{"id":180013,"date":"2023-08-16T01:35:00","date_gmt":"2023-08-16T01:35:00","guid":{"rendered":"https:\/\/capitalsquare1.wpengine.com\/?post_type=expertise&#038;p=180013"},"modified":"2024-08-29T19:08:38","modified_gmt":"2024-08-29T19:08:38","slug":"richmond-virginia-washington-d-c-s-new-sister-city-so-much-more","status":"publish","type":"expertise","link":"https:\/\/capitalsq.com\/expertise\/richmond-virginia-washington-d-c-s-new-sister-city-so-much-more\/","title":{"rendered":"Richmond, Virginia: Washington D.C.&#8217;s New Sister City and So Much More"},"content":{"rendered":"<p class=\"appear-on-scroll\">The number of people working from home tripled between 2019 (5.7%) and 2021 (17.9%). For those working in Washington, D.C., this total rose to 48.3% in 2022, giving the city <a href=\"https:\/\/www.census.gov\/newsroom\/press-releases\/2022\/people-working-from-home.html\" target=\"_blank\" rel=\"noreferrer noopener\">the highest percentage of home-based workers in the country<\/a>. Just 100 miles south, an easy train-ride or a short drive away, sits Richmond, Virginia \u2013 a city with a growing arts, culture and entertainment scene, less traffic and an enticing price-point.<\/p>\n\n<p class=\"appear-on-scroll\">The trend of \u201csister cities\u201d isn\u2019t a new one. Los Angeles has Bakersfield; Denver has Colorado Springs; Dallas has Fort Worth; Seattle has Tacoma; Phoenix has Tucson. Now, Washington, D.C. has Richmond, and this trend is expected to hold for the long term.<\/p>\n\n<p class=\"appear-on-scroll\">The average number of transplants from Northern Virginia (Washington, D.C. suburbs) to Richmond <a href=\"https:\/\/www.washingtonian.com\/2023\/02\/14\/is-richmond-turning-into-the-new-bedroom-community-for-dc-workers\/\" target=\"_blank\" rel=\"noreferrer noopener\">increased 36% during 2021 and 2022<\/a>, compared to the range between 2010 and 2019. <a href=\"https:\/\/www.washingtonian.com\/2023\/02\/14\/is-richmond-turning-into-the-new-bedroom-community-for-dc-workers\/\" target=\"_blank\" rel=\"noreferrer noopener\">Train ridership between the two cities also increased<\/a> 26% from July 2019 through July 2022.<\/p>\n\n<p class=\"appear-on-scroll\">Inflation and cost-of-living increases have become a massive burden on households. Prices for shelter alone increased 7.9% between January 2022 and January 2023.<sup>1<\/sup> Yet while D.C.\u2019s average rent is $2,356, Richmond\u2019s average is $1,458 \u2013 and Richmond\u2019s average apartment size is 13.45% larger.<sup>2<\/sup><\/p>\n\n<p class=\"appear-on-scroll\">Yet not only is Richmond an easy commute to Washington, D.C. This mid-sized city is a world-class place to live, work and play all on its own.<\/p>\n\n<p class=\"appear-on-scroll\">Richmond, Virginia is one of our nation\u2019s oldest cities, yet it is modern and vibrant. It\u2019s the <a href=\"https:\/\/www.10best.com\/awards\/travel\/best-arts-district-2022\/\" target=\"_blank\" rel=\"noreferrer noopener\">#10 Arts District in the U.S.<\/a> and has become known as one of the <a href=\"https:\/\/www.southernliving.com\/travel\/virginia\/restaurants-richmond-va\" target=\"_blank\" rel=\"noreferrer noopener\">South\u2019s top food destinations.<\/a><\/p>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\">Over 10 Fortune 1000 companies have their headquarters in Richmond, including:\u00a0<\/span><\/h2>\n\n<ul  class=\"appear-on-scroll wp-block-list\" >\n<li>Dominion Energy<\/li>\n\n\n\n<li>Altria<\/li>\n\n\n\n<li>Owens &amp; Minor<\/li>\n\n\n\n<li>Markel<\/li>\n\n\n\n<li>Arko<\/li>\n\n\n\n<li>Genworth<\/li>\n\n\n\n<li>CarMax<\/li>\n\n\n\n<li>Performance Food Group<\/li>\n\n\n\n<li>ASGN<\/li>\n\n\n\n<li>Universal (tobacco)<\/li>\n\n\n\n<li>NewMarket<\/li>\n\n\n\n<li>Brink\u2019s<\/li>\n<\/ul>\n\n<h2  class=\"appear-on-scroll wp-block-heading\" ><span class=\"text\">Numerous national and international corporations have recently relocated to the greater Richmond region, including:<\/span><\/h2>\n\n<ul  class=\"appear-on-scroll wp-block-list\" >\n<li><a href=\"https:\/\/www.vedp.org\/press-release\/2021-04\/amazon-henrico-county\">Amazon<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.costar.com\/article\/508382584\/costar-group-plans-460-million-campus-expansion-in-richmond\">CoStar<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.legocareersvirginia.com\/\">LEGO<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/richmond.com\/business\/local\/oreo-cookie-and-ritz-cracker-maker-mondelez-international-opens-450-000-square-foot-henrico-center\/article_76b6a7f0-913f-55b6-907c-03c0df5ba05a.html\">Mondelez International<\/a> (Oreo &amp; Ritz)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.bizjournals.com\/richmond\/inno\/stories\/news\/2022\/09\/14\/plenty-vertical-farming-chesterfield-richmond.html\">Plenty<\/a> (\u201cthe world\u2019s largest indoor vertical farming campus\u201d)<\/li>\n\n\n\n<li><a href=\"https:\/\/www.vedp.org\/case-study\/meta-friends-virginia\">Meta<\/a> (Facebook)<\/li>\n<\/ul>\n\n<p class=\"appear-on-scroll\">It\u2019s no surprise why workers in Washington, D.C. and across the nation are relocating to call Virginia\u2019s capital their new home. Richmond is not only <a href=\"https:\/\/www.axios.com\/local\/richmond\/2023\/02\/13\/richmond-fastest-growing-virginia\" target=\"_blank\" rel=\"noreferrer noopener\">the fastest growing region in Virginia<\/a>; it\u2019s also seen the <a href=\"https:\/\/www.axios.com\/local\/richmond\/2023\/05\/30\/richmond-population-growth-ranking\" target=\"_blank\" rel=\"noreferrer noopener\">15<sup>th<\/sup> highest population growth in the nation<\/a>, among cities with 1 million or more people.<\/p>\n\n<p class=\"appear-on-scroll\">What does this mean for investing in Richmond real estate and how Capital Square is building the future of Richmond? Learn more about our <a href=\"\/portfolio-offerings\/\">latest open offerings<\/a>, or <a href=\"\/contact\">contact our team<\/a> to learn more.<\/p>\n\n<p  class=\"appear-on-scroll has-small-font-size\" ><sup>1 <\/sup>U.S. Bureau of Labor Statistics, February 16, 2023<\/p>\n\n<p  class=\"appear-on-scroll has-small-font-size\" ><sup>2 &nbsp;<\/sup>ibid.<\/p>","protected":false},"excerpt":{"rendered":"<p>Just 100 miles south of Washington, DC, an easy train-ride or a short drive away, sits Richmond, Virginia \u2013 a city with a growing arts, culture and entertainment scene, less traffic and an enticing price-point.<\/p>\n","protected":false},"author":[],"featured_media":180212,"template":"","meta":{"featured_image_background_position":"","promoted":false,"priority":"","footnotes":""},"categories":[26],"tags":[34,37],"content-type":[39],"investment":[],"class_list":["post-180013","expertise","type-expertise","status-publish","has-post-thumbnail","hentry","category-city-spotlight","tag-building-the-future","tag-investor-education","content-type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Richmond, Virginia: Washington D.C.&#039;s New Sister City and So Much More - Capital Square - Raising capital, buildings and expectations<\/title>\n<meta name=\"description\" content=\"The Richmond area is the fastest growing region in Virginia. 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