Hampton Roads March 2021 – Key Take-Aways
- Hampton Roads Co-Champion, Richard Crouch of Vandeventer Black, reports a sizable uptick in multi-family investment deals with prices continuing to go up. Surprisingly, they are also seeing a fair number of new retail leases.
- Colliers’ Don Crigger suggests that most changes to offices will not likely occur until 2022 and beyond – companies are holding things ‘as is’ to see how reoccupancy plays out and that ‘reimagining’ the office will be on a company by company basis – one size will not fit all. The Chesapeake submarket has seen the most sublease activity with several call and services centers up for sublease. Occupancy rates seem to be at about 20%, and there is more activity in the suburbs than the CBD.
- Josh Gerloff and Dan Hickok of RRMM Architects is moving toward reoccupancy, but outfitted their employees with dual monitors to aid working from home. On the business front, they are seeing many opportunities – both private and public. Many national retailers are thriving, with lots of repurposing big boxes. Materials pricing continues to go up, particularly steel.
- Guest Cohen Investments’ Joe Lowery sees lots of capital coming into the south from California and the Northeast. Cohen focuses primarily on multi-family, but also on self-storage, flex space and retail. Demand is causing pricing to be inflated.
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