Uh-oh. I heard this was coming. Today the Richmond Times-Dispatch led with a front page article detailing the massive downturn in the local commercial real estate market. Projections show Innsbrook with as much as a 36% vacancy rate by later this year. Ouch. Although I've always hated Innsbrook with the passion of a thousand suns, anything not good for the surrounding counties ain't good for Richmond either.
But, hopefully the glass-half-full folks are right, and we're past the worst of the commercial market downturn. In my ideal world, the availability and affordability of commercial space will encourage more businesses, especially start-ups, to locate Downtown, and lead to ever more and more revitalization of the City core. Faced with obsolescence, Innsbrook and other similar office parks will have to reinvent themselves in a more environmentally- and pedestrian-friendly model. No longer will you need to get in a car to get A-N-Y-W-H-E-R-E......
A lady can dream, can't she?
Interesting article.
I honestly do think Innsbrook has lost a lot of luster. As it ages further, the existing major/prestige tennants will run off the the next new office park (ie 288 or West Creek, downtown, or build their own campus.
Posted by: Jason | October 08, 2009 at 06:32 PM
Well, I hope that's not the case. Not to promote ANOTHER of my blog posts - who am I kidding? - to shamelessly promote another of my blog posts, I think Dave Liniger's article is rather persuasive in making the case that the Gen Y'ers have totally different values than the Baby Boomers. The Gen Y'ers will prefer urbanism, environmentalism, "less is more." No more McMansions or sprawling suburban communities with endless miles of black top. Perhaps...
Posted by: Melissa Loughridge Savenko | October 08, 2009 at 09:06 AM
It's nice to be optimistic, but I'm afraid counties will just build the next big office park, and nothing will change.
Posted by: FanGuy | October 08, 2009 at 08:50 AM