2005MARKET SURVEY Old Dominion University Center for Real Estate and Economic Development Center for Real Estate & Economic Development www.odu.edu/creed CONTENTS 3 Message From The Director 5 2005 Hampton Roads Retail Market Survey 21 2005 Hampton Roads Industrial Market Survey 31 2005 Hampton Roads Office Market Survey 51 2005 Hampton Roads Residential Market Survey 65 2005 Hampton Roads Multi-Family Market Survey 77 2005 Commercial Real Estate Investment Market Review 85 CREED Executive Committee 86 CREED Advisory Board Members Center for Real Estate & Economic Development ASSOCIATE PUBLISHER GRAPHIC DESIGN ADVERTISING SALES www.odu.edu/creed William Sandy Smith Pico Design & Illustration Tricia Bernstein Data for Old Dominion Inside Business www.picodesign.net Tage Counts University Center for Real Estate 757.222.5342 757.493.0370 Craig Young and Economic Development Market Survey was collected in Inside Business • 258 Granby Street • Norfolk, Virginia 23510 • 757.222.5353 the fourth quarter - 2004 hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanksTHANKS thanks thanks thanks thanks thanks thanks thanksA thanks MILLIONthanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks(MAKE thanks thanks thanks thanks thanks THAT thanks thanks thanks thanks thanks$445 thanks thanks thanks thanks MILLION) thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks than hanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks thanks