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Q1 2021 | Norfolk Industrial Forecast and Research Report

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Key Takeaways

• The market has seen a large amount of tenant interest, as evidenced by over 130 users looking for over 10 million square feet of space in the market, including both tenants currently in-market and out-of-market. An increase in demand for e-commerce and port-related uses has been especially prevalent in recent quarters.

• With vacancy tight and little quality space available, the market has become increasingly landlord-favorable, which has led to higher rents and fewer concessions.

• There are currently six properties under construction in the Norfolk market totaling over 5 million square feet, the most product concurrently under construction in the past decade.


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Q1 2021 | Norfolk Industrial Forecast and Research Report

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Related Experts

Komail Khaja

Director - Research

Richmond - North

Komail is the Director of Research for Central, Western, and Southeastern Virginia.  As of February 2022, Komail also oversees research operations in Raleigh, NC.  He joined Colliers | Virginia in January of 2019.

Komail oversees research operations throughout the region, manages the Research Analysts in the company, and supports all the company’s brokers primarily in the Richmond and Norfolk offices.  He began his real estate career in 2014 as a Real Estate Services Manager for the Fairfax County Economic Development Authority and then moved to CBRE as a Business Research/Data Intelligence Analyst.  He provides valuable customized research data which includes market trends, lease and sale comparables, GIS mapping, economic information and more.  In addition, he is also responsible for quarterly market reports, maintenance of the company research database, and tracking notable news/patterns pertaining to the local real estate market.

His foundations are in Geographic Information Systems (GIS), data visualization, urban planning, demographics, and business development. 

Komail understands the needs of clients and works to deliver top-notch market research and analysis to help our sales professionals deliver the best service to their clients so they can make the most informed decisions on their real estate needs.

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Chad Braden

Research Analyst

Norfolk - Main

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Scott Adams

Executive Managing Director, Virginia & Raleigh

Norfolk - Main

J. Scott Adams, CCIM, has over 27 years’ experience in the commercial real estate industry as an investment sales broker, corporate leader, project manager, and consultant.  Since 1993, Mr. Adams has led the negotiation and sale closings of $1.7 Billion of investment sales of office, office/flex, and industrial properties, primarily in the Virginia markets of Hampton Roads, Richmond, and Charlottesville. He has consistently been recognized as a top regional dealmaker and trusted adviser for institutional and local owners. Mr. Adams remains an active investment sales broker in addition to his corporate leadership responsibilities.

As President of Colliers I Virginia, Mr. Adams is primarily responsible for leading the Colliers International brokerage and asset services teams to be the top performer throughout Southeast and Central Virginia. Mr. Adams has leadership responsibilities for all regional corporate support functions in that region as well. Beginning fall 2020, Mr. Adams will also have leadership oversight for the Raleigh, NC market. 

Prior to Colliers International, Mr. Adams was President for CBRE’s Mid-South Region Affiliate Offices (including offices in Virginia and throughout North Carolina) as well as a Senior Consultant with Kenneth Leventhal & Company (now part of EY) in their Washington, D.C. office. 

Mr. Adams is also actively involved in serving the military veteran community as well as for real estate initiatives at the University of Virginia. 

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