Commercial Real Estate News / Buying / Top Places to Buy Land in Virginia

Top Places to Buy Land in Virginia

Published: 09-18-24 Category: Buying

Specializes in providing actionable insights into the commercial real estate space for investors, brokers, lessors, and lessees. He covers quarterly market data reports, investment strategies, how-to guides, and top-down perspectives on market movements.

Cars driving down a highway in Virginia.

Virginia, a state known for its rich history, diverse landscapes, and strategic location on the East Coast, offers numerous opportunities for today's commercial land investors and commercial real estate (CRE) brokers.

Newcomers may be interested to learn that the state's full name is the Commonwealth of Virginia. This is an English term used to describe a political community founded for the common good.

Kentucky, Massachusetts and Pennsylvania also describe themselves as Commonwealths.

Another historical fact: The English arrived in Virginia in 1607, setting up the first permanent New World colony, Cape Henry, near Virginia Beach (the state's largest city).

Today's state of Virginia offers savvy investors a variety of urban, suburban and rural options for land purchase, all within a growing economy.

Here, we'll explore five possible locations in Virginia for purchasing land. Each offers its own unique advantages for a variety of investment budgets.

#1 – Northern Virginia

Northern Virginia, particularly areas like Fairfax, Loudoun, and Prince William Counties, is considered particularly desirable for commercial land investors who are thinking big.

In addition to its close proximity to Washington D.C., it's home to the thriving Dulles Technology Corridor, which is home to more telecom and satellite companies than any other region.

Prince William and Fauquier Counties are home to a massive network of data centers that keep a large percentage of the world's internet traffic live.

Major employers include VA Data, SAIC (Science Applications International Corporation), the Department of Defense, Iron Mountain, and other government and defense contracting firms.

Residents of this area also share a high median household income.

Investors in larger CRE projects such as office parks, mixed-use developments, and data centers are attracted by the area's continued robust economic growth, which is driven by government contracting, technology, and professional services.

#2 – Richmond Metro Area

As the state capital and a major economic hub, Richmond offers diverse opportunities for commercial land investment. Generally, it's a more affordable area than Northern Virginia.

Investors are often attracted to the area's central location, together with data that reflects growing financial and healthcare sectors.

Those with an interest in revitalization may find opportunities within Richmond's downtown area, as the city is currently managing programs to attract businesses and residents.

Richmond's location along I-95, a highway that runs along the Eastern coast from Florida to Maine and Canada, may facilitate other land purchases.

Investors interested in building warehouses and distribution centers may also find this area especially attractive.

#3 – Charlottesville

Home to the University of Virginia which was founded by Thomas Jefferson, Charlottesville offers a variety of investment options for mid-range budgets.

The area is home to a growing number of biotech and defense industries, in addition to the university's prestigious presence. Residents include young professionals and retirees, drawn by the city's natural beauty and cultural amenities.

Buyers generally consider land for research parks, medical offices, and mixed-use developments catering to students and young professionals. The area's popularity among retirees also creates opportunities for senior living communities.

In addition, the city has designated a Strategic Investment Area, a 330-acre area that's south of downtown Charlottesville. It's been identified as a potential area for investors and growth, due to its low density and available land.

#4 – Roanoke Valley

As the largest metropolitan area in Southwest Virginia, Roanoke offers affordable investment opportunities with positive growth potential. Investors in outdoor recreation facilities may find the area attractive, as it draws hikers headed for 700 miles of hiking trails, plus plenty of mountain and road cyclists.

Roanoke County has established an Opportunity Zone at the intersection of Interstates 81 and 581. These Opportunity Zone Districts include areas that are home to undeveloped or under-developed properties currently zoned for commercial or industrial development. Investors may want to consider neighboring land.

The area is also a growing technology and healthcare center, fueled by several state and local programs. Investors may want to check out RAMP, the Regional Accelerator and Mentoring Program, and learn more about previous investments.

Land purchases for investors are recommended for the development of light industrial parks, healthcare facilities, and mixed-use developments. The area's affordability and quality of life also make it attractive for companies looking to relocate or expand.

#5 – Shenandoah Valley

The Shenandoah Valley, including cities Harrisonburg and Winchester, offers a blend of agricultural heritage and emerging industries. Investors interested in supporting colleges and universities may want to locate land near Harrisonburg's James Madison University or Winchester's Shenandoah University.

The Valley is home to a growing number of food processing and manufacturing industries. Investors may also want to take note of the Valley's natural beauty, as it offers considerable potential for traditional and eco-tourism.

Home to Shenandoah National Park and the Museum of the Shenandoah Valley, visitors may reach the area via Interstate-81. Visitors may also detour to the scenic Blue Ridge Parkway that runs adjacent to parts of I-81.

Other investment opportunities include land purchases for agribusiness facilities, light manufacturing, and distribution centers.

Research Topics for CRE Land Investors

No matter what development plans are in the works, investors and brokers will need to research the following before proceeding with a land purchase.

Infrastructure and transportation access;
Local economic trends and industry clusters;
Zoning regulations and future development plans;
Workforce availability and skills; and
Quality of life factors that attract businesses and employees.

As with any real estate investment, thorough due diligence is crucial. Be sure to reach out to Virginia's economic development offices and legal experts to help ensure sound investment decisions that provide lucrative long-term dividends.