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H1 2021 Richmond Medical Office Report

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The Medical Office Market in Richmond bounced back to pre pandemic levels in the first half of 2021.  Class A MOB space is in limited supply while practices and hospital systems are making long term strategic moves with their real estate holdings.  Out of market investment interest has been as strong as ever for a variety of medical office medical products.” - Malcolm Randolph, SIOR | Senior Vice President

Key Takeaways:

  • Capital markets volume amassed significant activity for the first half, posting over $139 million in sales; a total that well over-takes sale volume over the previous two years combined
  • The VCU Outpatient Facility, a 603,000 square foot state-of-the-art health care complex has been under construction with delivery scheduled for December of 2021
  • Net absorption remained positive with nearly 15,000 square feet absorbed

21H1 Medical Office Sitecore

H1 2021 Richmond Medical Office Report

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Related Experts

Malcolm Randolph Jr.

Senior Vice President

Richmond - North

Malcolm Randolph is a real estate advisor with a focus on the leasing and sales of office and healthcare properties.  Within his area of expertise, Malcolm advises both property owners and companies to assist them make informed, strategic real estate decisions. 

Malcolm has extensive experience developing and executing real estate strategies in Richmond and across the United States for clients ranging from small, local firms to Fortune 500 companies. He and his team guide their clients by offering a range of services including lease transactions, sales, project management, move management, lease administration, lease audit and portfolio strategy.

Malcolm is a founding member of the Richmond office's Medical Advisory Group. He and his team focus on assisting medical practices and medical property owners evaluate their real estate needs and execute strategies to help them meet their goals.  Malcolm and his team’s market share in the medical sector have afforded them unparalleled experience and market data which directly benefits their clients in making the most informed real estate decisions.

In addition to his work with healthcare and office occupiers, Malcolm has established a successful track record of leasing Class A office properties in the Richmond market.   His clients range from locally based property investors to publicly traded real estate investment trusts (REITs).  In this role, Malcolm and his team advise their clients on the repositioning, renovation, marketing and leasing of a variety of office assets. 

A native of Richmond, Malcolm began his career in the commercial real estate industry in 2003 with the same firm that became Colliers International Virginia in 2019.  He was elected as a principal of the firm in 2011. 

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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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Catherine Walker

Associate

Richmond - North

Mrs. Walker joined Colliers in November 2017.  She specializes in leasing office, flex and medical buildings, representing both tenants and landlords.  She comes from a direct sales background in DC & Maryland after graduating from Virginia Tech in 2013 with a degree in Communications. 

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Joe Marchetti

Managing Director

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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