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Hampton Roads Housing/Real estate/and Economy

urbanvb

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vdogg Megalopolis

vdogg

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Employment, excluding the military, is expected to grow by 1.9% in 2020, he said, outpacing growth of 0.5% in 2019. He expects the unemployment rate to remain flat at 2.8%.

Dovetailing on this, the Hampton Roads economy is expected to grow faster than the United States as a whole in 2020.

https://www.google.com/amp/s/www.pilotonline.com/inside-business/vp-ib-regional-forecast-0127-20200121-ijqub7bufbeuximknz4tdsskvu-story.html%3foutputType=amp

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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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HRVA Hamlet

HRVA

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6 minutes ago, varider said:

I love Berkadia insights. I can think of at least 1K units unaccounted for that should show up in Q1 22 , and the fact that some of the projects that have stalled are still showing gives a bit of hope they’ll be revived or receive new attention in this current multi family boom 

I could probably come up with 1,000s of unaccounted units if I took the time to sit down and do it although most would be suburban complexes that don’t really belong on this site.  The one that’s up there that always makes me wonder is 1500 Monticello. It’s mind blowing that nothing has happened with that site. 

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varider Town

varider

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https://www.commercialsearch.com/news/irg-plans-1-msf-build-to-suit-project-near-port-of-virginia/

Suffolk and Portsmouth are both part of the Hampton Roads industrial market, which is one of the tightest industrial markets in the U.S. As noted in a JLL report, in the fourth quarter of 2021, the average vacancy rate in Hampton Roads was just 1.6 percent for all classes of industrial product, and a mere 0.8 percent for Class A industrial product.

The conditions are not expected to change anytime soon. “Supply constraints will likely remain until 2023 as all development delivered [in 2021] or fully under construction had zero availability. These restrictions led to lease commitments in product yet to break ground,” according to the JLL report.

 

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HRVA Hamlet

HRVA

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On 3/8/2022 at 9:23 AM, varider said:

https://www.commercialsearch.com/news/irg-plans-1-msf-build-to-suit-project-near-port-of-virginia/

Suffolk and Portsmouth are both part of the Hampton Roads industrial market, which is one of the tightest industrial markets in the U.S. As noted in a JLL report, in the fourth quarter of 2021, the average vacancy rate in Hampton Roads was just 1.6 percent for all classes of industrial product, and a mere 0.8 percent for Class A industrial product.

The conditions are not expected to change anytime soon. “Supply constraints will likely remain until 2023 as all development delivered [in 2021] or fully under construction had zero availability. These restrictions led to lease commitments in product yet to break ground,” according to the JLL report.

 

I was given a copy of the ODU Market Review & it shares the same sentiments.  It mentions a bunch of big build to suit developments under construction in Suffolk. Linking an older WAVY article for more detail.  The tenants for the two unnamed spaces are Dart Logistics and Amazon. Another 1.5 million SF tenant is described as a Fortune 50 retailer in the same park. The developments in the original post didn’t even make it into the report (probably announced after it was printed). The report is pretty bearish on office and retail development. Multifamily development is not keeping up with demand and vacancy is down to 3%. Residential is similar with sale inventory down to less than 3,000 homes. 

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urbanvb City

urbanvb

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Chesapeake, Norfolk, Portsmouth, Suffolk and Virginia Beach are contributing $5 million each for a total of $25 million to construct a 119-mile fiber ring through the cities as part of a larger effort to expand ultrafast broadband service in Hampton Roads.

It’s great to see some competition to Cox who mostly has a monopoly on internet service.

https://www.pilotonline.com/inside-business/vp-ib-broadband-fiber-20220317-x5tujjrj7zdhzndv7tfsfuflm4-story.html

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HRVA Hamlet

HRVA

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Interesting study by Florida International University about ‘overvalued’ housing markets. While I don’t agree with the terminology, the regional market did well on the list as only 4% ‘overvalued.’ If there is a correction looming, based on this study it shouldn’t be significant locally. 
Here’s the link to the article and you can see the whole study in a link from there. https://www.fau.edu/newsdesk/articles/overvalued-housing-rankings

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urbanvb City

urbanvb

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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 at lack of people in this once bustling center. Most people, myself included, buy a lot things online these days.

https://www.wavy.com/news/local-news/state-of-the-mall-2022-no-more-than-2-in-hampton-roads-expected-to-survive/

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varider Town

varider

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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% higher than 2019. The region has “more than fully recovered from the pandemic,” according to a news release from the Dragas Center.

Rooms sold through May decreased 10.5% in Northern Virginia, by 7.1% in the Roanoke market and by 1.3% in the Virginia portion of the Bristol/Kingsport market, compared with pre-pandemic data.

In Hampton Roads, the Norfolk/Portsmouth, Chesapeake/Suffolk and Virginia Beach markets fared better than other submarkets, with 10.8%, 6% and 4.9% increases in rooms sold, respectively.

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BFG Town

BFG

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Serious question: how many times is The Pilot gonna post some variant of this article before the city leaders realize the elephant in the room has lowered the resale value?

I’ve been seeing this conversation for at least 15 years and nothing has changed. What is the point of the Chamber going to all these progressive cities if no one takes any of the advice? And why keep giving lip service?

The under-40 crowd has been leaving HR in droves since I was in my mid-20s because there’s no real opportunity outside of the military. I’m 41…the difference is I stayed because I thought the area had potential. It did in 2010, but the NIMBYs started doing what they do best. 

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baobabs727 Burg

baobabs727

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15 hours ago, BFG said:

Serious question: how many times is The Pilot gonna post some variant of this article before the city leaders realize the elephant in the room has lowered the resale value?

I’ve been seeing this conversation for at least 15 years and nothing has changed. What is the point of the Chamber going to all these progressive cities if no one takes any of the advice? And why keep giving lip service?

The under-40 crowd has been leaving HR in droves since I was in my mid-20s because there’s no real opportunity outside of the military. I’m 41…the difference is I stayed because I thought the area had potential. It did in 2010, but the NIMBYs started doing what they do best. 

I feel you.  We must elect leaders who will take this crisis seriously.  I have witnessed this war of attrition first hand for 30 plus years.  We need to throw out the gray-haired elected official crowd (City Councils) and install smart folks who are in their 30's and 40's. I graduated from W&M in 1994. We graduates were sold a bill of goods about staying in HR.  Now, I've done fine despite the B.S. we were fed, but we could have been hired by anyone, anywhere in the country.  And yet we stayed here based, in part, on rosy predictions. Promises made and broken. Failed leaders and a failure of leadership. I could cite chapter and verse on this. I had a long conversation with a former city mgr of VB about the history of this particular issue...i.e., the 40 year brain drain, 30 year relatively slow population and job growth, perennial lack of big city amenities, everlasting non-diversified economy...a few years back. Oh the things he told me lol. FACTS do not lie. We had charts and data out the arse.

But while facts do not lie, politicians and their lobbyists and their hired gun economists and marketing folks DO LIE.  Routinely.  And of course there were many self-inflicted wounds courtesy of the powerful VB City Councils of the mid-late 80's and 90's. They did not want growth. Period. End of story.  And now one of their own wants to become MAYOR of Virginia Beach?!?!  Jeeezus. IF he wins, WE WILL DIE A SLOW--YET ACCELERATED--PAINFUL DEATH! 

So, yeah, the old guard must go.  NOW.  En masse.  The Chamber folks must be minimized, marginalized. Self-aggrandizing propagandists--nearly all. Self-interested fat cats. Some perhaps corrupt and MOST are fake as F***.  Sorry, not sorry. AND THAT is only for starters...and even THAT (which is a pipe dream in and of itself)  does not guarantee action or results relative these chronic, structural issues in HR.  For real action and results, we will need young leaders who also possess iron balls. Good luck, eh?  Indeed, we need articulate, passionate leaders who use the ART OF PERSUASION UNDERPINNED BY EASILY DIGESTIBLE FACTS...to bring WE the people to their position. They will be leaders who do not cave, do not cow-tow and are always willing to RISK IT ALL at the ballot box.  Leaders like those in the past in Nashville and Charlotte.  Leaders like those in Cobb County, GA.   We also need private sector business folks with vision and courage who are willing to take bigger risks with their hard-earned $$$$ to help bolster our presence on the economic stage in the  Mid. Atlantic, S.E. and beyond....

We need our own version of George Shinn!  

(((BTW, the presenter's conclusions were focused on helping Virginia play catch-up, as a whole, not necessarily HR. His suggestions won't help us much, imo.  Like pissing upwind into the rapids of the Chattahoochee River...a mighty river which happens to run thru fast growing and prosperous TN, GA and FL! ))))  

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lammius Burg

lammius

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On 1/1/2024 at 7:05 PM, BFG said:

Serious question: how many times is The Pilot gonna post some variant of this article before the city leaders realize the elephant in the room has lowered the resale value?

I’ve been seeing this conversation for at least 15 years and nothing has changed. What is the point of the Chamber going to all these progressive cities if no one takes any of the advice? And why keep giving lip service?

The under-40 crowd has been leaving HR in droves since I was in my mid-20s because there’s no real opportunity outside of the military. I’m 41…the difference is I stayed because I thought the area had potential. It did in 2010, but the NIMBYs started doing what they do best. 

You and I are the same age.  I grew up loving Norfolk and even during college thought of living an urban life downtown or Ghent.  But there weren't opportunities for me in HR and I left.  I've been gone almost 20 years now and yet I still regularly check out this board because I want to see the area grow up to the potential I thought it always had.  

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baobabs727 Burg

baobabs727

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18 minutes ago, lammius said:

You and I are the same age.  I grew up loving Norfolk and even during college thought of living an urban life downtown or Ghent.  But there weren't opportunities for me in HR and I left.  I've been gone almost 20 years now and yet I still regularly check out this board because I want to see the area grow up to the potential I thought it always had.  

Agreed. Same experience but stayed and have succeeded.  Still do consider branching out from time to time.  More often on my mind of late lol.

As for you,  interesting relocation choice. Hmm.  Work in NYC?  I would never have gone North.  Yuck.  My list was:  Raleigh, Charlotte,  Atlanta, Nashville, though I think people need to consider adding Jacksonville to their list these days. 

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