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Q4 2020 | Richmond Office Research Report

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Uncertainty looms as companies shift market strategies

Key Takeaways:

  • Sublet space has seen a nationwide increase since the start of the pandemic, Richmond included. From 2017-2019, the average quarterly vacant sublet space in Richmond’s market was 160,769 square feet. At the end of 2020, Richmond’s market closed with 588,482 square feet of vacant sublet space representing 1.3%of total inventory. A notable contributor to this figure comes from Owens & Minor vacating their 90,000 square foot space in Riverfront Plaza. The total space was put up for sublease, with approximately 40,000 square feet already backfilled. Additionally, Berkshire Hathaway’s 79,000 square foot sublease at 6603 West Broad Street demonstrates that demand in Richmond’s market has not faltered.

  • Following the failed $1.5 billion Navy Hill project proposed in downtown Richmond, a $2.3 billion development project called GreenCity has been proposed at the site of the former Best Products headquarters in Henrico County. Anchored by a $250 million, 17,000-seat arena, the project, which the developers have deemed will be a mixed-use “ecodistrict”, is expected to include approximately 2 million square feet of office space, 280,000 square feet of retail space, two hotels, as well as 2,400 residential units.

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Q4 2020 | Richmond Office Research Report

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Related Experts

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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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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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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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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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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Scott Durham

Senior Vice President

Richmond - North

Scott Durham specializes in representing office users and buyers in acquiring new space or in renewing existing leases. His extensive knowledge encompasses all aspects of commercial real estate including marketing and leasing of commercial property, market evaluation, financial analysis, lease negotiation, space planning, project management and construction management. Mr. Durham is a 30 year veteran and has successfully helped clients including local and Fortune 500 corporations with their commercial real estate needs. In 2021, he surpassed $1.7 Billion in transaction volume for his career.

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Zachary Roski

Senior Vice President

Richmond - North

Zach Roski is a Senior Vice President,  Principal of the Colliers | Virginia Mid-South offices and an  advisory and transaction specialist. His primary focus is the representation of tenants in the acquisition of office space. In this role he provides corporate real estate services, site selection surveys and analyses. 

Zach is a 24 year veteran of the industry and has a history representing multi-market accounts/tenants across the United States. Upon graduation from Virginia Commonwealth University, he joined the country’s second largest real estate investment trust, United Dominion Realty Trust, where he worked primarily in multi-family property/asset management. 

From 2003 to early 2014, Zach was a member of the team working on the Commonwealth of Virginia’s real estate portfolio. As a part of the team, he assisted with office and warehouse acquisitions, consolidations, dispositions, strategic planning and implementation. The team completed more than 70 transactions annually and achieved over $80 million in savings for the Commonwealth through lease negotiations. 

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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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