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Richmond’s Explosive Growth Translates to Low Vacancy

The Richmond area has experienced explosive single-family residential growth in the past decade due to the success of master-planned communities such as Grand Mission, Long Meadow Farms, Aliana and Harvest Green. More than 1.2 million square feet of new retail space has been completed in the immediate area to serve that residential growth, with another 500,000 square feet planned for development within the next five years.

And, area multifamily properties were resilient during the past year due to the low supply of new luxury apartments and growing demand. Responding to that demand, Read King’s Waterview will open in the first quarter of 2022. Its offering will include one, two and three-bedroom units.

“Occupancy and collections have been the focus for any real estate developer in 2020 – regardless of asset type,” said Read King co-founder Jeff Read. “When I saw the submarket sits at less than 6 percent vacancy, and with Amazon creating 1,000 new jobs, the decision was clear.”

Given that the average age of an apartment in the Richmond/Rosenberg submarket is more than 30 years old, there’s an unjustifiable void of class-A multifamily with modern amenities available here. And, the area boasts a much higher median income than other parts of Houston, says Wayfinder.

For comments, questions or concerns, please contact Lisa Brown

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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