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Featured Property: 101 Mountain Avenue
FOR SALE - Two-story building built in 1980 and substantially renovated in 2000. 5,680 square feet of of efficient and flexible office space. Nice ratio of private offices to wide-open workspace. Shaded double lot with parking in rear. Perfect for attorneys, physicians or other professionals. Moments away from the courthouse and both Carilion hospitals. Flexible "MX" zoning. Bargain-priced for sale in THIS market, not the next.
Call Bryan or Richard for more information.
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NRV, Lynchburg and Winston-Salem
How our market stacks up
Last issue I wrote about how retailers choose whether to enter a particular market and how that market is typically defined. I shared with you the federal government's geographic definition of our market, the Roanoke MSA, and promised to compare our market to others which may seem to be more favored by the national retail chains.
After defining the market, the next step is to count heads and count dollars. Not surprisingly, population can be the sole determinant of whether some retailers choose a marketplace. The graph below compares the population trends in three markets often considered similar to the Roanoke MSA.
The next graph shows how much money is available in our area and the same markets. Roanoke compares favorably, but Winston-Salem has a clear advantage in the Net Worth category. This can be a particularly important factor to high-end and luxury-item retailers.
Next week we'll take a look at the concept of "gap analysis" and see what the statistics tell us are Roanoke's true retail needs.
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