RICHMOND, VA--A stark differential in the key industrial statistical categories emerged this quarter in the Richmond market, according to Perry H. Moss, (top right photo) CCIM, MBA of GVA Advantis.On one hand was a fantastic leasing trend and a nice fall in the warehouse/distribution/manufacturing segment vacancy rate. On the other, the sales market is having a rough time and the flex segment sees its usual steady performance stumble moderately.
Market Statistics & Summary
A second look at the first chart (at left) is very much warranted.
The leasing market, buoyed by several massive leases in the distribution segment has launched the year over year trend into greatly positive territory.
While this level of trend growth cannot realistically be expected to c
ontinue, it none the less, has given a strong statement to the stability and resourcefulness of the market. Flexible lease terms and landlord concessions helped pave the way for the strong leasing demand.
ontinue, it none the less, has given a strong statement to the stability and resourcefulness of the market. Flexible lease terms and landlord concessions helped pave the way for the strong leasing demand. There was a bit of a trade-off with the flex market as that segment has an office/retail component which is more sensitive to immediate economic changes.
Flex spaces also tend to attract more smaller and local firms which cannot afford to risk the capital and don’t have the resources of major corporations.
The sales market fell sharply from last year as the scarceness of financing coupled with the economy revealed its darker side.
For more information, please contact Perry H. Moss, CCIM, Tel 804.672.4248, pmoss@gvaadvantis.com
GVA Advantis, 707 E. Main Street, Suite 1400, Richmond, Virginia 23219 gvaadvantis.com
GVA Advantis, 707 E. Main Street, Suite 1400, Richmond, Virginia 23219 gvaadvantis.com
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