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Grants, Incentives, and More – Offices Have a Bright Future With Henrico Tomorrow
2025-02-13
With hybrid work schedules becoming the norm, office vacancies have spiked across the nation, leaving once bustling hubs of activity and face-to-face connections underutilized and their potential untapped. Employees who do venture to the office have a growing desire for well-designed workspaces that offer top-notch amenities and a sense of place.
So, how does an aging office reinvent itself as THE place for collaboration and innovation? A team of industry leaders in Henrico worked tirelessly to formulate an extraordinary answer: Henrico Tomorrow.
Building Up Henrico Tomorrow
The landmark Henrico Tomorrow initiative was launched at the end of 2024. Catering to companies of all sizes, this comprehensive program features an unprecedented suite of incentives designed to transform today’s offices into the workplaces of tomorrow to foster collaboration and propel innovation.
From an Office Reimagining Grant that covers architectural and design services to the Office Renovation Incentive Program that offers up to a $500,000 reimbursement on qualifying office renovation costs to exempting the first $1 million in gross receipts from the Business, Professional, and Occupational License (BPOL) tax, Henrico Tomorrow offers it all. It’s a groundbreaking approach to cultivate workspaces that support contemporary teams.
Henrico’s Class A Team
Behind Henrico Tomorrow is the Henrico Office Task Force, a team of local public and private sector industry experts who first convened mid-2023. A true community collaboration, this group hosted representatives from real estate heavyweights Highwoods Properties, Thalhimer, Lingerfelt, Colliers, and Pruitt Properties; economic development leaders Greater Richmond Partnership, the Henrico EDA, and Henrico’s Finance and Planning Departments.
“The task force brought together a group of us owners and brokers to discuss the challenges within the market right now and to brainstorm ideas,” said Amy Broderick, Senior Vice President of Thalhimer. “We focused on growing office tenancy, retaining office tenancy, and creating more possibility for property owners in the market.”
The group convened repeatedly over the course of 18 months and developed a robust collection of forward-thinking recommendations. With unanimous approval by Henrico’s Board of Supervisors, Henrico Tomorrow emerged.
Make Tomorrow Today
Office owners and/or tenants can now take advantage of Henrico Tomorrow’s incentives to elevate their workspaces. The most generous initiative, Henrico’s Office Renovation Incentive Program, provides a dollar-for-dollar match – up to $500,000 – on qualifying improvements to four-star office buildings. Interested parties need to act fact as the deadline to apply for this incentive is March 15, 2025.
The potential magnitude of this initiative is particularly exciting to Anthony Romanello, Executive Director of the Henrico Economic Development Authority, and his team, who serve to grow Henrico’s economy for all.
“We know that the whole world is evaluating office space. Why not Henrico?” asked Romanello. “We have a fabulous quality of life, low taxes, robust infrastructure, and global connectivity. So, with this reimbursement grant, we’re focusing on four-star office buildings and looking to elevate them to premier status. Our vision is for Henrico’s offices to be world-class.”
A Place for Bold Vision
Broderick has enthusiastically shared Henrico Tomorrow’s features with clients and colleagues alike with an emphasis on the Office Reimagining Grant Program.
Property owners and/or tenants who are looking to optimize their work environments and enhance a building’s appeal can capitalize on the initiative, which provides up to $25,000 for architectural and design services performed by any licensed architect in Virginia. The award-winning architecture firm Baskervill is ready to assist. Utilizing the initiative can mean higher property value and operational efficiency, an increased ability to attract and retain talent, and a firm foundation for business growth and scalability.
“It’s an incredible opportunity for existing property owners in the county to really take their office spaces to the next level,” explained Broderick.
Reboot, Reinvest, and Raise the Bar
Henrico Tomorrow doesn’t stop there. Its reach extends to nearly every corner of Henrico. Through the expansion of a program, now known as the Greater Henrico Technology Zone, every office building project in Henrico has the potential to receive building and permit fee waivers, custom incentives, and more. Leading technical builder DPR Construction and W. R. Berkley Corporation subsidiary Berkley Insurance Company have both taken advantage of the zone, adding 24,000 square feet of additional office space combined.
For more information on the Greater Henrico Technology Zone or to submit a completed Technology Zone Fee Waiver application, email Ashley Kubat, Henrico EDA Director of Administration, at ashley@henrico.com.
More savings are available as a direct result of Henrico’s commitment to a low cost of doing business. In late 2024, Henrico’s Board of Supervisors voted to increase from $500,000 to $1 million the amount of gross receipts exempted from the BPOL tax. And, in January 2025, enhancements to Henrico’s Reinvest Commercial Investment Tax Abatement Program went into effect for office projects, essentially extending the duration of the tax exemption and minimizing several project requirements.
Pioneering Progress
The comprehensive nature of Henrico Tomorrow’s incentives for offices is unmatched in markets far and wide. And, what makes this program even more appealing – the incentives are stackable. Businesses with office projects meeting the requirements of Henrico Tomorrow’s various programs can leverage available grant funding, fee waivers, customized incentives, and tax savings. For businesses looking to boost their bottom line, this is an opportunity to take advantage of up to hundreds of thousands of dollars in savings.
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Henrico Tomorrow is designed to drive extraordinary results. This unprecedented compilation of incentives for elevating offices is the product of Henrico – Home of the Extra Mile – where going above and beyond is the standard to support our thousands of businesses, including seven Fortune 1000 firms.
If you’re interested in learning more about Henrico or discovering how Henrico Tomorrow’s incentives can transform your office space, Wendy Miller, Henrico EDA Managing Director, is looking forward to receiving your message at wendy@henrico.com. Apply today!
So, how does an aging office reinvent itself as THE place for collaboration and innovation? A team of industry leaders in Henrico worked tirelessly to formulate an extraordinary answer: Henrico Tomorrow.
Building Up Henrico Tomorrow
The landmark Henrico Tomorrow initiative was launched at the end of 2024. Catering to companies of all sizes, this comprehensive program features an unprecedented suite of incentives designed to transform today’s offices into the workplaces of tomorrow to foster collaboration and propel innovation.
From an Office Reimagining Grant that covers architectural and design services to the Office Renovation Incentive Program that offers up to a $500,000 reimbursement on qualifying office renovation costs to exempting the first $1 million in gross receipts from the Business, Professional, and Occupational License (BPOL) tax, Henrico Tomorrow offers it all. It’s a groundbreaking approach to cultivate workspaces that support contemporary teams.
Henrico’s Class A Team
Behind Henrico Tomorrow is the Henrico Office Task Force, a team of local public and private sector industry experts who first convened mid-2023. A true community collaboration, this group hosted representatives from real estate heavyweights Highwoods Properties, Thalhimer, Lingerfelt, Colliers, and Pruitt Properties; economic development leaders Greater Richmond Partnership, the Henrico EDA, and Henrico’s Finance and Planning Departments.
“The task force brought together a group of us owners and brokers to discuss the challenges within the market right now and to brainstorm ideas,” said Amy Broderick, Senior Vice President of Thalhimer. “We focused on growing office tenancy, retaining office tenancy, and creating more possibility for property owners in the market.”
The group convened repeatedly over the course of 18 months and developed a robust collection of forward-thinking recommendations. With unanimous approval by Henrico’s Board of Supervisors, Henrico Tomorrow emerged.
Make Tomorrow Today
Office owners and/or tenants can now take advantage of Henrico Tomorrow’s incentives to elevate their workspaces. The most generous initiative, Henrico’s Office Renovation Incentive Program, provides a dollar-for-dollar match – up to $500,000 – on qualifying improvements to four-star office buildings. Interested parties need to act fact as the deadline to apply for this incentive is March 15, 2025.
The potential magnitude of this initiative is particularly exciting to Anthony Romanello, Executive Director of the Henrico Economic Development Authority, and his team, who serve to grow Henrico’s economy for all.
“We know that the whole world is evaluating office space. Why not Henrico?” asked Romanello. “We have a fabulous quality of life, low taxes, robust infrastructure, and global connectivity. So, with this reimbursement grant, we’re focusing on four-star office buildings and looking to elevate them to premier status. Our vision is for Henrico’s offices to be world-class.”
A Place for Bold Vision
Broderick has enthusiastically shared Henrico Tomorrow’s features with clients and colleagues alike with an emphasis on the Office Reimagining Grant Program.
Property owners and/or tenants who are looking to optimize their work environments and enhance a building’s appeal can capitalize on the initiative, which provides up to $25,000 for architectural and design services performed by any licensed architect in Virginia. The award-winning architecture firm Baskervill is ready to assist. Utilizing the initiative can mean higher property value and operational efficiency, an increased ability to attract and retain talent, and a firm foundation for business growth and scalability.
“It’s an incredible opportunity for existing property owners in the county to really take their office spaces to the next level,” explained Broderick.
Reboot, Reinvest, and Raise the Bar
Henrico Tomorrow doesn’t stop there. Its reach extends to nearly every corner of Henrico. Through the expansion of a program, now known as the Greater Henrico Technology Zone, every office building project in Henrico has the potential to receive building and permit fee waivers, custom incentives, and more. Leading technical builder DPR Construction and W. R. Berkley Corporation subsidiary Berkley Insurance Company have both taken advantage of the zone, adding 24,000 square feet of additional office space combined.
For more information on the Greater Henrico Technology Zone or to submit a completed Technology Zone Fee Waiver application, email Ashley Kubat, Henrico EDA Director of Administration, at ashley@henrico.com.
More savings are available as a direct result of Henrico’s commitment to a low cost of doing business. In late 2024, Henrico’s Board of Supervisors voted to increase from $500,000 to $1 million the amount of gross receipts exempted from the BPOL tax. And, in January 2025, enhancements to Henrico’s Reinvest Commercial Investment Tax Abatement Program went into effect for office projects, essentially extending the duration of the tax exemption and minimizing several project requirements.
Pioneering Progress
The comprehensive nature of Henrico Tomorrow’s incentives for offices is unmatched in markets far and wide. And, what makes this program even more appealing – the incentives are stackable. Businesses with office projects meeting the requirements of Henrico Tomorrow’s various programs can leverage available grant funding, fee waivers, customized incentives, and tax savings. For businesses looking to boost their bottom line, this is an opportunity to take advantage of up to hundreds of thousands of dollars in savings.
Stackable Incentives Example
60,000-square foot office / 21 years old
$1.5 million investment
($1,350,000 labor and materials +
$150,000 licensed architectural design work)
Greater Henrico Technology Zone
$9,500 permit fees waived
Office Reimagining Grant
$25,000 grant for architectural services
Office Renovation Incentive Program
$500,000 reimbursement grant
SAVINGS: $534,500*
PLUS, qualifying properties receive a 15-year real estate tax abatement on improvements through Henrico County’s Reinvest Program resulting in additional savings.
*Disclaimer: Expenditures and incentive amounts provided are for illustrative purposes only. They are not intended to represent actual or guaranteed figures. Actual amounts may vary based on individual circumstances, market conditions, or other factors. No guarantees or assurances are made regarding the accuracy or future applicability of this example.
Henrico Tomorrow is designed to drive extraordinary results. This unprecedented compilation of incentives for elevating offices is the product of Henrico – Home of the Extra Mile – where going above and beyond is the standard to support our thousands of businesses, including seven Fortune 1000 firms.
If you’re interested in learning more about Henrico or discovering how Henrico Tomorrow’s incentives can transform your office space, Wendy Miller, Henrico EDA Managing Director, is looking forward to receiving your message at wendy@henrico.com. Apply today!
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