Office leasing strong throughout 2021.
“As anticipated, the best-in-class new construction, years in the making, is being met with solid demand. The flight to quality was quite rapid once Charlottesville turned the COVID corner mid-year as large tenants began committing to space. The vacated shadow inventory is leaving plenty of opportunities for the more price-sensitive segment of the office market. The basic fundamentals remain healthy, and we look forward to accommodating continued growth as office occupiers find ways to reinvent the modern workplace to attract top talent to their organizations.”
Carolyn Shears, CCIM | Senior Vice President
- The Center of Developing Entrepreneurs (CODE) Building delivered in December bringing 110,000 square feet to Charlottesville’s office market. The building was over 70% leased at time of delivery, with nearly 32,500 square feet available at the start of 2022
- 2021 saw accelerated leasing velocity totaling over 250,000 square feet in volume for the year which will result in record absorption for the coming year
- Committed tenants will not occupy until 2022, resulting in deceptively softened office fundamentals at the close of 2021