruce is on this site, but would love to have him join!  I do know that he is well connected with the commercial real estate market in Richmond (I think he is in Real Estate Sales if I'm not mistaken).  If it's happening, he knows about it.  With that said, his comment is very encouraging!

He loves to comment, he would be great on this site.

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4 hours ago, rjp212 said:

Comment from Bruce Milam (are you on here?) on Bizsense regarding the future of Richmond.  I’ve noticed he seems to be pretty well versed on the comment section. 

There has been a flurry of activity in the downtown office towers recently with the relocation of D.C. and NYC firms scoping the City for space at much lower rates. Richmond is going to have a net positive overall when this pandemic shakes out.”

Was his comment in response to a specific article in RBizSense? If so, could you link it?

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I know Bruce a bit.  He used to sit near my family at Scott Stadium and I occasionally run into him in Charlottesville.  He's a great guy and pretty funny.  Whenever an opponent would commit its first penalty, Bruce would yell out, "They've been doing it all day ref."

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1 hour ago, Wahoo 07 said:

I know Bruce a bit.  He used to sit near my family at Scott Stadium and I occasionally run into him in Charlottesville.  He's a great guy and pretty funny.  Whenever an opponent would commit its first penalty, Bruce would yell out, "They've been doing it all day ref."

Love to hear that he’s a fellow Wahoo!!  Sounds like a good, fun dude.   Anyone gutsy enough to reach out and invite him to participate on this forum? :shades:

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So this is just some food for thought but I was thinking about the banks in Richmond and with chase in the market now and once all the bb&t and suntrust branches get rebranded to truist does anyone see chase having a much larger presence in Richmond with a more regional office building for all of chases branches here. My thoughts are if all the suntrust and bb&t employees move out of downtown Richmond to Charlotte or atlanta which I’m expecting them to with the truist merger how likely is it for chase to have a much larger presence in downtown and in the suburbs like suntrust or bb&t has here? I’m honestly surprised it took chase bank this long to make it into the Richmond market. I also see truist consolidating a lot of locations with all of the bb&t and suntrust branches there are all over the region. Just something I’d like to get everyone’s thoughts on.


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There will definitely be a shake up of the banks in the near future as commercial lending goes through a recession.  The larger banks in general seem to be reducing the number of branches, while the smaller banks seem to be expanding.  I'm still holding out on Atlantic Union seeing exponential growth.  Outside of Costar and Dominion, they seem the best chance for a new high rise downtown.

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Aside from Dominion and VCU Health (as part of the development across 10th Street from the new Outpatient hospital, I'm not holding out much hope for any new high rise office building downtown in the relatively near future, especially until we see how things shake out post-Covid. No idea what CoStar will do. Hoping you're right that Atlantic Union might do something. I think most of the new high rise development (unless, say, that big Hyatt Regency that was part of Navy Hill gets built) will be residential - and I'm 100% okay with that right now.

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On 1/5/2021 at 6:56 PM, rjp212 said:

Comment from Bruce Milam (are you on here?) on Bizsense regarding the future of Richmond.  I’ve noticed he seems to be pretty well versed on the comment section. 

There has been a flurry of activity in the downtown office towers recently with the relocation of D.C. and NYC firms scoping the City for space at much lower rates. Richmond is going to have a net positive overall when this pandemic shakes out.”

Remember our discussion about Bruce Milam?  Well, RBS wrote a small article about him today.   Looks like he’s going to branch off and work for himself.  This article reveals his extensive commercial real estate background.  Also, there is a photo of him (if you were curious):

https://richmondbizsense.com/2021/01/14/veteran-commercial-real-estate-broker-branches-out-with-one-man-shop/

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20 hours ago, eandslee said:

Remember our discussion about Bruce Milam?  Well, RBS wrote a small article about him today.   Looks like he’s going to branch off and work for himself.  This article reveals his extensive commercial real estate background.  Also, there is a photo of him (if you were curious):

https://richmondbizsense.com/2021/01/14/veteran-commercial-real-estate-broker-branches-out-with-one-man-shop/

Would love it if anyone in this community knows him they reached out to him. His voice on this forum would certainly be most welcome, insightful and informative!

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  • 2 weeks later...
12 hours ago, rjp212 said:

Good news for RVA!  LinkedIn ranked Richmond #9 for job growth in 2020. 

https://www.linkedin.com/pulse/stormy-times-15-us-cities-make-jobs-happen-george-anders

 

It’s good to see we are in the top 10, but we constantly keep getting beat out by some of the same peers cities, like Austin, Raleigh-Durham, and Nashville.  Not sure what it will take to out-do these cities, but I think we need to figure it out.  With that said, this ranking is a vast improvement over what I’ve seen in the past.  Looks like we are getting there - there’s just more work to do!

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5 hours ago, eandslee said:

It’s good to see we are in the top 10, but we constantly keep getting beat out by some of the same peers cities, like Austin, Raleigh-Durham, and Nashville.  Not sure what it will take to out-do these cities, but I think we need to figure it out.  With that said, this ranking is a vast improvement over what I’ve seen in the past.  Looks like we are getting there - there’s just more work to do!

Leap-frogging those three will be a challenge. Take solace though - we were ranked ahead of Charlotte! :yahoo:

Edited by I miss RVA
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