Fitness industry helping to keep Richmond’s commercial real estate market fit
Two national fitness chains, YouFit Health Clubs and Crunch Fitness, entered the Richmond market last quarter and opened four gyms across the area for a combined 94,400 square feet, according to a CBRE/Richmond market report.
These openings accounted for 66 percent of Richmond’s retail net absorption during the first quarter, with YouFit opening three locations for 68,800 square feet and Crunch Fitness opening a 25,600 square-foot gym in the Willow Lawn area.
According to CBRE, the fitness sector’s growth has been vital in the market’s reabsorption of space being vacating by big-box retailers. Gold’s Gym and American Family Fitness already have occupied vacant anchor space at Virginia Center Commons and Willow Lawn, respectively.
In another fitness development, RichmondBizSense.com reports that the former CEO of Genworth Financial has opened a 50,000-square-foot athletic training facility in Mechanicsville. Michael Fraizer’s Sports Reality held a grand opening on May 16. The facility, at 8137 Pine Ridge Road, offers sports performance training for athletes and serves as a practice facility for the Richmond Raiders, a professional indoor football team owned by Fraizer and his wife, Elizabeth.