Featured Property:
15 Salem Avenue
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FOR LEASE - Recently renovated building in downtown Roanoke. This three-story office building has an elevator, professional tenant base, large windows, and exposed brick walls. The open floor plans and nice finishes give these offices wonderful character. Lease incentives are available. Excellent location in the Central Business District, directly across the street from Well Fargo Tower, 1/2 block to market building, Taubman Art Museum, Hotel Roanoke and Higher Ed Center. Right on the bus and trolley lines.
Call Bryan or Richard for more information.
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Chili's, Trader Joe's & an Apple Store
Defining Our Market.
"We need a Trader Joe's." "Roanoke doesn't even have a decent computer store." "If Harrisonburg has a Chili's why doesn't Roanoke?" These are typical of the comments and questions we commercial real estate brokers often hear. It's hard not to feel cheated and overlooked as a region and equally difficult not to develop a inferiority complex.
In the end, it's all about demographics for the big "nationals". They need to know statistically that their stores will be a success. They invest too much money in each store to gamble on any location. To illustrate what is at risk, here's one estimate of what it costs to open a Chili's.
When compiling the necessary demographic data, the first thing the nationals do is define their market area. While market geography can be in the eye of the beholder, the most commonly used standard is the Metropolitan Statistical Area, or MSA, as established by the U.S. Office of Management and Budget. The graphic below is the federal government's definition of our economic region. We'll be going into more detail about how our region stacks up demographically in coming issues.
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