Fall 2024 Newsletter

Upcoming Annual Meeting Planned for Charlottesville

Mark your calendars! The Virginia SIOR Chapter Annual Meeting will take place on February 27 - 28, 2025, in Charlottesville, VA. This year’s event will feature a mix of strategic discussions, networking, and fun:

• Location: Omni Charlottesville Hotel
  We have reserved a small block of rooms at the group rate of $169 per night. Reserve your stay early! To make your reservation call 1-800-THE-OMNI and reference the SIOR Virginia Winter Meeting.
• Special Event: Wine Tasting
  Join us on the afternoon of February 27th  for a taste of some of the area’s wines. A great way to kick off the annual meeting with camaraderie and local flavor!
• Agenda & Registration: More details to follow. Keep an eye on your inbox for the official registration link.

We can’t wait to see you there!

GFI Updates

The Chapter’s recent vote affirmed 17-0 an increase in GFI requirements for two markets; Lynchburg and Hampton Roads (further defined below). The changes to the GFI Thresholds will take effect for the period January 1, 2025 – December 31, 2026.  The current GFI requirements can be found on our chapter website here.

• Lynchburg Market (City of Lynchburg, Amherst, Appomattox, Bedford and Campbell Counties) increase from $200,000 to $250,000 for both Office and Industrial
• Hampton Roads Market (James City County, Williamsburg, York County, Newport News, Hampton, Isle of Wight, Suffolk, Portsmouth, Norfolk, Virginia Beach, Chesapeake, Southampton County) increase Industrial requirement from $250,000 to $300,000

Virginia SIOR Chapter Port Tour in September

On September 17th, members of the Virginia SIOR Chapter had the opportunity to tour the Port of Virginia’s Norfolk International Terminals (pictured above). Attendees experienced an exclusive behind-the-scenes look at the Port’s state-of-the-art operations, including semi-autonomous container handling, recently completed and future infrastructure investment projects, and heard about its impact on local, state and regional commerce.  The event was a fantastic opportunity to connect with peers while gaining valuable insights into how the port drives economic growth for us all. Thank you to all who attended and made this event such a success!

Recap From the National SIOR Fall Conference

Last month, over 1,000 CRE leaders came together in LA over several action-packed days.  Attendees experienced immersive learning, thought-provoking speakers, and valuable networking events all under the Hollywood lights. An impressive roster of attendees spanning 16 countries, along with 75 unique sponsors and exhibitors (the most in SIOR history), created the perfect formula for unforgettable experiences.

Leading the lineup of keynote speakers was CNN and Sirius XM host Michael Smerconish, who captivated the audience with discussions about restoring civility to today’s fractured public discourse. His mix of generational humor, personal anecdotes, and social science left attendees with actionable steps for fostering compromise and connection.

Peter Zeihan, a global geopolitical strategist, took attendees on a journey across the global landscape, delivering a thought-provoking talk forecasting the shifting dynamics of foreign trade and economic power. His carefully curated insights made way for predictions on how these changes will affect CRE, leaving the room buzzing with discussion.

Closing out the conference was Dr. Thomas LaSalvia, PhD, economist and director of research at Moody’s, who broke down inflation trends, interest rates, and market shifts, offering practical strategies to navigate the road ahead.

Some interest nuggets of information picked up at the event:

• Brokers from other markets are utilizing AI daily for a variety of functions, including financial analysis and creation of client-friendly issues lists when reviewing lease agreements;
• Over the past 5 years, Virginia ranks number one in the US for growth in commercial sector electricity consumption;
• Industrial real estate is the 2nd largest sector of annual energy consumption in the US at 35.1%, preceded only by transportation.
• Most other US markets are experiencing rising industrial vacancy rates; the Inland Empire is currently at 5 times the vacancy rate of just 2 years ago and Texas is on track for double-digit vacancy by the end of the year.

Thank you to everyone who represented the Virginia Chapter at the conference!

Thank you for staying connected with the Virginia Chapter SIOR. For questions or suggestions, please reach out to siorvirginia@gmail.com.