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City of Charlottesville Retail Storefront Vacancy Rate - July 2015

Charlottesville's biannual vacancy study was completed in July 2015. This was the fifteenth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. With an overall retail vacancy rate of 5.43% (25 vacancies), Charlottesville continues to demonstrate a stable retail property environment. This is slightly higher than the January 2015 rate of 3.91%. These indicators suggest that the retail situation in Charlottesville is stable, as empty storefronts in general do not stay vacant for long periods of time. Please CLICK HERE to view the July 2015 Vacancy Study.

Office of Economic Development Local Construction Guide

With several construction projects underway and more planned for the future, the OED has created a guide for local businesses to use during construction projects. This Construction Guide serves as a proactive tool for businesses facing large construction projects near their business location. The goal of the guide is to be a source of planning, offering strategies, and information to implement so that business owners can maintain customers, protect access, and successfully manage their business during the construction process. To view the online version, please CLICK HERE. If you would like a printed version, please send an email HERE.

2015 Business Survey Report Executive Summary

The OED has completed its comprehensive 2015 City of Charlottesville Business Survey and released the accompanying Executive Summary. A few highlights of this year’s key findings are:

• 58.5% of businesses indicated 2014 sales were up when compared to 2013 sales
• 82.4% of businesses do not have difficulties retaining employees
• 83.0% of businesses plan to hire full-time workers in the next year
• 86.7% of businesses believe that their future sales and business prospects will be either excellent or good

The 2015 Business Survey was the third installment in a series of biennial surveys. In 2011, the OED began conducting a survey of City businesses to assess perceptions of the business climate and determine the needs of City business owners. For more information about this survey, please contact Jason Ness at nessj@charlottesville.org. To view the Executive Summary, CLICK HERE.

City of Charlottesville Retail Storefront Vacancy Rate - January 2015

Charlottesville's biannual vacancy study was completed in January 2015. This was the fourteenth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. With an overall retail vacancy rate of 3.91% (18 vacancies), Charlottesville continues to demonstrate a stable retail property environment. This is slightly higher than the July 2014 rate of 3.25%. These indicators suggest that the retail situation in Charlottesville is stable, as empty storefronts in general do not stay vacant for long periods of time. Please CLICK HERE to view the January 2015 Vacancy Study.

Office of Economic Development Annual Report 2014

The Office of Economic Development (OED) is pleased to provide this update on our activities from 2014 as we continue to strive to fulfill our mission as a catalyst for the economy. Please CLICK HERE to view the full report.

Growing Opportunity Update Released

The City of Charlottesville has made significant progress towards many of the workforce development action items in the Growing Opportunity: A Path to Self-Sufficiency report, which was presented to City Council in July 2013. A 2014 annual update providing an overview of these accomplishments is available online by clicking HERE.

City of Charlottesville Retail Storefront Vacancy Rate - July 2014

Charlottesville's biannual vacancy study was completed in July 2014. This was the thirteenth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. With an overall retail vacancy rate of 3.25% (15 vacancies), Charlottesville continues to demonstrate a stable retail property environment. The overall vacancy rate of the major shopping centers in Charlottesville is 3.25%. This is lower than the January 2014 rate of 3.28%. These indicators suggest that the retail situation in Charlottesville is stable, as empty storefronts in general do not stay vacant for long periods of time. Please CLICK HERE to view the July 2014 Vacancy Study.

City of Charlottesville Retail Storefront Vacancy Rate - January 2014

Charlottesville's biannual vacancy study was completed in January 2014. This was the twelfth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. With an overall retail vacancy rate of 3.28% (15 vacancies), Charlottesville continues to demonstrate a stable retail property environment. The overall vacancy rate of the major shopping centers in Charlottesville is 3.28%. This is lower than the July 2013 rate of 3.78%, and slightly higher than the January 2012 rate of 2.88%. These indicators suggest that the retail situation in Charlottesville is stable, as empty storefronts in general do not stay vacant for long periods of time. Please CLICK HERE to view the January 2014 Vacancy Study.

Office of Economic Development Annual Report 2013

The Office of Economic Development (OED) is pleased to provide this update on our activities from 2013 as we continue to strive to fulfill our mission as a catalyst for the economy. Please CLICK HERE to view the full report.

Strategic Action Team Report

The Strategic Action Team (SAT) has finalized a comprehensive report entitled Growing Opportunity: A Path to Self-Sufficiency in Charlottesville. This report includes an overview of the workforce climate, barriers to employment, and recommendations of the team.

The SAT was formed at City Council's request in 2012 to examine workforce development opportunities for Charlottesville residents. The working group was comprised of twelve representatives from five City departments.

The report was presented to City Council at a work session on Thursday July 11th. To view this report, CLICK HERE.

Office of Economic Development Annual Report 2012

The Office of Economic Development (OED) is pleased to provide this update on our activities from 2012 as we continue to strive to fulfill our mission as a catalyst for the economy. Please CLICK HERE to view the full report.

Arts Impact in The Greater Charlottesville Area

Arts & Economic Prosperity IV (AEPIV) is the most comprehensive economic impact study of the nonprofit arts and culture industry ever conducted in the United States. AEPIV was conducted by Americans for the Arts, the nation’s leading nonprofit organization for advancing the arts and arts education in partnership with Piedmont Council for the Arts.

As one of 182 study partners across all 50 states and the District of Columbia, PCA facilitated the gathering of detailed economic and event attendance data from study partner nonprofit arts and culture organizations located throughout Charlottesville and Albemarle. In addition, PCA collaborated with the community’s other arts organizations to collect approximately 2,000 surveys from at least 900 arts and culture event attendees in Charlottesville and Albemarle during 2011.

According to data from the study, the arts and culture industry generates $114.4 million in annual economic activity in the Charlottesville area, supporting 1,921 full-time equivalent jobs and generating $9.2 million in local and state government revenues. To access the full report, CLICK HERE.

Target Markets Report

In 2012, the Thomas Jefferson Partnership for Economic Development released this report to help better understand the current industry groups present in the regional economy and to identify future targets for appropriate growth. Target industry groups were identified for each locality in the TJPED region. To access the City of Charlottesville chapter, CLICK HERE.

High-Technology Sector Economic Impact Analysis

Some highlights of the report include:mall cafe

  • The tech sector includes some 11,700 jobs spread across 640 firms in our metro area with average wages of $65,000. This is nearly 70% greater than the average salary of $39,000 in our area.
  • 3,000 of those jobs are at 270 companies located in the City! Said another way - 42% of the tech companies in the MSA are in the City.
  • The Tech sector has a total economic impact of $4.4 billion annually (this includes direct, indirect and induced spending).
  • $182 million in state and local tax revenue are generated from the high tech sector annually.

To access the full report, click HERE

Economic Development Market Study

This report was developed by Economics Research Associates (ERA), which was retained by Martha Jefferson Hospital to advise on the development potential for the 13.6 acre site in Downtown Charlottesville. It provides a market analysis for key land uses (residential, hotel/conference center, retail, office, and research and development) and an analysis of redevelopment opportunities. The site will become vacant when the Hospital moves to Route 250 in Albemarle County by the year 2012.

To access the full report, click HERE