2011 Hampton Roads Real Estate Market Review - College of ...

Class C - Significant Office Market Statistics Hampton Roads (Year-end 2010)
Market Existing Inventory Vacancy YTD net YTD Under Quoted
Absorption Deliveries Const SF Rates
# Blds Total r.b.a. Direct SF Total SF Vac %
Downtown
Norfolk 39 385,262 38,845 38,845 10.1% (1,111) 0 0 $12.69
Harbour View 4 14,120 3,893 3,893 27.6% (1,873) 0 0 $12.75
Oyster Point 144 702,329 36,424 36,424 5.2% (7,123) 0 0 $12.30
VA Beach CBD 3 8,808 0 0 0.0% (15,000) 0 0 N/A
Totals 190 1,110,519 79,162 79,162 14.3% (25,107) 0 0
Significant Office Market Statistics Hampton Roads (Year-end 2010)
Market Existing Inventory Vacancy YTD net YTD Under Quoted
Absorption Deliveries Const SF Rates
# Blds Total r.b.a. Direct SF Total SF Vac %
Downtown
Norfolk 103 4,947,658 859,865 865,620 17.5% (14,507) 299,887 2,000 $20.50
Harbour View 38 1,574,786 194,740 199,540 12.7% 39,137 32,578 12,930 $21.77
Oyster Point 357 4,920,607 603,981 624,146 12.7% (52,803) 0 0 $17.65
VA Beach CBD 36 1,968,256 166,832 179,123 9.1% 101,221 0 0 $21.09
Totals 534 13,411,307 1,825,418 1,868,429 13.0% 73,048 332,465 14,930
Source: CoStar Group, Inc.
©2011 Jones Lang LaSalle IP, Inc. All rights reserved. All information contained herein is from sources deemed reliable; however,
no representation or warranty is made to the accuracy thereof.
Hampton Roads methodology: Inventory includes all Class A, B, & C office properties
Regional Office Market Comparison
The relative vitality of the Hampton Roads office market can be more clearly illustrated by comparing the area’s 2010 performance
to the nearby Virginia market of Richmond, the District of Columbia, as well as the North Carolina markets of
Raleigh-Durham and Charlotte. Clearly our regional competitive areas fared well in comparison to the United States’ national
office vacancy rate of 16.2% in 2010. All combined, this select regional vacancy rate was 12.3%. All data is gathered from
the Brookings Institution and CoStar.
Q4 2010 Data — From CoStar Office Market Report
The office vacancy rate in the Richmond, VA office market area decreased to 11.3% at the end of the fourth quarter
2010. The vacancy rate was 11.9% at the end of the third quarter 2010, 12.3% at the end of the second quarter 2010, and
12.0% at the end of the first quarter 2010.
The office vacancy rate in the Raleigh-Durham, NC office market area decreased to 12.6% at the end of the fourth quarter
2010. The vacancy rate was 12.7% at the end of the third quarter 2010, 13.2% at the end of the second quarter 2010, and
13.4% at the end of the first quarter 2010.
The office vacancy rate in the Charlotte, NC office market area decreased to 14.0% at the end of the fourth quarter
2010. The vacancy rate was 14.2% at the end of the third quarter 2010, 14.7% at the end of the second quarter 2010, and
14.1% at the end of the first quarter 2010.
2011 Hampton Roads Real Estate Market Review
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