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TowneBank and CHKD Purchase Norfolk Southern Tower

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Norfolk Office Q2 2020 MarketView

Norfolk’s vacancy rate increased slightly during Q2 2020, ending the quarter at 11.0% after the market saw 61,489 square feet of negative net absorption during the quarter.  This vacancy rate is 27 bps (basis points) higher quarter-over-quarter and 39 bps higher year-over-year.  The vacancy rate may continue to rise in the near-term as the economy continues to recover from the shutdowns due to COVID-19. There is optimism to the market’s outlook, however, as the economy is recovering at a faster rate than many experts initially expected, as Federal Reserve Chairman Jerome Powell stated during a House Financial Services Committee meeting held in late June.

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TowneBank and CHKD Purchase Norfolk Southern Tower

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Related Experts

Persifor Frazer

Executive Vice President

Norfolk - Main

Executive Vice President and Principal, Perry Frazer has over 22 years of commercial real estate experience. Perry was named the Managing Director of the Hampton Roads office in 2014. As Managing Director, Perry manages all aspects of local business to generate and maintain maximum profitability. The emphasis is on integration of a variety of service lines for new business development and growing market share. Perry guides real estate managers, sales professionals, and the office manager in client relations, service orientation and consulting role as well as the effective and efficient operation of its office and accounts.

He has been a top ten regional producer every year since 2002 and over the past 15 years Perry has leased approximately 20 million square feet in the Hampton Roads market. Perry represents institutional Landlords in the Hampton Roads markets and has established himself as one of the leading office and flex brokers in the region. He has completed numerous large tenant representation assignments over the past five years.
 
Perry has earned the distinction as one of the leading brokers in Hampton Roads and one of the leading brokers in the entire Hampton Roads organization.

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Pat Mugler

Executive Vice President

Norfolk - Main

Pat Mugler has over 28 years’ experience in the commercial real estate industry as a broker. As an Executive Vice President and Principal in the Virginia offices, Pat has successfully closed  millions of square feet of lease transactions and participated in numerous institutional and local sales transactions as well. Mr. Mugler has twice been awarded the prestigious “Hunter A. Hogan Award”, for being the region’s highest producing broker.
 
Mr. Mugler serves as the Director of Brokerage Asset Services for office, flex and industrial leasing teams and has extensive experience across all product types including select land and retail assignments.  
 
In addition to extensive relationships with many of the region’s top landlords, Mr. Mugler has long-term tenant relationships with an impressive list of corporations including Maersk, PRA, Cox Communications, Canon Computers, LabCorp, Pitney Bowes, Morgan Stanley, Verizon, and many more Fortune 500 companies.

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Christopher Kieran

Senior Vice President

Norfolk - Main

Chris Kieran is a Principal in the Norfolk Colliers office and brings over 22 years of commercial real estate experience to his specialty of representing owners and occupiers of office and medical properties throughout Southeastern Virginia.

Chris has established himself as a leading leasing broker in the Hampton Roads market and has been recognized as a top producing broker by the Commercial Real Estate Alliance every year since 2001, winning numerous awards including the Deal of the Year in 2016. Having completed over 1,000 lease transactions of all sizes ranging from $100,000 to $60,000,000, Chris’ clients benefit from significant market knowledge and insight. Chris works with local, regional and institutional landlords providing a client focused approach to leasing and marketing strategy, transaction negotiations and financial analysis. Chris’ relentless drive to provide his clients best in class leasing services has resulted in many long-term client relationships including REITs who have trusted Chris with their portfolios for over 15 years.

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Donald Crigger

Executive Vice President

Norfolk - Main

Executive Vice President and Principal with more than 30 years of experience, Don Crigger is an established industry leader and a consistent top producer in the Eastern Virginia commercial real estate market. Specializing in office properties (including medical office and office/warehouse), Crigger represents tenants to reduce their real estate occupancy costs while also negotiating the most flexible lease terms possible. Since 1987, Don has built a diverse clientele ranging from Fortune 500 companies to small businesses and has been directly involved in millions of square feet of lease and sale transactions on behalf of owners and occupiers. Crigger also has extensive experience in strategy and consulting, build-to-suit development transactions, corporate tenant relocations, and in depth location analysis and site evaluation.  

A native of the Virginia Beach/Norfolk area, Don is also active in community and civic organizations. He currently serves on the executive committee for Virginia Beach Vision (a regional business leadership organization) and previously the Downtown Norfolk Council. 

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Ricky Anderson

Executive Vice President

Norfolk - Main

Ricky Anderson joined Colliers International in May of 2007 as a commercial agent and quickly became an integral part of the brokerage team representing owners and occupiers of office and industrial properties. Since 2007, Ricky has negotiated over 450 transactions valued at over $130 million. Clients have included defense contractors, REITS, national corporations, medical practices, and local businesses and developers.

A lifelong Virginia Beach native, Ricky graduation from Virginia Tech with a degree in business finance. Ricky currently resides in Virginia beach with his wife and two daughters.

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