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.