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

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Most submarkets saw an improvement in vacancy rates over the past year. Chesapeake, Norfolk, Portsmouth, Williamsburg, and Suffolk experienced the greatest improvement in vacancy rates. Newport News saw its vacancy rates rise due to weakened demand in the last year as a number of new communities came on-line. TABLE VIII Vacancy Rate 9% 8% 7% 6% 5% 4% 3% 2% 1% 0% Chesapeake Hampton Newport News Norfolk Portsmouth Suffolk Virginia Beach October 2009 October 2010 Williamsburg York County Overall RENTAL RATES As of October 2010, the average rental rate in Virginia Beach-Norfolk-Newport News was $900. TABLE IX Average Rental Rates (New & Existing Communities) $1000 $900 $800 $700 Average Rental Rate $600 $500 $400 $300 $200 $100 $0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Hampton Roads Real Estate Market Review 76
2011 M U LTI-FAMILY AVERAGE RENTS Average overall rents ranged from a low of $806 in Newport News to a high of $997 in Chesapeake. Newport News, Portsmouth, Norfolk and Suffolk all reported rents lower than the average rent of $900 per month, while Hampton, Williamsburg, York County, Virginia Beach and Chesapeake all reported rents higher than the average overall rent. TABLE X Average Rent by Submarket – October 2010 $1000 $900 Average Rent (Lowest to Highest) $800 $700 $600 $500 $400 $300 $200 $100 $0 Newport News Portsmouth Norfolk Suffolk Overall Hampton Williamsburg York County Virginia Beach Chesapeake 77 2011 MULTI-FAMILY
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2011 HAMPTON ROADS REAL ESTATE MARK
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MESSAGE FROM THE DIRECTOR Welcome a
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THE 2011 EXECUTIVE COMMITTEE OF THE
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ISORS TO THE CENTER (IPAC) Michael
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John R. (Jack) Lewis, II ECS Mid-At
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General Overview This report analyz
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YEAR IN REVIEW Moving into 2010 the
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We saw a greater decrease in the va
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Total Retail Product By Type New Av
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Retail Submarkets Southside 1 Bayfr
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Parkway Marketplace A 26,602 Provid
Page 27 and 28: 2011 HAMPTON ROADS REAL ESTATE MARK
Page 29 and 30: 2011 I N D U S T R I A L Functional
Page 31 and 32: 2011 I N D U S T R I A L 3. Average
Page 33 and 34: 2011 I N D U S T R I A L Regional I
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Page 37 and 38: 2011 O F F I C E New and existing H
Page 39 and 40: 2011 O F F I C E Submarket Leverage
Page 41 and 42: 2011 O F F I C E Class C Office Mar
Page 43 and 44: 2011 O F F I C E The office vacancy
Page 45 and 46: Vacancy Rate Peninsula Class B Vaca
Page 47 and 48: 2011 O F F I C E South Hampton Road
Page 49 and 50: Arrowhead Office Court . . . . . .
Page 51: Office Submarkets Southside 1 Airpo
Page 54 and 55: General Overview The Hampton Roads
Page 56 and 57: The multi-plex condominium closing
Page 58 and 59: ecorded in each community, netted t
Page 60 and 61: TABLE II Southside Top Subdivisions
Page 62 and 63: EXISTING HOMES The existing residen
Page 64 and 65: 100 90 80 70 60 50 40 30 20 10 0 Av
Page 66 and 67: As for attached homes, the median s
Page 68 and 69: To Franklin and Southampton Residen
Page 70 and 71: General Overview The Virginia Beach
Page 72 and 73: HISTORICAL APARTMENT DEVELOPMENT Hi
Page 74 and 75: ABSORPTION Absorption is defined as
Page 77: 2011 M U LTI-FAMILY Multi-Family Su
Page 81 and 82: INVESTMENT 2011 HAMPTON ROADS REAL
Page 83 and 84: 2011 I N V E S T M E N T INVESTMENT
Page 85 and 86: 2011 I N V E S T M E N T POSITIVE S
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