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

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MANAGEMENT There were over 470 conventional apartment communities with more than 50 units surveyed in the Hampton Roads region in October. Of the 92,000 apartment units surveyed, the top five firms manage nearly one-third of these units. TABLE XI Top 10 Management Companies S.L. Nusbaum Great Atlantic Drucker & Falk Lawson Companies Breeden Management WMCI Kotarides Companies Ripley-Heatwole Harbor Group Perrel Management 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% REGIONAL TRENDS Roanoke Roanoke has fewer than 10,000 conventional apartment units among communities of at least 30 units. Roanoke’s apartment market coped better than most markets during the past recession. This was due in large part to the fact that there has been minimal new apartment development in Roanoke over the past several years which has kept the rental supply at a manageable level. Occupancy rates in 2010 were 93.5% with rent growth of just under 2% for the year. Richmond Richmond has over 60,000 conventional apartment units within communities of at least 50 units. The area’s apartments hit bottom in the fourth quarter of 2009 and first quarter of 2010 when occupancies fell to 90% and rents declined by 3.5% for the year. Since that time Richmond has seen a strong resurgence in rental demand and occupancies reached nearly 93% by August of 2010. Rents also showed strong growth in latter half of 2010 with rents now averaging $823. 2011 Hampton Roads Real Estate Market Review 78
INVESTMENT 2011 HAMPTON ROADS REAL ESTATE MARKET REVIEW Author J. Scott Adams, CCIM Regional President, CB Richard Ellis/Hampton Roads Financial Support Disclosure The E. V. Williams Center for Real Estate and Economic Development (CREED) functions and reports are funded by donations from individuals, organizations and the CREED Council. The data used for this report are deemed reliable; however, neither Old Dominion University, the E. V. Williams Center for Real Estate and Economic Development, nor sponsoring companies and/or individuals makes any representation or warranty as to its accuracy. 2011 INVESTMENT 79
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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
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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
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Page 60 and 61: TABLE II Southside Top Subdivisions
Page 62 and 63: EXISTING HOMES The existing residen
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Page 66 and 67: As for attached homes, the median s
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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
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Page 79: 2011 M U LTI-FAMILY AVERAGE RENTS A
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Page 85 and 86: 2011 I N V E S T M E N T POSITIVE S
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