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Norfolk Office Quarterly Report Q1 2022

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Key Takeaways

  • Rents showed positive movement during Q1 2022, increasing $0.25 and ending the quarter at $21.00. This provides much-needed
    optimism in the office market after rents stayed relatively flat during 2021
  • Available sublet space is being leased up throughout the market, after seeing an increase due to the pandemic. Lawson Operating Company occupied almost 20,000 square feet of sublet space at 150 West Main Street in Downtown Norfolk, taking the space from T Parker Host in March. Sublet space has decreased by 13% during the quarter, from 265,000 square feet at the end of 2021, to 231,000 to end Q1 2022
  • There were 13 large leases of 10,000 square feet and up signed during Q1 2022. Ten of the leases signed were renewals, while only three were new leases.

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Norfolk Office Quarterly Report Q1 2022

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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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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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