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Market Review 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 HAMPTON ROADS SPECIAL PUBLISHING MANAGER Olga Currie REAL ESTATE GRAPHIC DESIGN MARKET REVIEW Pico Design & Illustration www.picodesign.net 757.493.0370 DIRECTOR OF SALES Bill Blake 757.222.3165 CONTENTS ADVERTISING SALES Message From The Director Robin Simmons John Kinsley CREED Executive Committee BUSINESS MANAGER Debbi Wilson CREED IPAC Members Inside Business 150 W. Brambleton Avenue CREED Council Members Norfolk, Virginia 23510 757.222.5353 Hampton Roads Retail Market Survey Hampton Roads Industrial Market Survey Hampton Roads Office Market Survey Hampton Roads Residential Market Survey Hampton Roads Multi-Family Market Survey E. V. Williams Center for Real Estate & Economic Hampton Roads Development Capital Markets & Real Estate Finance Review www.odu.edu/creed Data for Old Dominion University E.V. Williams Center for Real Estate and Economic Development Market Survey was collected in the fourth quarter — 2011 3 MESSAGE FROM elcome and thank you for joining us for the 2012 Old Dominion University E. V. Williams Center for Real Estate and Economic Development (CREED) Hampton Roads Real Estate Market Review and Forecast. This is our 17th annual market report and review and we sincerely Wappreciate your continued support. Our report this year features a review of capital markets and real estate finance examining the role that commercial and government sponsored lending played in 2011 market performance. The 2012 report also features an expanded residential overview reviewing new and existing home sales in Hampton Roads. The Real Estate Information Network (REIN) has graciously provided us with the data and analysis by James Pritchard. This information, in conjunction with our ongoing evaluation of residential development, now provide you with a more informative and comprehensive overview of the residential market. Growth and development at CREED is driven significantly by support from our members. In 2011, the Industry Professional Advisors to the Center (IPAC) and the CREED Council numbered 115. Together, these membership bodies are dedicated to creating a nationally prominent center of excellence in economic development and real estate research and education here at Old Dominion University. The high degree of support and involvement demonstrated by our membership is positioning CREED to invest greater resources in research, additional educational programming, networking opportunities, and practical applications that benefit the Industry as a whole and sustain the real estate community here at Old Dominion University. CREED membership continues to be one of the most cost effective networking organizations you can ever support. There are many benefits to CREED membership, including complimentary registration to CREED events such as the Hampton Roads Real Estate Market Review and Forecast and the annual CREED Business Meeting and Luncheon. Moreover, there are several opportunities to meet promising students for possible internships or career symposiums. CREED Council and IPAC membership also 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. With member support, CREED continues to expand student offerings and member services and programming. In 2011, CREED invited several industry leaders to campus and sponsored numerous events in the College of Business and Public Administration including a guest speaker series. In November, CREED presented the inaugural Hampton Roads Residential Market Review featuring Dr. Michael J. Seiler, the Robert M. Stanton Chair of Real Estate and Economic Development, who presented his cutting edge research in areas of behaviorial real estate. His research is featured in top level publications, enhancing the reputation of real estate related 2012 Hampton Roads Real Estate Market Review 4 THE DIRECTOR research in the College and University. Also presenting at this inaugural event, ODU’s leading economist, Dr. Vinod Agarwal, as well as Van Rose of Rose and Womble, and the Honorable Judge Frank Santoro spoke on the economic and legal aspects of current home buying and residential lending trends at both the regional and national levels. Looking ahead to 2012, CREED is expanding its partnership with the local chapter of the Urban Land Institute, in addition to many other regional industry partners, to bring the nationally- acclaimed ULI Reality Check land-planning exercise to Old Dominion University on May 17, 2012. This event will bring together 300 practitioners specializing in development, infrastructure, engineering and land-use policies for a one-day visioning exercise to determine sustainable and effective planning for our region’s projected growth for the next 25 years. The post-implementation engagement of Reality Check will be housed at CREED and will set the platform for mobilization of the recommendations and land-use strategies that evolve from the Reality Check event. In addition, CREED, in partnership with the College of Business and Public Administration, will launch the Commercial Real Estate Institute (CREI) in the spring of 2012. This week-long instructional program will offer commercial real estate practitioners the opportunity to earn continuing education credits by completing courses in CCIM foundations, Excel and Real Estate Financial Analysis, and Ethics and Leadership. Fall 2012 will bring the 1st Annual CREED Tennis Pro-Am back to Old Dominion University. This exciting networking event sold out in 2011 and generated some friendly industry competition. CREED will also host the 2012 Hampton Roads Residential Market Review in November 2012, so watch for details to be announced later this year. There are many people to thank for their contributions to this report and the annual market review. Many writers and speakers 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 we have changed the way we present some of our information. Every effort is made to provide the most accurate information in these reports. 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. John R. Lombard, Ph.D. Associate Professor and Chair | 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 MISSION OF CREED The E.V. Williams Center for Real Estate and Economic Development (CREED) at Old Dominion University (ODU) is a member-based organization that serves the real estate and economic development communities. CREED is a non-profit, non-political organization, established to serve as a liaison between ODU and the business community. CREED supports the real estate and economic development industry through the application of research, resources and continuing education to further land planning and development initiatives. CREED also provides an accessible, interactive, and innovative portal for ODU students to interact with leading industry partners in the public and private sectors. For membership information, contact CREED Program Manager, Kyllie Brinkley, 757.683.5352, [email protected] 2012 Hampton Roads Real Estate Market Review 6 THE 2012 OFFICERS AND MEMBERS OF CREED ARE AS FOLLOWS: Executive Committee Market Review Committee Chair ............................................... Stephanie Sanker Industrial............................... William C. Throne and Director............................................ John Lombard ......................................... Stephanie Sanker Sponsorship Chair .......................... Candi James Office.................................... Casey J. O'Hearn Publications Chair ........................... Brian Dundon Retail .................................... David Machupa, Kyllie Brinkley Membership Chair .......................... Craig Cope ......................................... and David Chapmin Curriculum Co-Chairs........................ Jon Crunkleton Multi-family............................ Charles Dalton/Real Data .................................................... Brad Sanford Residential............................ Ron Wildermuth, Blair Hardesty, By-Laws Chair .................................. Andrew Keeney James Pritchard and Van Rose Past Chair........................................ Brad Sanford Capital Markets & Real At-Large ........................................... Billy King Estate Finance ...................... Victor L. Pickett .................................................... Tom Dillon CREED Program Manager.................Kyllie Brinkley Research/Editorial Committee Kyllie Brinkley Nancy Gossett Dove John Lombard Kristi Sutphin David Chapman Elizabeth Hancock Maureen Rooks Albert Duncan Janice Hurley Brad Sanford Brian Dundon Joy Learn Lane Shea To obtain additional copies of this report, please go to our website: www.odu.edu/creed Send to: Kyllie Brinkley Program Manager
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