Savvy business owners are always on the lookout for an edge over their competition. While price, innovation, or marketing breakthroughs can be key, capitalizing on the sweet spot of emerging markets and commercial real estate can become the single most profitable factor to capitalize on. Here’s how to find that sweet spot right here in the Hampton Roads area.
Look to Transit-Oriented Development
TODs encourage consolidating residential and commercial construction near public transportation stations. Following the lead of Arlington County’s successful expansion of the Metrorail’s Silver Line, southern Virginia communities have followed suit. Examples include the Tide Light Rail Extension to Virginia Beach; the Interstate 44 proposal to link Raleigh and Norfolk; the Craney Island Expansion and Marine Terminal; and the Mid-Currituck Bridge project to provide another connection to Outer Banks destinations from the mainland.
Follow the Sports/Entertainment Venues
We have seen examples all over America of how sports arenas have transformed urban centers. The commercial real estate surrounding venues that attract thousands of residents and tourists on game day gets snapped up quickly - and for good reason. Keep a close watch on Virginia Beach, as groundbreaking is scheduled for the summer of 2015 on the construction of a 6,000-seat stadium at which a new minor league baseball team will play 70 home games per season. Note that the plan also includes a 60,000 square foot office building as well. That’s a lot of eaters and shoppers!
Also underway is the revitalization of downtown Norfolk. The opening of Waterside Live is expected in the summer of 2016, promising new shops, restaurants, and commercial real estate opportunities.
Check the Master Plans
A community’s master plan or development plans offer important clues about where public and private dollars will go. Plans often include land use and zoning details, renderings and economic impact estimates, and they can usually be found right on the municipality’s website.
As important as enticements are for emerging markets and commercial real estate property value, equally important are steps that discourage economic development. For example, the impact of instituting tolls on the Elizabeth River Tunnels in January 2015 is not yet clear, but it stands to reason that people may limit their trips to Portsmouth as a result. Other local concerns that impact commercial property values include tax hikes and rising crime rates. Click here to view previous tax rate comparions.
Emerging markets and commercial real estate opportunities go hand-in-hand. Keeping a close eye on the next emerging hot spot, and seizing on our simple tips, can help you uncover lucrative real estate investment opportunities.