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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. 

 


21H1 Logistics Richmond_Norfolk

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 of the most exciting real estate transactions in the Richmond MSA that have created significant employment opportunities in the community. Since 2006, he has negotiated over 800 transactions valued at over $1 billion involving government agencies, national corporations, REITs, national developers, and local businesses. 
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/Purchase Agreement Negotiation Support
  • Disposition Strategy/ Execution
  • Lease Renewal vs. Relocation Analysis
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Will Bradley

Executive Vice President

Richmond - North

Will Bradley is an Executive Vice President for Colliers International specializing in investment sales across the country. With over 15 years of experience and $1+ billion in sales, Mr. Bradley brings a holistic strategic approach to his client’s goals and needs facilitated through a highly sophisticated and creative process that provides unparalleled results and long-term, multi-transactional relationships. 


Mr. Bradley’s relationships with a wide composition of capital from institutional to high-net-worth and experience transacting across a variety of asset types including office, industrial and flex assets provide him a unique perspective in today’s capital markets. Prior to joining Colliers International, Mr. Bradley spent a decade with CBRE where he grew from the region’s sole analyst to its #1 producer.

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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 entered the commercial real estate brokerage business in 1997. In the last decade the industrial/warehousing product type has become his primary area of focus. Over the course, Rob has worked with land, office/flex, and office property clients and has represented buyers, sellers, landlords, tenants, and investors. Rob has worked with local, national, and international clients throughout his career, and in past years has also provided brokerage expertise for retail, land, and multi-family assignments. 
Along with brokerage, Rob has gathered extensive experience in assisting an industrial “build-to-suit” client including site searches, coordination of government incentives, and other related specialty offerings. This skill set has also become valuable is working with developers in constructing speculative or build-to-suit industrial product. Rob also has extensive experience assisting the owner/occupant investor in the purchase of industrial, office/service (flex), and office properties. Through hundreds of transactions and over two decades of industry experience, he brings a working knowledge of most brokerage processes, familiarity with an investment pro forma, and experienced insights into site readiness, construction timelines, building systems, renovation challenges, and the historic tax credit renovation process. Rob takes great pride in his teamwork and communication skills and providing the highest level of customer service. He has many career-long clients.
Rob possesses a 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. In 2020 Rob 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 commercial real estate industry.  Outside of his career, Rob enjoys being outdoors, fishing, skiing, canoeing, hiking, and yard work are frequent pastimes.  He is often found tinkering with vintage cars and enjoys playing the guitar and/or appreciating music and good food.

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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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