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Hampton Roads Housing/Real estate/and Economy

urbanvb

By urbanvb
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vdogg Megalopolis

vdogg

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They're referring specifically to Norfolk with the 6.2% vacancy rate. The rest of HR is considered the "suburban market" which has a 6.2% vacancy rate.

The surrounding suburban office vacancy rates are at the top of the national rating list with an impressive rate of 6.2%, especially when compared to the national average of 15.5%. The success is due in part to government contracts, said Teresa Nettles, sales associate with Thalhimer.
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varider
varider

https://www.virginiabusiness.com/article/2023-va-hotel-revenues-up-12-9-over-pre-pandemic-as-of-may/   Driven largely by tourism, hotel revenues in Hampton Roads led the state, rising 27.4% hig

urbanvb
urbanvb

This article is about the state of the malls in the area. Personally, I find it a little sad that most malls are perishing while only the strong survive. I was in Lynnhaven yesterday and was surprised

varider
varider

That's embarrassing. We have to be largest area with the least amount of business activity. Richmond even has more industrial space than we do. We are LOSING. 

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Telmnstr Burg

Telmnstr

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:unsure: Good question, I was wondering the same thing. I think they might have been using that in general to the downtowns as a whole. All seven cities.

They might be referring to Class A and maybe B office space.

I rent flex office space, and told the landlord that I was looking to get rid of it. They popped a 2 year renewell with 2 rate increases. The landlord pretty much begged me to stay. It's flex space, definitly not A or B. There is a for rent sign on every building, and I can see town center from the street (Cleveland Street).

Downtown Norfolk is pretty well eaten up. Once trader moves into their building it should free up some space in Virginia Beach.

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hoobo Burg

hoobo

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http://www.realtor.org/PublicAffairsWeb.ns.../2ndQtrMetros06

Our metro area ranked 3rd in the south for home price increases. Housing prices in our metro area are pricier than buying a home than Tampa, Florida.....

Do you really want to live in Tampa? Does anyone? Gimme a lower crime rate and non-Florida weather anytime.

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scm Hamlet

scm

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Do you really want to live in Tampa? Does anyone? Gimme a lower crime rate and non-Florida weather anytime.

Obviously, based on growth rates from '00 to '04, you are in the minority:

Tampa -- 7.64% growth

N/VB -- 4.06% growth

Must be that big arena downtown.....

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hoobo Burg

hoobo

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Tampa -- 7.64% growth

N/VB -- 4.06% growth

Actually, the Census estimated growth rates are at 8.0% for Tampa and 4.3% for HR for the period between April 2000 and April 2004. A little fact checking doesn't hurt.

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scm Hamlet

scm

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Actually, the Census estimated growth rates are at 8.0% for Tampa and 4.3% for HR for the period between April 2000 and April 2004. A little fact checking doesn't hurt.

Typical -- know everything, and understand nothing. Doesn't change the analysis that more people prefer the city you look down your nose at -- no matter whose stats you use.

And FYI, the source I used was the commercial vendor, Proximity One, "based on current MSA definitions as designated by U.S. Office of Management and Budget and official county population estimates released by the U.S. Bureau of the Census April 2005."

Nits are running all over your floor........

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vdogg Megalopolis

vdogg

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Low vacancies spark anticipation of new office construction :thumbsup:

Vacancies in the office market in Hampton Roads stand at 6.5 percent compared to 13.7 percent nationally.

Core business districts are posting a 6.9 percent vacancy rate compared to 11.9 percent nationally.

Suburban office vacancies are at 6.2 percent compared to 15.5 percent nationally.

Officials at Thalhimer are forecasting that landlords will boost suburban office rents by $1.50 per square foot and downtown office rents by 50 cents in Hampton Roads.

Man, we are kicking some serious tail! :yahoo:

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urbanvb City

urbanvb

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Great report. Things are really looking up for us.

Downtown office space costs $20.73 in Hampton Roads compared to $31.10 per square foot nationally, according to the report. Suburban office space is priced at $19.35 per square foot compared to $25.69 per square foot nationally.

Hopefully more and more businesses will see can offer more bang for their buck and choose to locate here. And besides our chokepoints at the tunnels (which I do realize need to be addressed) we offer a quality of life that is highly desirable.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Low vacancies spark anticipation of new office construction :thumbsup:

Man, we are kicking some serious tail! :yahoo:

Those vacancy rates are great, but it seems like HR has should have more office space as it is in the first place. As an example, there's 500,000 more people in HR than Richmond, but Richmond has 11,000,000 more square feet of office inventory than HR (according to Thalhimer), which surprises me. It's the same case with the industrial inventories as well, which totally baffles me considering the port and related companies.

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vdogg Megalopolis

vdogg

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Those vacancy rates are great, but it seems like HR has should have more office space as it is in the first place. As an example, there's 500,000 more people in HR than Richmond, but Richmond has 11,000,000 more square feet of office inventory than HR (according to Thalhimer), which surprises me. It's the same case with the industrial inventories as well, which totally baffles me considering the port and related companies.

Just had to bring in that rain cloud didn't you Coupe :lol:

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vdogg Megalopolis

vdogg

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not so much a rain cloud because the news is good, I was just surprised when I saw the inventory stats at the differences and thought I'd mention my thoughts. Just an observation is all...

It all depends on location and the type of business you service. Richmond being the capital city plus it proximity to D.C. dictates that it will have more office space than anyone else even though it is technically smaller than HR. Our economy only started shifting towards the business end very recently with most of our growth tied up in industrial, technical, and military. We did have a major office boom in the 80's, during which time the office market collapsed underneath us. One developer even swore "there will never be another skyscraper in downtown Norfolk". Thankfully he was wrong but I believe that experience has made people a lot more cautious than they are in some other markets as far as office construction is concerned.

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wrldcoupe4 Metropolitan Area

wrldcoupe4

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Our economy only started shifting towards the business end very recently with most of our growth tied up in industrial, technical, and military.

Right, which further amazed me because how the hell does Richmond have more industrial space than HR? Just doesn't make sense to me

Tourism is a major employer in HR as well which probably affects the numbers.

Edited by wrldcoupe4
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