Richmond Business Unit
Gilbane Building Co.
The growing life-sciences sector has “great potential for Richmond, as there is increased funding from the National Institutes of Health as well as venture capital,” Robinson says. Local multifamily projects are also increasing as “industries migrate to the region from larger markets, due to the lower cost of living as well as our proximity to rail, port and major Interstates,” he says.
The pandemic hit the commercial interiors market hard. “It will be interesting to see how the movement of working from home post-pandemic will impact this commercial sector and what new trends emerge as a result,” Robinson says.
The health care and higher education markets have already seen “swift rebounds from last year,” he notes, adding, “We expect steady growth in Richmond through the end of 2021.” Robinson says there will be a migration from big cities, which should boost “multifamily and associated social infrastructure projects that support a population increase.” He says, “Additional health care facilities, schools, entertainment, etc. will continue to see strong gains in 2022.”