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Midyear 2022 Richmond Medical Office Report

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Key Takeaways

  • Net absorption remained positive at 72,519 square feet. This figure was comprised of a variety of small deals throughout the metro, with the only submarket to post negative absorption being the Route 288 Corridor.
  • Bon Secours broke ground on an 25,000 square foot mental health facility in the CBD submarket. The project is expected to be completed later this year.
  • Weighted average asking rates dipped 86 basis points half-over-half to $20.73 as a result of Class A availabilities decreasing 2.87% half-over-half to 8.77%. Available spaces are most constrained in the Suburban Southwest, which ended the half with a rate of 2.49%.

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Midyear 2022 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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John Vithoulkas

Research Analyst

Richmond - North

John joined Colliers in September of 2021 as a research analyst, working alongside the Research team to provide support for the brokerage division. His responsibilities include providing market data to commercial properties such as retail, multi-family, industrial, and hotel. In addition, John compiles and writes industry and speciality reports, as well as in-depth research and reporting on relevant companies and industries.  

Prior to Colliers, John worked for Costco Wholesale in Richmond where he collaborated with supervisors and managers to determine merchandising plans. He is a recent graduate of the University of Virginia where he studied economics and data analytics. 

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Komail Khaja

Director - Research

Richmond - North

Komail is the Director of Research for Central, Western, and Southeastern Virginia.  As of February 2022, Komail also oversees research operations in Raleigh, NC.  He joined Colliers | Virginia in January of 2019.

Komail oversees research operations throughout the region, manages the Research Analysts in the company, and supports all the company’s brokers primarily in the Richmond and Norfolk offices.  He began his real estate career in 2014 as a Real Estate Services Manager for the Fairfax County Economic Development Authority and then moved to CBRE as a Business Research/Data Intelligence Analyst.  He provides valuable customized research data which includes market trends, lease and sale comparables, GIS mapping, economic information and more.  In addition, he is also responsible for quarterly market reports, maintenance of the company research database, and tracking notable news/patterns pertaining to the local real estate market.

His foundations are in Geographic Information Systems (GIS), data visualization, urban planning, demographics, and business development. 

Komail understands the needs of clients and works to deliver top-notch market research and analysis to help our sales professionals deliver the best service to their clients so they can make the most informed decisions on their real estate needs.

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