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Mid-Atlantic Real Estate Investment Market Report: June 2020

Keeping Employees Safe: How to Successfully Re-Open Your Job Sites

As states begin the slow, careful process of reopening, many of you might be wondering what your construction site will look like or what additional steps you can take to ensure your employees remain healthy. We’ve put together a list of ways you can help ensure your site is reopened safely.

Start by creating and posting a COVID-19 exposure control, mitigation, and recovery plan at each job site.

Next, designate a COVID-19 supervisor at every job site. They should be responsible for monitoring the health of employees and enforcing the job site safety plan.

Read more

Market Activity

Richmond, VA
Market Overview

Virginia’s economy softened in April as payroll employment fell and the unemployment rate increased. The unemployment rate rose 7.3 percent which was 7.7 percent higher than in April 2019. The rate of mortgage payments that were 90 or more days past due went down to 0.8 percent. Virginia also issued 2,635 new residential permits in April. This is down from last April, but steady with March 2019.

681
Homes Sold
$255,000
Avg. Home Price
$1,268
Median Rent
U.S Census Bureau: first quarter 2020
8.8%
Rental Vacancy Rate
1.0%
Homeowner Vacancy Rate
10.6%
State Unemployment Rate
Metro Area Unemployment
Blacksburg--Radford, VA
11.5%
Charlottesville, VA
9.6%
Harrisonburg, VA
10.2%
Kingsport-Bristol-Bristol, TN-VA
13.7%
Lynchburg, VA
10.6%
Richmond, VA
11.3%
Roanoke, VA
10.7%
Staunton-Waynesboro, VA
9.5%
Virginia Beach-Norfolk, VA-NC
12.1%
Washington-Alexandria, DC-MD
9.9%
Winchester, VA
9.9%

Market Activity

Philadelphia, PA
Market Overview

In and around Philadelphia, industrial leasing has returned to near pre-pandemic levels. More than two million square feet of warehouse space was leased in April. That was nearly three quarters of the 2.65 million leased in January, and more than 86 times the 23,270 square feet leased in March. According to a CBRE study, this is partly due to companies snapping up space in densely populated areas to support growing online grocery operations and other e-commerce businesses.

749
Homes Sold
$230,000
Avg. Home Price
$1,908
Median Rent
U.S Census Bureau: first quarter 2020
8.1%
Rental Vacancy Rate
1.3%
Homeowner Vacancy Rate
15.1%
State Unemployment Rate
Metro Area Unemployment
Allentown-Easton, PA-NJ
16.0%
Altoona, PA
17.3%
Bloomsburg-Berwick, PA
14.2%
Chambersburg-Waynesboro, PA
13.0%
East Stroudsburg, PA
20.8%
Erie, PA
16.7%
Gettysburg, PA
14.7%
Harrisburg-Carlisle, PA
13.4%
Johnstown, PA
17.4%
Lancaster, PA
14.7%
Lebanon, PA
13.8%
New York-Jersey City, NY-NJ-PA
15.1%
Philadelphia-Wilmington, PA-MD
14.5%
Pittsburgh, PA
16.3%
Reading, PA
17.2%
Scranton-Wilkes-Barre-Hazleton, PA
17.8%
State College, PA
9.7%
Williamsport, PA
17.0%
York-Hanover, PA
14.9%
Youngstown-Warren, OH-PA
19.8%

Market Activity

Washington D. C.
Market Overview

For the D.C. area, there’s been a rising move toward single-family homes. According to Redfin, the platform saw a 33 percent increase in saved single-family property searches from February to May. That’s also a 28 percent surge from this time last year. Meanwhile, condos, townhomes, and multifamily properties have seen a decline in interest. Experts believe this reflects other data that has shown a growing interest for larger homes – likely due to social distancing orders which have families at home in need of additional space.

601
Homes Sold
$655,000
Avg. Home Price
$2,339
Median Rent
U.S Census Bureau: first quarter 2020
7.4%
Rental Vacancy Rate
2.0%
Homeowner Vacancy Rate
Homes sold and average home price data is from Redfin.com. Median Rent data is from rentcafe.com.

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