Q1 2019 Richmond Industrial Research & Forecast Report

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Richmond market is primed for significant logistics absorption

  • The past year Richmond has seen a surge of spec development with four projects underway totaling nearly 1.2 million square feet.
  • Demand in Richmond has been mounting, as total requirement volume climbed 85% over the past 12 months to 5.2 million square feet in Q1 2019.
  • Richmond continued to attract e-commerce and third-party logistics users seeking to optimize their supply chains and find adequate labor pools at lower costs.
  • The Port of Virginia’s Richmond Marine Terminal adjacent to I-95 south of downtown is driving strong demand. The most recent examples include Panattoni Development’s nearly million square feet of spec construction which has landed Brother International in its 461,700 square-foot first delivery and is seeing strong interest in its second project, while Bissell is currently underway on its 437,000 square-foot Mid-Atlantic distribution center. 

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Q1 2019 Richmond Industrial Research & Forecast Report

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