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21Q2 Richmond Industrial Research Report

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"The Richmond Industrial market continues to absorb newly delivered speculative space with consistency. The historic occupancy levels of existing product appear to be here to stay. Tenants have limited options, and rents are increasing across the board." Rob Dirom, SIOR | Senior Vice President

Key takeaways:

  • Richmond’s industrial market saw the strongest leasing activity on record.  At the end of Q2, leasing velocity stands at almost 6.3 million square feet year-to-date, completely eclipsing all of 2020’s total of 4.6 million square feet.  Amazon, Mondelez, ICON Health & Fitness, and other tenants signed agreements in Q2 that contributed to an accumulated total of nearly 4.3 million square feet of leased space during the quarter.
  • Q2 had posted 327,000 square feet of positive net absorption.
  • Q2 user requirement volume remains stable with approximately 5.9 million square feet in the market.
  • The 2.6 million square feet development, Project Speedway, started construction this quarter and is scheduled to deliver sometime in 2022.
     

Q2IndustrialSitecore

21Q2 Richmond Industrial Research 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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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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Wood Thornton

Senior Vice President

Richmond - North

Wood Thornton began his commercial real estate advisory practice in 2007. For all of his clients, he provides comprehensive resources to enable them to fully understand their real estate options and to establish the best real estate strategy for their business. 


Wood represents office and industrial tenants and landlords in leasing and sales transactions. Wood’s clients range from companies with a single location seeking advice on an existing lease renewal to Fortune 100 companies seeking strategic consulting and real estate services for their operations.


Before entering the commercial real estate profession, Wood spent thirteen years as a corporate attorney.  For the last decade of his legal career, he was with Troutman Sanders LLP, where he was a member of Troutman’s Mergers and Acquisitions and Business Venture Team.  He is a member of Law Firm Services Practice Group which provides qualified solutions to the real estate issues facing law firms today.

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James Martin

Vice President

Richmond - North

Jimmy Martin joined the firm in 2013 with a focus is on industrial and office sales and leasing. Jimmy is constantly in the market canvasing and prospecting on behalf of his clients. With his “boots on the ground” approach, Jimmy maintains a comprehensive knowledge of the greater Richmond market conditions.

Commercial real estate is a second career for Jimmy. His past life was spent as an NFL player and Virginia Tech football coach. From this experience, he brings a competitive attitude and strong work ethic to his practice. 

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Harrison McVey

Senior Associate

Richmond - North

Harrison McVey joined Colliers International in the fall of 2018 with a primary focus on Industrial sales and leasing. Since joining the company, Harrison has represented Tenants, Landlords, Sellers, and Buyers across all product lines. With over 2,000,000 SF in leasing and sales, Harrison has garnered the experience needed to advise a successful commercial transaction. To ensure he keeps current with real estate trends and practices, Harrison attends conferences and is an active member of various industry associations. Harrison takes great pride in his leadership, teamwork, communication, and exceptional customer service. Harrison is an integral part of the Richmond brokerage team.

  • Market Evaluation        
  • Lease/Purchase Agreement Negotiation Support
  • Lease Renewal vs. Relocation Analysis
  • Assessments of Real Estate Value
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Frank Hargrove III

Assistant Vice President

Richmond - North

Frank focuses on landlord and tenant representation, lease negotiation, and the disposition of commercial properties. 

Prior to joining, he worked at JLL managing AstraZeneca’s 9 million square foot real estate portfolio in North and South America consisting of office, industrial, and lab space. 

After graduating from the Virginia Military Institute, Frank worked for CBRE in Washington D.C. on a team that handled transactions for the United States Postal Service. As a Transaction Manager he negotiated 122 leases across the United States. 

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Joe Marchetti

Broker

Richmond - North

Joseph Marchetti has over 34 years of experience in the real estate brokerage, asset services and corporate advisory services business. As Managing Director of the Richmond office, Joe is primarily responsible for leading the brokerage and asset services teams to be the top performers in the local market. Additionally, he is responsible for overseeing the offices in Charlottesville and Fredericksburg. Joe has consistently been one of the top producers in the Richmond market focusing on the office, office/flex and industrial product types. He has leadership and management experience in all phases of commercial real estate: marketing, development, site selection, leasing and sales. Real estate owners and investors seek his management and leasing value upon disposition. Joe has developed a team of bright, competent, friendly, trustworthy people who are capable of developing positive, long-term relationships with our customers. Joe specializes in landlord representation, and land sales in office and industrial properties in Richmond, VA.

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