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Q3 2022 Norfolk Office Research Report

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Key Takeaways

  • Rents increased during Q3 2022, ending the quarter at $21.15. This is an increase of $0.09 quarter-over-quarter and $0.28 year-over-year.
  • Available sublease space remains prevalent, with 357,000 square feet of sublease space available in the market to end Q3 2022. This is almost three times the amount of available sublease space that the market saw in Q2 2020, before the initial negative effects of the pandemic were felt.
  • Tech Center Building II broke ground this quarter, signaling the first office development in the market since 200 Corporate Boulevard delivered to the Central Norfolk submarket in Q3 2021.

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Q3 2022 Norfolk Office Research Report

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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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Drew Ott

Associate

Norfolk - Main

Drew Ott joined Colliers in September 2020 as an associate, with a focus on office leasing. Drew works closely with our skilled office leasing team, with mentorship from Executive Vice Presi-dents, Pat Mugler and Perry Frazer. 

Prior to joining the team at Colliers, Drew worked as a District Sales Manager at Frito-Lay for two years in Raleigh, North Carolina. 
Drew holds a Bachelor of Science degree in Marketing, with a concentration in Professional Sales from Virginia Tech. While attending Virginia Tech, Drew was a member of the nationally ranked Men’s soccer team. Originally from the Hampton Roads area -- specifically Virginia Beach -- and a graduate of Norfolk Academy, Drew has a strong understanding of the market in this area. 

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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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Gray Randolph

Executive Vice President

Norfolk - Main

With over 30 years of experience in the commercial real estate industry, Gray Randolph has distinguished himself as a leading office broker in the Hampton Roads area, as well as across the United States and around the globe. Gray serves as an Executive Vice President and Principal for the Colliers | Virginia offices.

Gray specializes in suburban office sales and leasing for the company. He is a licensed broker in Virginia, North Carolina, and Tennessee. He has completed complex transactions throughout the country, and Europe, and has worked extensively with the professionals worldwide to close these transactions. In the last five years alone Gray has closed large transactions in London,  North Carolina, South Carolina, Texas, Nevada, California, Alabama, and the Washington D.C. area. 

In 2001, Gray became a member of the prestigious SIOR (Society of Commercial Real Estate Brokers). He has been a top producer in that arena for the past 20 years, and after closing several thousands of transactions in the last 30 years, he has a keen understanding of the complexities of many markets around the United States and Europe.

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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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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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Kevin Curran

First Vice President

Newport News

Kevin Curran is a First Vice President in brokerage services with a focus on development sites for a broad range of retail, industrial, medical, and other commercial uses as well as office, industrial and retail leasing and sales.

This process frequently incorporates not only site selection by data driven conclusions based on demographics, trends and traffic patterns, but also site entitlements, including environmental, storm water management, codes and rezoning issues where appropriate. After several years of leasing retail and office product in Washington, D.C. and Northern Virginia, Kevin relocated to Hampton Roads as Marketing Director for the Peninsula Economic Development Council. This post served as a valuable springboard for marketing the area’s systemic assets, and provided a wealth of corporate and municipal contacts for the transition to the private sector in sales and leasing. Nurturing long term client relationships, while developing new ones, is the hallmark of his service..

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Brian Mello

Vice President

Newport News

Brian Mello has over 10 years experience in the commercial real estate industry with a proven record of cultivating relationships with commercial real estate owners, landlords and tenants across a broad spectrum of asset types. With a primary focus on the Virginia Peninsula, he has sales and leasing experience across multiple assets including land, retail, office and industrial properties.

Brian has completed over 100 transactions and has leased/disposed of over 1,000,000 SF of space.

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Brian Davidson

Vice President

Norfolk - Main

After graduating from the University of Virginia in 2016, Brian Davidson quickly became an integral part of the brokerage team representing owners and occupiers of office and industrial properties. Since 2016, Brian has negotiated over 400 transactions valued at over $200 million. Clients have included defense contractors, REITS, national corporations, medical practices and local businesses and developers. A lifelong area native, Brian has a wellfounded knowledge of the local market and has relationships with many local firms and business leaders. With support from his entire Colliers team, Brian provides the following services to his clients with a strong emphasis on teamwork, communication, and the highest level of customer service:
• Market Evaluation
• Lease Renewal vs Relocation Analysis
• Lease/Purchase Agreement Negotiation Support 
• Workplace Strategy

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