| Outlook
Virginia Business
June 2004
The look ahead
As the economy picks up steam, national distribution
companies are expected to move on expansions, creating
greater demand for industrial space. Speculative warehouse
and office flex projects are already going up in Central
and Northern Virginia.
•
Richmond-based Devon USA has built more than 1 million
square feet of speculative warehouse distribution space
at the Enterchange at Walthall in Colonial Heights.
The deep truck bays, high ceilings and high-pressure
sprinkler systems have attracted such tenants as Dupont,
The Sharper Image and Antioch Co. So far, Devon has
leased about 56 percent of the space and is adding to
its portfolio by building another 500,000 square feet
of warehouse space in Ashland. That total could rise
to 1 million if tenants bite. Both of Devon’s
projects offer easy access to Interstate 95.
•
In Northern Virginia, developers are building 500,000
square feet of new industrial space a year with demand
fueled by distribution/service companies, moving and
storage firms and government contractors. Developers,
including AMB Property Corp. and ProLogis, see larger
tenants moving from the I-95 to the Dulles corridor.
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