Southeast

Strategically located within a day’s drive of 50 percent of the U.S. population, the Richmond metropolitan area has experienced immense growth driven by increased millennial demand, arterial connectivity, a pro-business environment, low cost of living and overall high quality of life, cementing its position as one of the leading Southeastern U.S. markets for employment and capital investment alike. The Richmond market’s strong trajectory is attracting interest from new to the market capital sources, including Brookwood Capital, TPA Group and Ashley Capital, as well as significant corporate investment from the likes of Dominion Energy, Kinsale Insurances and Altria Group. The industrial market in particular has seen robust growth with reported user demand doubling year over year to nearly 6 million square feet as of July 2019 — an all-time high according to Colliers International research. The strength of user demand has resulted in the market’s high bay vacancy rate receding to 5.6 percent and significant speculative and build-to-suit development, including Panattoni’s recently completed Virginia’s I-95 Logistics facility that was 100 percent preleased during construction to Brother International and Amazon. With no shortage of user demand, Richmond’s industrial market is expected to remain a highly desirable market to invest as noted in …