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2009 Real Estate Market Review

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2009 Real Estate Market Review 2009 HAMPTON ROADS REAL ESTATE MARKET REVIEW E. V. Williams Center for Real Estate and Economic Development www.odu.edu/creed ASSOCIATE PUBLISHER Mike Herron Inside Business 757.222.3991 SPECIAL PUBLISHING MANAGER Olga Curie GRAPHIC DESIGN Pico Design & Illustration www.picodesign.net 757.493.0370 AD DESIGN CONTENTS Kristie Mathison DIRECTOR OF SALES Bill Blake 757.222.3165 Message From The Director 5 ADVERTISING SALES Robin Simmons Tricia Smigel CREED Executive Committee 7 BUSINESS MANAGER Sylvia Mapp CREED Advisory Board Members 8 Inside Business 143 Granby Street 2009 Hampton Roads Retail Market Survey 11 Norfolk, Virginia 23510 757.222.5353 2009 Hampton Roads Industrial Market Survey 27 2009 Hampton Roads Office Market Survey 39 2009 Hampton Roads Residential Market Survey 57 2009 Hampton Roads Multi-Family Market Survey 73 E. V. Williams Center for Real Estate & Economic Development www.odu.edu/creed 2009 Commercial Real Estate Investment Market Review 87 Data for Old Dominion University E.V. Williams Center for Real Estate and Economic Development Market Survey was collected in the fourth quarter — 2008 3 MESSAGE FROM THE DIRECTOR elcome and thank you for joining us for the 2009 Old Dominion University E. V. Williams Cen- ter for Real Estate and Economic Development (CREED) Real Estate Market Review and Forecast. This is our 14th annual market report and review and we sincerely appreciate your Wcontinued support. Hampton Roads is officially designated the Virginia Beach – Norfolk – Newport News VA-NC MSA by the Office of Management and Budget. It encompasses 2,628 square miles, has a population of more than 1.6 million and a workforce of nearly 800,000. Hampton Roads is the fourth largest MSA in the southeast US, comprised of 16 cities and counties in Southeastern Virginia and Northeastern North Carolina, and is the largest consumer market between Washington DC and Atlanta. According to the Old Dominion University Economic Forecasting Project, our region is suffering from the same economic malaise that has infected the nation. However, our real gross regional product is not ex- pected to contract. In fact, Old Dominion University economic wizards forecast a slight positive increase in both regional gross product as well as civilian employment. Of course, big questions remain regarding the impact of the economic slowdown on the real estate industry. What will 2009 have in store for the com- mercial real estate markets? Will the housing market ever regain the momentum of a couple of years ago? And will the proposed economic stimulus legislation impact local real estate investments? While answers to these questions and others depend upon a multitude of factors, some evidence can be found within the pages of this report as well as from the presentation of our industry experts. For some good news, Professor Michael Seiler, the Robert M. Stanton Chair of Real Estate and Eco- nomic Development, is on board. His addition to the real estate program within the College of Business and Public Administration has already produced some amazing results. Dr. Jon Crunkleton now has addi- tional support to enhance real estate course offerings with increasing student enrollments. Moreover, Pro- fessor Seiler brings national recognition to our program. He is an accomplished scholar and will continue to produce cutting edge research in various real estate topics. CREED membership continues to be one of the most cost effective networking organizations you can ever support. The CREED website has over 40,000 page views, providing tremendous marketing leverage for your membership listing. Professor Seiler has been instrumental in establishing the Industry Professional Advisory Council (IPAC) to help increase support and resources for the real estate program. IPAC provides further opportunity for those of you who want to see real estate establish itself as an academic major of choice for Old Dominion University students. If you are interested in expanding your support of real estate studies and participating in IPAC, please let us know. There are many people to thank for their contributions to this report and the annual market review. Many writers, speakers, and event planners make this program such a success. Of course, a special thank you to all the volunteers within the real estate and economic development community for providing their expertise and sharing their data. None of this is possible without your commitment. In closing, please note that every effort is made to provide the most accurate information in these re- ports. If you find an error, or have a suggestion on how to improve upon these reports, please contact me with comments. Your continued support is truly appreciated. John R. Lombard, Ph.D. Associate Professor, Department of Urban Studies and Public Administration Director, E. V. Williams Center for Real Estate and Economic Development Old Dominion University College of Business and Public Administration Norfolk, VA 23529-0218 Direct line: (757) 683-4809 Center line: (757) 683-5352 5 The 2009 Executive Committee of the CREED Advisory Board The purpose of the Advisory Board is to provide professional expertise in various aspects of real estate and economic de- velopment to make recommendations to the University con- cerning policy and operations of the CREED as well as the University's real estate curriculum. THE 2009 OFFICERS AND MEMBERS OF THE BOARD ARE AS FOLLOWS: Executive Committee Chair ........................................................ Tom Dillon Executive Director ................................... John Lombard Vice Chair ................................................ Brad Sanford Program Chair ......................................... Stephanie Sanker Publications Chair ................................... Brian Dundon Membership Chair .................................. Craig Cope Curriculum Co-Chairs .............................. Jon Crunkleton .............................................................. Brad Sanford Sponsorship Chair ................................... Fred Facka By-Laws Chair .......................................... Andrew Keeney Past Chair ................................................. Joyce Hartman At-Large ................................................... Jonathan Guion .............................................................. Billy King .............................................................. Aubrey Layne To obtain additional copies of Market Review Committee this report, please go to our website: Industrial................................................... William C. Throne and www.odu.edu/creed .............................................................. Stephanie Sanker Office........................................................ Katherine Campbell Retail ........................................................ David Machupa and Send to: .............................................................. David Chapman John R. Lombard, Ph.D, Director Multi-family .............................................. Charles Dalton/Real Data E. V. Williams Center for Real Estate Residential................................................ Blair Hardesty and Van Rose Investment ............................................... Scott Adams and Economic Development Old Dominion University Research/Editorial Committee 2089 Constant Hall Albert Duncan Brad Sanford Norfolk, VA 23529 Brian Dundon Lane Shea Beth Hancock Kristi Sutphin Telephone: Joy Learn (757) 683-4809 Sandi Prestridge Maureen Rooks E-Mail: [email protected] 7 CREED ADVISORY BOARD MEMBERS J. Scott Adams Laura B. de Graaf John C. Harry CB Richard Ellis Commercial Real Estate John C. Harry, Inc. Banking, Bank of America Tom Atherton Joyce Hartman MEB General Contractors Robert L. Dewey Southside Building Services Willcox & Savage, P.C. Jerry Banagan Dorcas T. Helfant-Browning Office of Real Estate Tom M. Dillon DTH Properties, LLC Assessor, Virginia Beach Fulton Bank Virginia P. Henderson, MAI Michael Divaris Commercial First Jim Bradshaw Divaris Real Estate, Inc. Appraisers, LLC Woolpert LLP Helen Dragas Charles Hutchison M. Albert Carmichael The Dragas Companies Vanasse Hangen Brustlin, Inc. Harvey Lindsay Commercial Real Estate Brian Dundon Michael A. Inman Dundon & Associates Inman & Strickler, PLC Lawrence J. Colorito, Jr., MAI Axial Advisory Group, LLC Frederick D. Facka Cherie James Tuckahoe Asset Management Wall, Einhorn, & Chernitzer Jeff Cooper Cooper Realty, Inc. Sandra W. Ferebee Terry Johnson GSH Residential Sales Abbitt Realty Craig A. Cope Corporation Liberty Property Trust Maria Kattmann Joel T. Flax Hahns L. Copeland Goodman & Company E. Andrew Keeney DARVA Group LLC Kaufman & Canoles Howard E. Gordon Ann K. Crenshaw Williams Mullen Hofheimer R. I. King, II Kaufman & Canoles Nusbaum, P.C. Thalhimer/Cushman & Wakefield Don Crigger, CCIM Dennis W. Gruelle William E. King, SIOR GVA Advantis Real Appraisal Consultation Group Harvey Lindsay Estate Services Co. Jonathan S. Guion, SIOR April Koleszar Jon R. Crunkleton Jonathan Commercial Koleszar Properties, Inc. Old Dominion University Properties Barry M. Kornblau Kim Curtis Elizabeth O. Hancock Summit Realty Group, Inc. Southern Trust Mortgage Com- Office of the Real Estate pany Assessor, City of Norfolk Aubrey L. Layne, Jr. Great Atlantic Cecil V. Cutchins Russell G. Hanson, Jr. Management, LLC Olympia Development Atlantic Mortgage & Corporation Investment Co. Tyler H. Leinbach Meredith Construction Co., Inc. William G. Darden Carl Hardee Hearndon Construction
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