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Q2 2022 Richmond Research Report

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Steady Fundamentals Bring Increased Office Activity

Fundamental statistics followed trends established in previous quarters as vacancy rates hovered and ended the quarter at 11.56%. Average asking rates decreased 1.05% quarter-over-quarter to $21.50 per-square-foot. Available sublease space remained at near record levels as total availability increased 66 bps quarter-over-quarter to 19.9%. Absorption leaned positive and ended the quarter with 18,030 square feet absorbed. Innsbrook and Scott’s Addition were the largest positive contributors and contributed 48,140 and 25,933 square feet, respectively.

Key Takeaways

  • ARKO Corp joined 7 other Richmond based companies on the Fortune 500. Performance Food Group remained the area’s highest ranked company, followed by Altria Group and CarMax. In total, Richmond based, Fortune 500 companies produced a revenue of $122.7 billion in 2021 and employ over 124,000 people worldwide.
  • EAB inked the largest new deal of the quarter, subleasing 70,000 square feet at SunTrust Center One (11011 W Broad St). Virginia IT Agency commenced on their 71,214 square foot lease at Boulders VII and was the largest contributor to the quarter’s absorption.
  • Q2 posted 18,030 square feet of positive net absorption, with properties in the Northwest quadrant contributing the most. Class B properties located in the Southwest quadrant continued to experience negative absorption.

Q2 2022 Office Report for Sitecore

Q2 2022 Richmond Research Report

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Related Experts

David Wilkins

Managing Director- Richmond

Richmond - North

As Managing Director of the Richmond office, I am responsible for leading the central Virginia brokerage operation consisting of more than of 40 professionals and support staff. In this role, I am responsible for the strategic direction and performance of the region.  And with more than 20 years of experience in the commercial real estate industry, I have acquired a diverse skill set to develop and implement real estate strategies to maximize my customers’ success.  Throughout my career, I have guided owners, occupiers and developers of commercial real estate to create solutions congruent with their short- and long-term business goals.  
I have experience as a single point-of-contact providing complete transaction management and consulting services for my customers. I am fully committed to the customer to ensure smooth transition between project phases while leveraging resources for a direct impact to the bottom line and the success of each project.

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Thomas Vozenilek

Executive Vice President

Richmond - North

Tom Vozenilek joined the firm 2001 with 23 years of commercial sales and leasing experience. Tom's principal activity for the last 30 years has been Transaction Management. He was part of the original team at Virginia Landmark that started Tenant/Buyer Representation in the Central Virginia Market in 1986. Tom’s clients have included state agencies, universities, Fortune 500 corporations and a variety of regional and local firms.

Previously, he was Partner and Senior Vice President of Virginia Landmark.

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Joe Marchetti

Senior Vice President

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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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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Rebecca Barricklow

Assistant Vice President

Richmond - North

Rebecca Barricklow has over 23 years of experience in the commercial leasing and management of downtown and suburban office buildings in the Richmond Area. Her responsibilities include landlord and tenant representation for office, medical, office/flex and industrial properties. Some of her clients include Southport Financial, Lawson Family, Patriot Equities, Robinson Development Group, CS Investors, Innslake, LLC, and Bon Secours Health System, Inc.

Rebecca has extensive experience and knowledge in all phases of marketing and leasing (selection of architects, contractors and vendors, lease procurement, space planning, and facilities management and construction management coordination).

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Megan Revercomb

Vice President

Richmond - North

Megan Sullivan joined the firm 2015 and specializes in sales and leasing for office and medical office buildings representing both tenants and landlords. Having listed over 458,000 square feet in Richmond, she’s worked with both regional and institutional property owners to implement successful leasing and sales strategies for office properties. She immediately began working in commercial real estate following graduation from University of Georgia in the spring of 2015 with a Business Administration degree in Real Estate. She has completed course work in Real Estate Finance, Real Estate Investments, Real Estate Development, and Real Estate Valuations.

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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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Gray Bryant

Associate

Richmond - North

Gray joined joined the firm in 2017 as an Associate, having served previously as an Associate with Marcus and Millichap’s National Office and Industrial Group in Richmond, Virginia specializing in investment sales. Gray also has experience as an asset management analyst, which allows him to bring a unique analytical approach to deals. Gray focuses solely on tenant represenation and advises his clients on the development of real estate strategies, lease negotiations and the aquistion of commercial properties.

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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 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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