Major Investment Sales Activity Closed Out 2022
• CoStar Group officially broke ground on their $460 million, 750,000
square-foot research and technology campus expansion. The expansion
will contain green spaces, state-of-the-art amenities, and at full buildout,
the campus will introduce over 2,000 jobs in a variety of job sectors.
• Leasing activity increased over the quarter from 255,000 square feet to
297,000 square feet. New leases and subleases comprised 88% of the
transactions signed in the quarter. 2022 ended with just shy of 1 million
square feet of deals signed, 34% lower than 2021’s leasing activity.
• Lingerfelt sold their 11-building, 723,000 square-foot office portfolio in
Innsbrook for $119 million to Seminole Trail Management, a Charlottesville-
based group, marking the largest Richmond-based property office
portfolio investment sale in 2022.