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Q2 2022 Norfolk Industrial Research Report

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“Real estate investors and importers are driving record asset pricing and development in the Norfolk industrial market. Near-zero warehouse availability is fueling significant build-to-suit activity and new speculative development. Altogether, the Colliers Norfolk Industrial Team anticipates at least 9 spec projects totaling 2.1 million square feet to be delivered between now and the fourth quarter of 2023.”
Lang Williams, SIOR | Executive Vice President

Key Takeaways

  • Suffolk, the largest submarket in Norfolk, contains approximately 16.6 million square feet of inventory and currently has no vacancy, with only 0.5% of space listed as available. Suffolk is also the most active submarket, with almost 4.7 million square feet of positive net absorption during the past 12 months and over 3.4 million square feet under construction, including a 1.5 million square foot distribution center that broke ground this quarter.
  • There are over 200 tenants looking for over 15 million square feet of space in the market, ranging from space requirements of one thousand square feet to over one million square feet. Tenants are especially interested in properties with a significant amount of dock doors and trailer spaces.
  • The market saw almost 500,000 square feet of leasing activity during Q2 2022, which is less than half the decade average of 1.1 million square feet. This highlights how tight the market currently is, as there is almost no space for tenants to move into, capping potential leasing activity.

Q2 Industrial Norfolk

Q2 2022 Norfolk Industrial Research Report

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Related Experts

Lang Williams

Executive Vice President

Norfolk - Main

With twenty-four years of commercial real estate brokerage experience, Lang specializes in helping companies, large and small, reduce their real estate occupancy costs. Since 2009, on behalf of his clients, Lang has achieved over $61 million in savings on 303 completed tenant representation assignments, in 59 cities located in 42 metropolitan regions, 6 countries and 3 continents, of which 84% of assignments were with repeat clients. During his career Lang has completed 652 assignments totaling over $833 million in consideration. His clients range from government contractors, logistics companies and professional services firms with a single location seeking a lease renewal versus relocation analysis, to Fortune 100 and public sector clients seeking strategic consulting, site selection, portfolio management, and real estate services for their global operations. In addition, he serves select developers and investors on land acquisitions, leasing, and property dispositions.

Lang continually strives for improvement in service, capabilities, and knowledge. During his career, he has earned his MBA from the University of Denver’s Daniels College of Business, attained the LEED AP designation, and earned the SIOR designation (Society of Industrial and Office Realtors®). Lang keeps current with best practices and trends by attending real estate and other industry conferences as well as through active participation in various industry associations. As founder and co-chair of the Hampton Roads LogistXGames, Lang has helped raise nearly $430,000 in support of scholarships at local community colleges to help train and develop the Norfolk logistics workforce. Recognized as an industry leader, Lang has presented at the Old Dominion University E.V. Williams Center for Real Estate Market Review, the Virginia International Trade Conference, and The Port of Virginia Port Real Estate Conference, among others.
 

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Ben Anderson

Associate

Norfolk - Main

Ben Anderson joined Colliers in the summer of 2020 as an associate with a focus on industrial sales and leasing. Ben works closely with our experienced industrial team members including Executive Vice Presidents Lang Williams and H. Ashton Williamson, Senior Vice Presidents Ken Benassi and R. Worth Remick, and First Vice President, Chamie Burroughs. Ben represents both landlords/tenants and buyers/sellers in leasing and sales transactions.

Prior to joining Colliers, Ben graduated from Hampden-Sydney College where he majored in economics and business with a minor in rhetoric. While at Hampden-Sydney, Ben was actively involved with his campus community and served as Student Body President. His interest in real estate began while completing an internship with HRACRE the summer of 2019. He was born and raised in Smithfield, Virginia and is very knowledgeable of the Hampton Roads region.

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Ashton Williamson

Executive Vice President

Norfolk - Main

Ashton Williamson, a Hampton Roads native, has worked full time in the commercial real estate industry in Hampton Roads since 1987. Prior to entering sales and leasing in 1995, Ashton was a certified general commercial real estate appraiser licensed in Virginia and North Carolina. He earned the MAI designation with the Appraisal Institute in 1995. 


Since 2010, Ashton has been involved in over 500 transactions with the Industrial Team with a total in excess of 40 million sq. ft. leased/sold. Ashton’s specialties range from General Brokerage with focus on industrial and free-standing commercial properties, to providing experienced representation with land, office/flex, and industrial properties throughout Eastern Virginia and beyond.

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Ken Benassi

Senior Vice President

Norfolk - Main

Ken Benassi has over 20 years experience in the local commercial real estate industry negotiating the acquisition or sale and lease of industrial and commercial properties throughout Hampton Roads. Prior to entering commercial real estate, Ken worked in the industrial gas and welding supply industry where he was trained in “Client Focused” sales and service. This client focus has differentiated Ken and has allowed him to develop strong client relationships as evidenced by the multiple transactions he has been affective for many clients. Whereas many commercial real estate agents focus on a product type, Ken focuses on the client relationship. Ken’s core competency is assisting clients in solving complex real estate issues.

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Worth Remick

Senior Vice President

Norfolk - Main

Worth Remick has 35 years of experience in industrial leasing, sales, development and tenant/buyer representation. He has leased or sold over 29 million square feet of industrial, flex and office properties. He is a member of the Society of Industrial and Office Realtors (SIOR) and has focused on port logistics, defense contracting, food manufacturing and distribution, and maritime developments. Worth has been a long-time member of the Hampton Roads Association for Commercial Real Estate (HRACRE), and has been involved in numerous charitable organizations, such as South Hampton Roads Habitat for Humanity where he spent 13 years on the Board of Directors, his church’s Vestry and Winter Shelter, and on the Boards of Green Run Collegiate, Virginia Beach Community Development Corporation, and Virginia Beach Vision. He received his degree in Humanities from Hampden-Sydney College where he was a member of the tennis team for 4 years.

Much of Worth’s focus is on representing owners who desire to obtain tenants/buyers or who want to maintain or increase the value of their holdings. His experience through the years, during both strong and weak markets, provides him and his clients with the proper perspective and marketing tools to create, realize and maintain value. He also has worked as Tenant and Owner Representative for Smithfield Foods, Ferguson, Dollar Tree Stores, IMS Gear, and Katoen Natie (KTN). A native of the region, Worth is very familiar with the geography, business climate, and regional economic engines (port/trade and defense contracting) and has numerous contacts to assist him with his daily work.

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Chamie Burroughs

Senior Vice President

Norfolk - Main

Chamie Burroughs has over 18 years of experience in the commercial real estate industry.  For the first six years, Chamie was responsible for managing and directing the operation of over 500,000 square feet of retail and office property.  Since 2006, Chamie has worked full-time in Industrial Sales, leasing and tenant/buyer representation.  
 
As an Industrial leasing and sales specialist, he focuses on representation and advisory services for tenants, landlords, buyers, sellers and investors of commercial real estate.  Chamie’s in-depth knowledge of the Industrial market in Southeastern Virginia builds on his hard work and dedication to the Colliers | Virginia Industrial Services Team.  Chamie is dedicated to teaming his hard work ethic with all the  Industrial platform resources, to provide first-class service to his clients, through all phases of real estate transactions, exceeding expectations. 

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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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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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