Big economic development deals announced over the last two years are coming to fruition in the Roanoke and New River valleys, even as other companies are shutting down and scaling back.
However, a series of economic development wins the last few years has dramatically reduced the region’s inventory of potential commerical sites. Industrial parks and prime commercial spaces have filled, leaving some companies bursting at the seams but unable to expand due to lack of capacity.
“The biggest problem is supply and demand,” says Dennis Cronk of commercial real estate group Poe & Cronk. “We have a very limited supply of industrial buildings and a limited supply of industrial land that is developable at a reasonable cost.”