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Charlottesville | H2 2021 Office Market Report

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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

Key Takeaways:

  •  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

CHO H2 2021

Charlottesville | H2 2021 Office Market Report

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Related Experts

Andrew Boninti

Senior Vice President

Charlottesville

Andrew Boninti has over 35 years of experience in all aspects of the real estate market. Following graduation from the University of Virginia, (where he was also co-captain of the UVA basketball team), he became actively involved in commercial property valuation, real estate sales, leasing and land acquisition. His extensive experience in the development and implementation of marketing strategies for retail centers comes from years of hands-on involvement with prospective tenants and potential project buyers.

After serving as president of a mid-sized real estate and development company for six years, he founded the Rivanna Realty and Investment Company in 1989. Over time, he accumulated a large client base of national tenants, potential investors and purchasers interested in commercial property. Along with several property development projects, Rivanna Realty managed over 1 million square feet of commercial space for long-standing clients.

Andrew was the co-founder of Primary Investment and Management Company and is currently a partner in several commercially owned investment properties as well as a general partner in the development of retail properties. In January 2007, Andrew became Senior Vice President as a result of a merger with Rivanna Realty.

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Carolyn Shears

Senior Vice President

Charlottesville

Carolyn Shears specializes in tenant representation and investment sales in Central Virginia. She advocates for and advises her clients through the complexities of real estate lease and sale transactions. Since 2007, she has been a Senior Vice President with the firm, and prior to that time she was the principal broker of her own commercial real estate firm.

Carolyn’s clients benefit from her market knowledge and expertise gained over the course of her extensive career which spans over thirty years. Carolyn is able to leverage her experience to attain the best possible outcome for her clients, whether that be keen negotiating to achieve cost savings for her corporate clients or finding the ideal location in spite of a market with limited inventory. She has assisted numerous Charlottesville-based companies with commercial real estate requirements in multiple markets--both domestic and international locations.

Focusing on investment sales enables her to parlay her over ten years of commercial real estate appraisal background in to a concrete asset that her investor clients have come to depend upon. She works hard to create a competitive market in order to maximize profits for her investor clients.

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Leigh Hughes

Vice President

Charlottesville

Leigh Hughes represents clients in the sale, purchase and leasing of retail, office, land and industrial properties. While serving as the primary retail broker in the Charlottesville office, Leigh has also been very successful working with office and industrial clients to satisfy their sale and leasing needs. Additionally, Leigh has represented buyers and sellers of retail and multi-family land. Focused on building quality relationships with his clients, Leigh has been successful at implementing sale and leasing strategies for multiple property types in his career.

Leigh is a native of Suffolk, VA and 1999 graduate of the University of Virginia, where he earned a bachelor of arts in history. Prior to a transition to Commercial Real Estate in 2003, he worked in the golf industry. Leigh got his start as a broker and property manager for Rivanna Realty, and joined the firm in 2007 upon its acquisition of Rivanna Realty. In his time with the firm, Leigh ascended from Associate to Assistant Vice President in a short period of time through continued hard work and dedication to his clients.

Leigh resides in the City of Charlottesville and is married with two children. He is an avid supporter of University of Virginia athletics, and spends much of his free time competing in a variety of sports, including baseball, softball, basketball and golf.

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Casimer Kawecki

Vice President

Charlottesville

With over 15 years of professional experience in the commercial real estate industry across multiple markets, Cass Kawecki leverages his acquired knowledge, resources and relationships to consistently create advantage for his clients. He has negotiated the closing of over $500 million in property transaction volume during his career to date. 
 
Cass has a tremendous depth of experience with investment property sales, having transacted across all property types and scales including land, multi-family, mixed-use, industrial, retail, office and adaptive redevelopment properties. His clients have included local and regional private investors and developers and institutional owners including lenders, special servicers and public and private REIT's. 
 
Through his occupier services role, tenants rely on Cass as a trusted advisor, advocate and strategic partner. His clients include many of the largest and fastest growing companies with a presence in the Charlottesville area. Through Cass' attention to financial detail and ability to lead a structured process that drives competition in the market, he helps his clients to achieve their occupancy requirements while exceeding their financial and strategic objectives. 

Cass' prior experience includes directing operations for the CBRE Private Client Group in Pittsburgh and leading sales and marketing for a mixed-use developer in Charlottesville. Cass is a recognized expert in his field and has taught graduate-level real estate development and finance courses in his spare time for both Carnegie Mellon and the University of Virginia.

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