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osed by our principals.
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This means the
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Q2 2013
1
,
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Thalhimer
11100 W. Broad St.
Glen Allen, VA 23060
www.cushmanwakefield.com/knowledge
For more information, contact:
Brad McGetrick, Director, Brokerage Services
804 697 3558
The market terms and definitions in this report are based on NAIOP standards. No
warranty or representation, express or implied, is made to the accuracy or completeness
of the information contained herein, and same is submitted subject to errors, omissions,
change of price, rental or other conditions, withdrawal without notice, and to any special
listing conditions imposed by our principals.
© 2013 Cushman & Wakefield, Inc. All rights reserved.
2
RICHMOND, VA
SUBMARKET INVENTORY OVERALL
VACANCY
RATE
DIRECT
VACANCY
RATE
YTD LEASING
ACTIVITY
UNDER
CONSTRUCTION
YTD
CONSTRUCTION
COMPLETIONS
YTD DIRECT
NET ABSORPTION
YTD OVERALL
NET ABSORPTION
OVERALL WTD. AVG
ALL CLASSES GROSS
RENTAL RATE*
DIRECT WTD. AV
CLASS A GRO
RENTAL RAT
CBD 10,846,989 14.9% 12.9% 115,348 0 0 (4,843) (86,411) $19.29 $25.3
East End 623,816 1.7% 1.7% 7,500 0 0 7,436 7,436 $15.47 N/
Far West End 803,255 5.6% 5.6% 10,508 0 0 2,927 2,927 $15.94 $22.0
Glenside/Broad St 4,741,165 6.7% 5.7% 161,669 0 0 (21,031) (26,661) $17.66 $19.7
Hull Street Corridor 2,712,469 5.0% 5.0% 22,607 0 0 (1,622) (1,622) $11.94 N/
I-95 N/Ashland 688,456 9.9% 8.9% 99,182 0 0 (3,645) (3,645) $13.19 N/
I-95 N/Chamberlayne 363,973 22.0% 22.0% 499 0 0 (3,546) (3,546) $13.42 N/
Innsbrook 8,159,380 13.6% 10.8% 257,899 0 0 343,571 343,239 $18.25 $18.9
Iron Bridge Corridor 2,013,241 10.6% 10.6% 6,349 0 0 18,517 17,288 $14.00 $17.
Lakeside 334,259 13.2% 13.2% 3,000 0 0 (1,119) (1,119) $12.03 N/
Mechanicsville 1,245,646 12.1% 11.9% 11,232 0 0 (12,468) (13,768) $16.03 N/
Midlothian Corridor 4,376,418 14.2% 14.2% 103,526 0 0 7,889 34,577 $16.44 $17.7
Monroe Ward 2,529,511 7.1% 7.1% 9,396 0 0 (39,425) (39,425) $15.03 N/
Near West End 2,156,295 8.5% 8.5% 31,172 0 0 1,928 1,928 $15.37 N/
North Broad 3,020,271 4.1% 4.1% 3,994 200,600 0 (484) (484) $16.47 N/
Northside 288,495 3.9% 3.9% 0 0 0 0 0 $11.67 N/
Parham East 2,798,443 14.4% 14.4% 5,102 0 0 (1,495) (1,495) $14.08 N/
Parham South 1,013,346 21.6% 21.6% 11,802 0 0 (36,288) (36,288) $13.38 N/Rt 288 Corridor 1,577,860 6.2% 6.2% 29,975 0 0 13,147 9,402 $16.10 $19.4
Shockoe Bottom 1,541,169 3.4% 3.4% 2,347 0 0 (33,212) (33,212) $18.06 $20.5
Stony Point/Huguenot 1,496,015 8.9% 4.1% 20,426 0 0 8,583 (19,254) $14.69 $17.9
West Creek 1,740,213 0.0% 0.0% 750 0 0 0 0 $18.23 N/
West End 3,844,086 7.1% 7.1% 33,178 0 0 23,588 23,588 $13.91 $20.6
TOTALS 58,914,771 10.3% 9.3% 947,461 200,600 0 268,408 173,455 $16.98 $20.8
* RENTAL RATES REFLECT ASKING $PSF/YEAR
MARKET HIGHLIGHTS
SIGNIFICANT Q2 2013 LEASE TRANSACTIONS SUBMARKET TENANT BUILDING CLASS SQUARE F
WestMark Two Innsbrook Home Care Delivered Inc. A 42,3
Deep Run III Innsbrook Essex Bank A 27,4
Deep Run III Innsbrook Digital Insurance Holdings Inc. A 13,0
WestMark Two Innsbrook EMC Corporation A 8,9
Winchester Building Midlothian Corridor Sweet Frog Enterprises A 7,3
SIGNIFICANT Q2 2013 SALE TRANSACTIONS SUBMARKET BUYER PURCHASE PRICE / $PSF SQUARE F
NA
SIGNIFICANT Q2 2013 CONSTRUCTION
COMPLETIONS
SUBMARKET MAJOR TENANT COMPLETION DATE BUILDING SQUARE F
NA
SIGNIFICANT PROJECTS UNDER
CONSTRUCTION
SUBMARKET MAJOR TENANT COMPLETION DATE BUILDING SQUARE F
Biotech 8 – Phase 2 North Broad NA Q1 2014 112,0
Biotech 8 – Phase 3 North Broad NA Q2 2014 88,6