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Virginia Industrial Report Year End 2021

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The combined markets of Norfolk, Richmond, and South Shenandoah Valley consist of over 140 million square feet of big box properties 100,000 square feet and larger. The Port of Virginia (POV), currently the third-largest container port by TEU volume on the East Coast, provides a convenient and efficient connection between the eastern regions of the United States and the global supply chain.

 

Fundamentals:

Vacancy rates in the combined markets compressed to record lows during the second half of 2021 with a combined vacancy rate of 2.5%. Nearly 6 million square feet of positive net absorption has posted in the past 12 months, with the second half of the year contributing 5.5 million square feet to this. Demand for industrial product is at all-time highs, and until additional speculative product can deliver, current market conditions will persist. Asking rents in the combined markets grew to an average of $5.00 per square foot, an increase of 10.5% year over year.


VIL2021

Virginia Industrial Report Year End 2021

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Related Experts

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 exciting real estate transactions that have created significant employment opportunities in the community. Since 2006, he has negotiated over 800 transactions valued at over $900 million involving government agencies, national corporations, REITs, medical practices, and local businesses and developers. 


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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Will Bradley

Executive Vice President

Richmond - North

Will Bradley is Executive Vice President for Colliers International specializing in structuring and facilitating the acquisition and disposition of complex development and institutional investment properties across the United States Prior to joining Colliers in 2019, Mr. Bradley spent over a decade with CBRE. 
Mr. Bradley’s background in financial and market analysis combined with his significant ongoing deal activity delivers his clients unmatched transparency into the current real estate markets. Mr. Bradley’s client’s further benefit from his understanding of the development process and comprehensive scenario analyses incorporated into his strategic advisory to achieve his clients’ goals. Over the past two years, he has handled more than $800 million in transaction advisory services.

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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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Rob Dirom

Senior Vice President

Richmond - North

Rob Dirom entered the commercial real estate brokerage business in 1997. In the last decade the industrial/warehousing product type has become his primary area of focus. Over the course, Rob has worked with land, office/flex, and office property clients and has represented buyers, sellers, landlords, tenants, and investors. Rob has worked with local, national, and international clients throughout his career, and in past years has also provided brokerage expertise for retail, land, and multi-family assignments. 
Along with brokerage, Rob has gathered extensive experience in assisting an industrial “build-to-suit” client including site searches, coordination of government incentives, and other related specialty offerings. This skill set has also become valuable is working with developers in constructing speculative or build-to-suit industrial product. Rob also has extensive experience assisting the owner/occupant investor in the purchase of industrial, office/service (flex), and office properties. Through hundreds of transactions and over two decades of industry experience, he brings a working knowledge of most brokerage processes, familiarity with an investment pro forma, and experienced insights into site readiness, construction timelines, building systems, renovation challenges, and the historic tax credit renovation process. Rob takes great pride in his teamwork and communication skills and providing the highest level of customer service. He has many career-long clients.
Rob possesses a knowledge of local market trends and the business geography of the Greater Richmond area. He enjoys interaction with all types of people and the development of long-term business relationships. In 2020 Rob 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 commercial real estate industry.  Outside of his career, Rob enjoys being outdoors, fishing, skiing, canoeing, hiking, and yard work are frequent pastimes.  He is often found tinkering with vintage cars and enjoys playing the guitar and/or appreciating music and good food.

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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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