As values of commercial properties skyrocketed in large cities, investors turned their attention — and dollars — to cities such as Richmond, Charlotte, N.C., Raleigh, N.C., and Nashville, Tenn., according to three panelists who spoke Wednesday at the Eighth Annual Commercial Real Estate Forum hosted by Commonwealth Commercial, a commercial real estate firm in Henrico County.
“Secondary markets are showing great returns on a risk-adjusted basis,” said panelist Ronald Lamontagne, managing director of Partners Group Inc., a Switzerland-based global private markets investment manager.
Small cities such as Richmond offer a low cost of living, which is attractive to companies that want to do business in those cities, said Lamontagne, who works in New York.
About 300 people in the commercial real estate industry attended the afternoon session on “Commercial real estate investing — where are we/where are we heading” at The Westin Richmond hotel in Henrico County.