SOUTHEAST SNAPSHOT, JUNE 2004
RICHMOND INDUSTRIAL MARKET
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Williams
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In Richmond, Virginias 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 Infineons 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 Images
113,000-square-foot lease at Enterchange at Walthall.
©2004 France Publications, Inc. Duplication
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from France Publications, Inc. For information on reprints
of this article contact Barbara
Sherer at (630) 554-6054.
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