SOUTHEAST SNAPSHOT, JUNE 2004

RICHMOND INDUSTRIAL MARKET

Williams
In Richmond, Virginia’s industrial market, most users in the market are looking to buy, according to David Williams, senior vice president with Grubb & Ellis|Harrison & Bates. “Good locations and functionally modern properties are, by far, the most desired,” he adds.

While growth is mainly in distribution product, there has been some condo development for flex product. Additionally, older manufacturing buildings are under significant cost pressure.

Significant developments include Infineon’s expansion plans, which will give East End a significant boost. Enterchange at Walthall and at Northlake are flooding the market with hundreds of thousands of square feet of high bay distribution space for lease.

The majority of industrial development is taking place near Interstate 95 north and south, on new park land near the existing industrial base.

Major leases recently closed include U Quality Auto Parts’ 42,000-square-foot lease at Interport and Sharper Image’s 113,000-square-foot lease at Enterchange at Walthall.


©2004 France Publications, Inc. Duplication or reproduction of this article not permitted without authorization from France Publications, Inc. For information on reprints of this article contact Barbara Sherer at (630) 554-6054.




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