3 RD QUARTER 2016 RICHMOND INDUSTRIAL MARKET REPORT
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1 3 RD QUARTER 2016 RICHMOND INDUSTRIAL MARKET REPORT FORECAST The Richmond Industrial market continued trending in the positive direction in the third quarter, with the absorption of over 320,000 square feet. The market fundamentals remain strong as the vacancy rate continues to remain below historic averages. Despite the healthy absorption and low vacancy rate their remains to be a lack of quality product on the market or in the construction pipeline. Two spec industrial buildings have been announced, Devon USA 320,000± SF building in North lake and Becknell s second 200,000± SF building at the Airport Distribution Center, and construction is scheduled to commence late 4th quarter 2016 or 1st quarter New construction continues to primarily be driven by build to suit projects such as Niagara Bottling and Aldi in Dinwiddie and Meadowville Technology Park. As seen with the Niagara and Aldi BTS projects, companies continue to be forced farther away from the center of the metro area as a result of lack of quality product and land. As last mile logistics continues to grow, distribution and ecommerce users are looking for space closer to population centers. Central Virginia has multiple infill sites that are currently being underutilized and are poised for industrial redevelopment. As we move into 2017 development/ redevelopment of new class A industrial product will be vital to the growing market. 7.2% VACANCY 216,000 SF UNDER CONSTRUCTION 320,420 SF NET ABSORPTION $4.20 PSF AVERAGE RENTAL RATES MAIN OFFICE ADDRESS: 4198 Cox Road, Suite 200 Glen Allen, VA MAILING ADDRESS: P.O. Box Richmond, VA OFFICE LOCATIONS: Richmond Hampton Roads Nashville Jacksonville Greensboro Tampa
2 The Richmond, VA Industrial market ended the third quarter 2016 with a vacancy rate of 7.2%. The vacancy rate was down over the previous quarter, with net absorption totaling positive 320,420 square feet in the third quarter. Vacant sublease space increased in the quarter, ending the quarter at 293,330 square feet. Rental rates ended the third quarter at $4.20, no change over the previous quarter. There was 216,000 square feet still under construction at the end of the quarter. ABSORPTION Net absorption for the overall Richmond VA Industrial market was positive 320,420 square feet in the third quarter That compares to positive 213,473 square feet in the second quarter 2016, positive 579,839 square feet in the first quarter 2016, and positive 22,463 square feet in the fourth quarter Tenants moving out of large blocks of space in 2016 include: Sonoco Products Company moving out of (260,654) square feet at 7001 Technology Blvd, ProLogix East moving out of (89,482) square feet at Interport Business Center - Building A, and Star International Furniture, Inc. moving out of (60,046) square feet at Woodlands Center III. Tenants moving into large blocks of space in 2016 include: Full Service Warehouse & Logistics, Inc. moving into 99,700 square feet at 1802 Jefferson Davis Highway, Shades of Light moving into 83,000 square feet at Shades of Light Building, and R1 International moving into 78,080 square feet at 1207 Gordon Avenue. The Flex building market recorded net absorption of positive 41,382 square feet in the third quarter 2016, compared to positive 148,482 square feet in the second quarter 2016, positive 61,936 in the first quarter 2016, and positive 6,231 in the fourth quarter The Warehouse building market recorded net absorption of positive 279,038 square feet in the third quarter 2016 compared to positive 64,991 square feet in the second quarter 2016, positive 517,903 in the first quarter 2016, and positive 6,231 in the fourth quarter VACANCY The Industrial vacancy rate in the Richmond VA market area decreased to 7.2% at the end of the third quarter The vacancy rate was 7.4% at the end of the second quarter 2016, 7.6% at the end of the first quarter 2016, and 7.8% at the end of the fourth quarter 2015.
3 Flex projects reported a vacancy rate of 9.8% at the end of the third quarter 2016, 10.2% at the end of the second quarter 2016, 11.3% at the end of the first quarter 2016, and 11.7% at the end of the fourth quarter Warehouse projects reported a vacancy rate of 6.9% at the end of the third quarter 2016, 7.1% at the end of second quarter 2016, 7.2% at the end of the first quarter 2016, and 7.4% at the end of the fourth quarter SUBLEASE VACANCY The amount of vacant sublease space in the Richmond VA market increased to 293,330 square feet by the end of the third quarter 2016, from 287,343 square feet at the end of the second quarter There was 382,724 square feet vacant at the end of the first quarter 2016 and 377,383 square feet at the end of the fourth quarter Richmond VA s Flex projects reported vacant sublease space of 15,385 square feet at the end of third quarter 2016, up from the 3,163 square feet reported at the end of the second quarter There were 7,804 square feet of sublease space vacant at the end of the first quarter 2016, and 3,163 square feet at the end of the fourth quarter Warehouse projects reported decreased vacant sublease space from the second quarter 2016 to the third quarter Sublease vacancy went from 284,180 square feet to 277,945 square feet during that time. There was 374,920 square feet at the end of the first quarter 2016, and 374,220 square feet at the end of the fourth quarter RENTAL RATES The average quoted asking rental rate for available Industrial space was $4.20 per square foot per year at the end of the third quarter 2016 in the Richmond VA market area. This represented a 0.0% change in quoted rental rates from the end of the second quarter 2016, when rents were reported at $4.20 per square foot. The average quoted rate within the Flex sector was $8.86 per square foot at the end of the third quarter 2016, while Warehouse rates stood at $3.60. At the end of the second quarter 2016, Flex rates were $8.81 per square foot, and Warehouse rates were $3.59. DELIVERIES AND CONSTRUCTION During the third quarter 2016, no new space was completed in the Richmond VA market area. This compares to one building totaling 21,600 square feet that were completed in the second quarter 2016, four buildings totaling 340,000 square feet completed in the first quarter 2016, and 38,800 square feet in three buildings completed in the fourth quarter There were 216,000 square feet of Industrial space under construction at the end of the third quarter Some of the notable 2016 deliveries include: Stone Brewing - Phase 1, a 200,000-square-foot facility that delivered in first quarter 2016 and is now 100% occupied, and Shades of Light Building, an 83,000-square-foot building that delivered in first quarter 2016 and is now 100% occupied. The only project under construction at the end of third quarter 2016 was Airport Distribution Center - Building E, a 216,000-square-foot building with 100% of its space preleased.
4 SALES ACTIVITY Tallying industrial building sales of 15,000 square feet or larger, Richmond VA industrial sales figures fell during the second quarter 2016 in terms of dollar volume compared to the first quarter of In the second quarter, five industrial transactions closed with a total volume of $10,244,350. The five buildings totaled 472,842 square feet and the average price per square foot equated to $21.67 per square foot. That compares to 13 transactions totaling $79,127,511 in the first quarter. The total square footage was 1,228,634 for an average price per square foot of $ Total year-to-date industrial building sales activity in 2016 is up compared to the previous year. In the first six months of 2016, the market saw 18 industrial sales transactions with a total volume of $89,371,861. The price per square foot has averaged $52.53 this year. In the first six months of 2015, the market posted 11 transactions with a total volume of $19,755,000. The price per square foot averaged $ Cap rates have been higher in 2016, averaging 8.00%, compared to the first six months of last year when they averaged 7.08%. One of the largest transactions that has occurred within the last four quarters in the Richmond VA market is the sale of Richmond Cold Storage in Richmond. This 182,659-square-foot industrial building sold for $23,200,000, or $ per square foot. The property sold on 2/10/2016, at a 0.00% cap rate.
5 SELECT TOP YEAR-TO-DATE DELIVERIES Property Name Sub- Market RBA Occupied Quoted Rate Ground Break Date Delivery Date Developer Stone Brewing - Phase 1 Southeast 200, % N/A 2nd Quarter st Quarter 2016 N/A Shades of Light Building Southwest 83, % N/A 2nd Quarter st Quarter 2016 Railey Hill Associates Airport St Dinwiddie County 41, % N/A 2nd Quarter st Quarter 2016 N/A 9830 Atlee Commons Drive Northeast 21,600 92% $8.00 4th Quarter nd Quarter 2016 N/A Groome Transportation Northwest 16, % N/A 3rd Quarter st Quarter 2016 N/A
6 The information and details contained herein have been obtained from third-party sources believed to be reliable; however, Commonwealth Commercial has not independently verified its accuracy. Commonwealth Commercial makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information. The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice. Third-party data sources: CoStar Group, Inc., Moody s Economy. com, Nielsen/Claritas, Real Capital Analytics, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, U.S. Census Bureau, Greater Richmond Partnership, U.S. Department of Commerce. The Commonwealth Commercial Industrial Market Report compiles relevant market data by using a third-party database for the proprietary analysis of specific industrial properties above 10,000 SF in the Richmond Metropolitan Area. Industrial Team Mark Claud T E mclaud@ Russell Wyatt T E rwyatt@ Fred Plaisted T E fplaisted@ Ben Bruni T E bbruni@ Middleton Smith T E msmith@
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