richmond americas marketbeat office 2page q22013
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8/22/2019 Richmond AMERICAS MarketBeat Office 2page Q22013
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. Broad St.
llen, VA 23060
ushmanwakefield.
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n April 2012. B
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est End and do
R TRANSAC
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est Broad Stree
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square feet (sf
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co County. This
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ates Deep Run
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or 17,261 sf in
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Midlothian Tur
town, Health D
ckson Center a
rs leased 6,000
ption was only
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tively. For the
r was 10.3%, w
acancy rate in sy of 720,213 sf.
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rs anticipate se
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shman & Wa
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lifted by rising
job market. Vir
slightly in April
ss rate droppe
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more space an
ntown market
TIONS
me Care Delive
in Glen Allen i
space is off the
), and EMC leas
487 sf in Deep
348,174-sf clas
arters facility fo
13,057 sf in the
III to be 40% to
most doubling i
in Innsbrook C
idor, Shaw Syst
Moorefield II at
s leased 7,382
npike.
iagnostic Labor
t 501 N. Secon
sf in the SunTr
lightly lower in
d last year, at 1
arket as a wh
ith leasing activi
cond quarter 2
eral large lease
wn. There are
nsbrook area,
availabilities, v
, VA
NAPS
ETBE
efield Resear
For more
Brad McG
804 697 3
brad.mcge
OVERVIEW
.S. consumer c
ighest level in al
ome prices an
ginia's unemplo
to 5.2%, the lo
from 5.3% in
renewed optim
are expressing
s.
red and EMC,
s 98% leased, w
market. Home
ed 8,932 sf.
un III at 9954
A, six-story bu
r Circuit City.
building. Deep
45% committe
s square footag
orporate Cente
ems Associates
808 Moorefield
f in the Winche
tory leased an
St., and Herita
ust Center at 91
the second qua
73,000 sf and 1
le, vacancy in t
y of 947,461 sf
012 also was 10
to be announc
still a couple bi
ut if those big-
cancy is sub 10
OT AT
h Publication
information, cont
etrick, Director,
558
trick@thalhimer.
onfidence in Ma
most six years,
an improving
ment rate fell
est it has been
arch and from
ism will prompt
confidence in
estmark Two
hich means
Care took
ayland Dr. in
ilding was
igital Insurance
un III’s owner
by summer
e from its
r.
renewed its
Park Dr., and
ster Building at
dditional 6,184
ge Wealth
19 E. Main St.
rter year-to-dat
9,000 sf
e second
for the year.
.3%, with leasin
ed in Richmond
-block space
lock vacancies
% in the
ct:
rokerage Service
om
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e
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f / y r
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1
s f ( t h o u s a n d s )
s
The market terms an
warranty or represe
of the information co
change of price, rent
listing conditions imp
© 2013 Cushman &
ook submarket.
ds a healthy rec
town, construc
tory tower in t
ete a $100 milli
Diagnostics La
lds Crossing pr
irst Tennessee
S ON THE G
ll Vacancy
Asking Rents (ps
easing Activity (s
CT RENTAL
ALL ACTIVI
16.20
16.40
16.60
16.80
17.00
17.20
2009
DIRECT GRO
1
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-,000.0
,000.0
0.0
,000.0
,000.0
,000.0
2009
LEASIN
d definitions in this report a
tation, express or implied, i
ntained herein, and same is
al or other conditions, withd
osed by our principals.
akefield, Inc. All rights rese
This means the
overy.
ion has begun o
e Biotechnolog
on, three-buildi
boratory. A 40,
ject on West B
ank as an anno
O
Q2 201
10.3
f/yr) $16.7
) 720,21
S. VACANC
Y VS. ABSO
2010 201
S RENTAL RATE
1
, 8 3 7
-
,
5
4 3
2010
G ACTIVITY
re based on NAIOP standar
s made to the accuracy or c
submitted subject to errors,
rawal without notice, and to
rved.
market is conti
n the third pha
y Research Park
g headquarters
00-sf building
road Street in
unced tenant.
2 Q2 2013
10.3%
$17.01
947,461
RATES
PTION
1 2012 Q
DIRECT
2
, 5 4 4
1
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4
9 6
2011 20
ABSORPTI
ds. No
mpleteness
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any special
nuing its path
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that will
complex for
ill go up in the
enrico County
Y-O-Y
CHANGE
12 MONT
FORECAS
0.0pp
1.3%
31.6%
8.5%
9.0%
9.5%
10.0%
10.5%
2013
ACANCY RATE
9
4 7
3
9 9
1
7 3
12 2013 YTD
ON
Q2 2013
1
,
8/22/2019 Richmond AMERICAS MarketBeat Office 2page Q22013
http://slidepdf.com/reader/full/richmond-americas-marketbeat-office-2page-q22013 2/2
Thalhimer
11100 W. Broad St.
Glen Allen, VA 23060
www.cushmanwakefield.com/knowledge
For more information, contact:
Brad McGetrick, Director, Brokerage Services
804 697 3558
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
© 2013 Cushman & Wakefield, Inc. All rights reserved.
2
RICHMOND, VA
SUBMARKET INVENTORY OVERALL
VACANCY
RATE
DIRECT
VACANCY
RATE
YTD LEASING
ACTIVITY
UNDER
CONSTRUCTION
YTD
CONSTRUCTION
COMPLETIONS
YTD DIRECT
NET ABSORPTION
YTD OVERALL
NET ABSORPTION
OVERALL WTD. AVG
ALL CLASSES GROSS
RENTAL RATE*
DIRECT WTD. AV
CLASS A GRO
RENTAL RAT
CBD 10,846,989 14.9% 12.9% 115,348 0 0 (4,843) (86,411) $19.29 $25.3
East End 623,816 1.7% 1.7% 7,500 0 0 7,436 7,436 $15.47 N/
Far West End 803,255 5.6% 5.6% 10,508 0 0 2,927 2,927 $15.94 $22.0
Glenside/Broad St 4,741,165 6.7% 5.7% 161,669 0 0 (21,031) (26,661) $17.66 $19.7
Hull Street Corridor 2,712,469 5.0% 5.0% 22,607 0 0 (1,622) (1,622) $11.94 N/
I-95 N/Ashland 688,456 9.9% 8.9% 99,182 0 0 (3,645) (3,645) $13.19 N/
I-95 N/Chamberlayne 363,973 22.0% 22.0% 499 0 0 (3,546) (3,546) $13.42 N/
Innsbrook 8,159,380 13.6% 10.8% 257,899 0 0 343,571 343,239 $18.25 $18.9
Iron Bridge Corridor 2,013,241 10.6% 10.6% 6,349 0 0 18,517 17,288 $14.00 $17.
Lakeside 334,259 13.2% 13.2% 3,000 0 0 (1,119) (1,119) $12.03 N/
Mechanicsville 1,245,646 12.1% 11.9% 11,232 0 0 (12,468) (13,768) $16.03 N/
Midlothian Corridor 4,376,418 14.2% 14.2% 103,526 0 0 7,889 34,577 $16.44 $17.7
Monroe Ward 2,529,511 7.1% 7.1% 9,396 0 0 (39,425) (39,425) $15.03 N/
Near West End 2,156,295 8.5% 8.5% 31,172 0 0 1,928 1,928 $15.37 N/
North Broad 3,020,271 4.1% 4.1% 3,994 200,600 0 (484) (484) $16.47 N/
Northside 288,495 3.9% 3.9% 0 0 0 0 0 $11.67 N/
Parham East 2,798,443 14.4% 14.4% 5,102 0 0 (1,495) (1,495) $14.08 N/
Parham South 1,013,346 21.6% 21.6% 11,802 0 0 (36,288) (36,288) $13.38 N/Rt 288 Corridor 1,577,860 6.2% 6.2% 29,975 0 0 13,147 9,402 $16.10 $19.4
Shockoe Bottom 1,541,169 3.4% 3.4% 2,347 0 0 (33,212) (33,212) $18.06 $20.5
Stony Point/Huguenot 1,496,015 8.9% 4.1% 20,426 0 0 8,583 (19,254) $14.69 $17.9
West Creek 1,740,213 0.0% 0.0% 750 0 0 0 0 $18.23 N/
West End 3,844,086 7.1% 7.1% 33,178 0 0 23,588 23,588 $13.91 $20.6
TOTALS 58,914,771 10.3% 9.3% 947,461 200,600 0 268,408 173,455 $16.98 $20.8
* RENTAL RATES REFLECT ASKING $PSF/YEAR
MARKET HIGHLIGHTS
SIGNIFICANT Q2 2013 LEASE TRANSACTIONS SUBMARKET TENANT BUILDING CLASS SQUARE F
WestMark Two Innsbrook Home Care Delivered Inc. A 42,3
Deep Run III Innsbrook Essex Bank A 27,4
Deep Run III Innsbrook Digital Insurance Holdings Inc. A 13,0
WestMark Two Innsbrook EMC Corporation A 8,9
Winchester Building Midlothian Corridor Sweet Frog Enterprises A 7,3
SIGNIFICANT Q2 2013 SALE TRANSACTIONS SUBMARKET BUYER PURCHASE PRICE / $PSF SQUARE F
NA
SIGNIFICANT Q2 2013 CONSTRUCTION
COMPLETIONS
SUBMARKET MAJOR TENANT COMPLETION DATE BUILDING SQUARE F
NA
SIGNIFICANT PROJECTS UNDER
CONSTRUCTION
SUBMARKET MAJOR TENANT COMPLETION DATE BUILDING SQUARE F
Biotech 8 – Phase 2 North Broad NA Q1 2014 112,0
Biotech 8 – Phase 3 North Broad NA Q2 2014 88,6