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City of Charlottesville Retail Storefront Vacancy Report - January 2021

Charlottesville’s biannual vacancy study was completed in January 2021. This was the twenty sixth study in a series of semi-annual reports prepared by the Office of Economic Development, starting in July 2008. As noted, the overall vacancy rate of the major shopping centers in Charlottesville is 7.66%. These indicators suggest the retail situation in Charlottesville is experiencing impacts from the economic stress caused by the COVID-19 pandemic since March 2020. January 2021 Vacancy Study (pdf)

City of Charlottesville Office and Retail Market Study

Recently the Office of Economic Development and the Charlottesville Economic Development Authority retained HR&A Advisors to conduct a market study of the office and retail space in the city. The study is intended to serve as a source of foundational data and information to guide future actions.    Retail Market 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.
Local Construction Guide.

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. Executive Summary (pdf).

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:  Workforce Development Annual Update

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. SAT Report (pdf).

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, Arts & Economic Prosperity IV report.

 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, Target Markets Report

High-Technology Sector Economic Impact Analysis
Some highlights of the report include:

  • 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.

 High-Technology Sector Economic Impact Analysis report.

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.

Economic Development Market Study.