Virginia Industrial Report | Year End 2021

The combined markets of Norfolk, Richmond, and South Shenandoah Valley consist of over 140 million square feet of big box properties 100,000 square feet and larger. The Port of Virginia (POV), currently the third-largest container port by TEU volume on the East Coast, provides a convenient and efficient connection between the eastern regions of the United States and the global supply chain.

Fundamentals:

Vacancy rates in the combined markets compressed to record lows during the second half of 2021 with a combined vacancy rate of 2.5%. Nearly 6 million square feet of positive net absorption has posted in the past 12 months, with the second half of the year contributing 5.5 million square feet to this. Demand for industrial product is at all-time highs, and until additional speculative product can deliver, current market conditions will persist. Asking rents in the combined markets grew to an average of $5.00 per square foot, an increase of 10.5% year over year.

Virginia Industrial Report Year End 2021

Download Report

Related Experts

Robert Stockhausen

Managing Director

Charlottesville

+1 434 284 4004

With extensive experience in the commercial real estate industry, Rob Stockhausen is among the most knowledgeable brokers in the Central Virginia marketplace. His market expertise and approachable personality continually attracts top clients, expanding his networking base.

Rob specializes in the sale and leasing of industrial/investment properties, as well as commercial land sales in the Central/Western and Southern Virginia marketplace.

As managing director of the Charlottesville office for more than twelve years, he has developed a team of bright professionals and leads them to success each year. Under his leadership, the firm dominates the local commercial real estate market.

Prior to becoming managing director and supervising broker of the Charlottesville office in July of 2006, he worked for Real Estate III Commercial Properties, Inc. At that time, he spearheaded the development of Zion Crossroads Industrial Park. Rob’s career began in 1991 at Bullock, Terrell and Manelley (BTM) in Atlanta, Georgia, where he handled commercial leasing from both a tenant and landlord perspective. He has worked within commercial brokerage and/or private investments ever since.

View expert

Grant Bates

First Vice President

Charlottesville

+1 434 284 4002

I joined the Charlottesville office in 2018 as a Vice President. I was born in Central Virginia and raised in Albemarle County. Being raised in Central Virginia gives me an extensive knowledge of the real estate market here and allows me to find the perfect location for my clients.

My diverse assignments include manufacturing facilities, mixed office and industrial flex properties, build-to-suit projects, and the full range of warehouse and distribution requirements. I have also represented clients with out-of-market distribution / logistics ventures and have a solid understanding of multi-faceted elements required. I approach each assignment with diligence and a bottom-line mindset – determined to optimize the value of clients’ real estate transactions.

My territory stretches along the Interstate 81 corridor, covering Central Virginia , The Shenandoah Valley and Southwest Virginia. My large territory allows me to have a regional understanding of the current state of the industrial real estate market.

View expert