Once again the reporters at Richmond BizSense have put on their walking shoes to scout out conditions in local real estate markets. This time they have set their sights on Shockoe Bottom. The mixed use entertainment district is showing signs of recovery from the devastating flooding of Hurricane Gaston in 2004, but the vacancy rate exceeds 20 percent.

Turnover in restaurants and bars is high, the online business pub concludes. Of 43 buildings counted, only 29 were occupied. Ten were vacant and four were undergoing visible renovation. The 23 percent vacancy rate compares to a 6 percent rate for Richmond area retail.  

Rachel Flynn, director of community development for the City of Richmond, told Richmond BizSense that most of the buildings that appear vacant are under some stage of renovation, even if they appear to be lifeless. “It’s a work in progress. Confidence in that area is rebuilding, and now they’re taking it one building at a time,” she said.