RICHMOND, VA--Perry Moss, regional research director, GVA Advantis, reports the industrial leasing market appears better than in actuality as it was heavily buoyed by the Hewlett Packard renewal of 800,000 square foot at White Oak Technology Park in Eastern Henrico County.The sales market is in a virtual free-fall due to credit and market instability.
Most key indices are down, including vacancy which is at its highest level in over two years, but look to recover later this year or early 2010.
A myriad of negative economic news forced the leasing market to slow considerably, however, received a one-time shot in the arm from the 800,000 square foot HP renewal. Most tenants are opting for short flexible leases.
A myriad of negative economic news forced the leasing market to slow considerably, however, received a one-time shot in the arm from the 800,000 square foot HP renewal. Most tenants are opting for short flexible leases.
The Qimonda AG computer chip memory production facility at White Oak is now closed costing some 1,500 high-tech jobs.Tyson Foods expands by 180 positions at their Hanover County facility.
USF Holland Trucking shuts down its Belt Blvd. location affecting 350 jobs.
Contact: Perry Moss, PMoss@gvaadvantis.com
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