Record year for VIL despite COVID-19 disruptions
Virginia's Industrial and Logistics (VIL) inventory consists of over 159 million square feet spread over three core markets. The Port of Virginia (POV), currently the third-largest container port on the East Coast, provides a convenient and efficient connection between the eastern regions of the United States and the global supply chain.
Virginia's Industrial market fundamentals have remained strong throughout 2020 despite the COVID-19 pandemic disrupting the global supply chain. Although activity stalled briefly during Q2 as tenants evaluated how the pandemic would impact the market, 2020 produced record numbers for VIL vacancy rates, average asking rentals, deliveries, as well as 12-month net absorption. With the continued growth in demand for large requirements, momentum is likely to continue into the new year.