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Norfolk and Richmond | 21H1 Logistics Report

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Market overview:

The combined markets of Richmond and Norfolk consist of over 100 million square feet of big box properties 100,000 square feet and larger. The Port of Virginia (POV), currently the third-largest container port by TEU volume on the East Coast, provides a convenient and efficient connection between the eastern regions of the United States and the global supply chain. 

Fundamentals:

Vacancy rates in the Richmond and Norfolk markets compressed to a near record rate during the first half of 2021 with a combined vacancy rate of 2.0%, down 8 basis points (bps) since H2 2020, and up only 12 bps from the record low vacancy rate of H1 2020. There has been 2.17 million square feet of positive net absorption over the past 12 months, with over 700,000 square feet of positive net absorption during H1 2021. Until additional speculative product can deliver to the market, this figure will continue to decrease, as most tenants are opting to renew in place until their needs can be met. Asking rents in the combined markets grew 18.2% year-over-year to $5.14 per square foot, the largest year-over-year rent change in recorded history for these markets. 

 


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Norfolk and Richmond | 21H1 Logistics Report

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Related Experts

Matt Anderson

Executive Vice President

Richmond - North

Matt joined the firm in 2006 as a junior agent with no previous real estate background, learning the business from the ground up. He quickly became an integral part of the brokerage team representing owners and occupiers of office and industrial properties. 
Matt’s role as a strategic advisor to the businesses he works with has evolved into a passion for regional prosperity. He has had the opportunity to be a part of some exciting real estate transactions that have created significant employment opportunities in the community. Since 2006, he has negotiated over 650 transactions valued at over $500 million involving government agencies, national corporations, REITs, medical practices, and local businesses and developers. 
In 2017 Matt earned the SIOR designation (Society of Industrial and Office Realtors®). This designation is a professional symbol of the highest level of knowledge, production, and ethics in the real estate industry. To ensure he keeps current with real estate trends and practices, Matt attends conferences and is an active member of various industry associations. Matt takes great pride in his teamwork, communication, and the highest level of customer service. 
Matt 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
  • Disposition Strategy/ Execution
  • Lease/Purchase Agreement Negotiation Support
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Will Bradley

Executive Vice President

Richmond - North

Will Bradley leads Colliers Central Virginia Capital Markets group and specializes in structuring and facilitating the acquisition and disposition of complex development and institutional investment properties. Mr. Bradley’s background in financial and market analysis combined with his significant ongoing deal activity delivers his clients unmatched transparency into the current real estate capital markets. Mr. Bradley’s clients further benefit from his team’s comprehensive scenario analyses incorporated into his strategic advisory to maximize their assets’ values in the complex marketplace. Over the past two years, he has handled more than $300 million in investment sales advisory services.

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John Carpin

Senior Vice President

Richmond - North

John Carpin has over 20 years of experience in the commercial real estate industry, with his primary responsibilities including landlord representation of industrial and office/medical properties for both institutional and local owners. In addition, he is involved with tenant representation for both national and local clients. In these capacities, John has represented landlords and tenants in the identification, acquisition and disposition of commercial assets. Since 1996, John has completed over 850 transactions totaling over $276 million in value and has been involved in over 10 million square feet of leasing transactions, while handling a portfolio of over 2.5 million square feet of office/medical and industrial properties.

In addition to Landlord and tenant representations, John has experience in investment/building and land sales. This work has provided vital experience in the building development process (pro forma evaluation), project management, (P.O.D. process, selection of architects, engineers and contractors, etc.) and lease procurement and negotiations.

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Rob Dirom

Senior Vice President

Richmond - North

Rob Dirom has been involved in commercial real estate brokerage since 1997. Industrial, Industrial land, Office/Flex, and Office property types are his primary areas of focus where he has represented buyers, sellers, landlords, tenants, and investors. Rob has worked with local, national, and international clients throughout his career, and has provided brokerage expertise for industrial, office, retail, land, and multi-family assignments. 

Along with brokerage, Rob has gathered extensive experience in two distinct disciplines: the first of these pertains to all aspects of assisting an industrial “build to suit” client, including site searches, coordination of government incentives, and other related specialty offerings; and the second is in assisting the owner/occupant investor in the purchase of Industrial, Office/Service (Flex) and Office properties. Through numerous transactions and extensive industry experience, he brings a working knowledge of an investment pro forma to the table along with keen insight into site readiness, construction timelines, building systems, renovation challenges, and the historic tax credit renovation process.

Rob possesses extensive knowledge of local market trends and the business geography of the Greater Richmond area. He enjoys interaction with all types of people and the development of long-term business relationships.  As a co-founder of the firm’s Industrial Team in Richmond, Rob is often involved in the content found within the Industrial Quarterly Reports published by the Richmond office.

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Marc Allocca

Senior Vice President

Richmond - North

Marc Allocca joined the firm in 2004 as a Senior Vice President. Office and office/flex properties are Marc’s primary areas of expertise and he has significant experience in both landlord and tenant representation. Additionally, Marc has assisted both users and investors in the purchase of office, industrial and office/flex properties.

Marc represents national tenants as well as many local and regional firms and effectively utilizes his experience and knowledge to develop and enhance relationships with his clients and to add value to their real estate assets, while providing the highest level of customer service. Marc began his career in the commercial real estate industry in 1997 with Advantis GVA and Trammell Crow Company.

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