Old Dominion University Old Dominion University Hampton Roads Real Estate Hampton Roads Real Estate Industrial Market Review Industrial Market Review Market Review and Forecast Market Review and Forecast 2006 2006 Richard C. Culbreth, Jr., CCI M, SI OR Richard C. Culbreth, Jr., CCI M, SI OR Senior Director, I ndustrial Properties Senior Director, I ndustrial Properties Industrial Review Industrial Review – – Clay Clay Culbreth Culbreth Advantis Real Estate Services Company Advantis Real Estate Services Company Since 1989 has concentrated exclusively on Since 1989 has concentrated exclusively on marketing, selling and leasing industrial marketing, selling and leasing industrial properties. properties. 1991 Co 1991 Co- -founded Virginia Commercial Real founded Virginia Commercial Real Estate Services in Virginia Beach. Estate Services in Virginia Beach. 1995 formed Old Dominion Commercial Real 1995 formed Old Dominion Commercial Real Presented by: Estate Services. Estate Services. E.V. Williams Center Since 1992 to present has been a Tidewater Since 1992 to present has been a Tidewater Associates of Realtors’ Associates of Realtors ’ Million Dollar Million Dollar for Real Estate Producer. Producer. and Economic Development Gross Square Feet 1997 - - 2005 2005 Gross Square Feet 1997 Ron Biesecker Abe Ellis 120,000,000 Chip Worley Bill Throne 100,000,000 Pat Mumey Billy King 80,000,000 Worth Remick Trip Ferguson 60,000,000 Charles Dickinson 40,000,000 Stephanie Sanker Ken Benassi 20,000,000 Charles Dickinson Bobby Beasley 0 1997 1998 1999 2000 2001 2002 2003 2004 2005 Hampton Roads Industrial Market Hampton Roads Industrial Market Submarket Submarket 2004 Vacancy Rate 2004 Vacancy Rate 2005 Vacancy Rate 2005 Vacancy Rate Vacancy Rate Vacancy Rate Greenbrier 2.12% 1.13% Greenbrier 2.12% 1.13% Bainbridge/ S. Elizabeth River Bainbridge/ S. Elizabeth River 5.60% 5.60% 0.00% 0.00% 16.0% Cavalier I ndustrial Park Cavalier I ndustrial Park 8.14% 8.14% 9.25% 9.25% Norfolk Commerce Park Norfolk Commerce Park 2.91% 2.91% 2.82% 2.82% 14.0% 13.5 Norfolk I ndustrial Park Norfolk I ndustrial Park 4.07% 4.07% 2.87% 2.87% 12.3 12.0% West Side/ Midtown Norfolk West Side/ Midtown Norfolk 10.9 10.8 Area 6.43% 6.33% Area 6.43% 6.33% 10.2 Lynnhaven Lynnhaven Area Area 3.31% 3.31% 3.85% 3.85% 10.0% 9.2 8.7 8.6 Greenwich/ Cleveland Street Greenwich/ Cleveland Street Area Area 2.45% 2.45% 1.85% 1.85% 7.4 7.5 8.0% 7.6 7.3 Airport I ndustrial Park Airport I ndustrial Park 3.39% 3.39% 7.23% 7.23% 6.4 6.25 6.0% Portsmouth Portsmouth 9.13% 9.13% 23.04% 23.04% 5.24 Suffolk Suffolk 6.13% 6.13% 4.72% 4.72% 4.0% I sle of Wight I sle of Wight 0.68% 0.68% 0.00% 0.00% Copeland/ Lower Peninsula Copeland/ Lower Peninsula 17.43% 17.43% 8.80% 8.80% 2.0% Oyster Point/ Middle Point 5.13% 4.08% Oyster Point/ Middle Point 5.13% 4.08% Oakland/ Upper Peninsula Oakland/ Upper Peninsula 7.39% 7.39% 4.72% 4.72% 0.0% 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 Williamsburg Extended Area Williamsburg Extended Area 6.88% 6.88% 5.05% 5.05% Total Total 6.25 6.25 5.24 5.24 1
TOTAL ABSORPTION FROM 2000- -2005 2005 TOTAL ABSORPTION FROM 2000 3,500,000 3,000,000 2,800,000 3,000,000 2,270,000 2,500,000 2,100,000 Bay Warehouse Bay Warehouse 1,826,000 2,000,000 Gateway Building Gateway Building 1,500,000 ($13.2 million/ $44.00 ($13.2 million/ $44.00 1,000,000 per square foot) per square foot) 1,000,000 ($14.1 Million/ $33.44 per square foot) ($14.1 Million/ $33.44 per square foot) 500,000 0 2000 2001 2002 2003 2004 2005 1920 1920 Campostella Campostella Road Road Ashley Capital Acquisition - - 2005 2005 Ashley Capital Acquisition Some Leases Worth Noting Some Leases Worth Noting GE Facility GE Facility Ward Court Ward Court Bridgeway Commerce Center Bridgeway Commerce Center Gateway Distribution Facility Gateway Distribution Facility C. Jones Hooks, CEcD CEcD C. Jones Hooks, President & CEO President & CEO Hampton Roads Economic Hampton Roads Economic Development Authority Development Authority If You Build It, They Will Come! 2
Russell Young Russell Young Greedy Broker Greedy Broker Director, Economic Development Director, Economic Development Virginia Port Authority Virginia Port Authority Modern Terminals Modern Terminals The increase in port activity The increase in port activity will generate a need for “… “… will generate a need for between 20 and 60 million between 20 and 60 million square feet of additional square feet of additional Portsmouth Marine Terminal Portsmouth Marine Terminal NI T North NI T North distribution center space in distribution center space in the region…” the region …” Craney Craney I sland Build I sland Build- -Out 2032 Out 2032 Newport News Marine Terminal Newport News Marine Terminal Moffatt & Nichol Report dated June 2005 & Nichol Report dated June 2005 Moffatt Craney Island Island Craney Maersk Terminal Site Maersk Terminal Site 3
Devon Devon’ ’s s Industrial Developers Circling the Market Enterchange at Suffolk Enterchange at Suffolk Devon’ Devon ’s s Liberty Property Trust’ Liberty Property Trust ’s s Enterchange at Hampton Enterchange at Hampton Bridgeway Commerce Center Commerce Center Bridgeway Regional Companies’ ’ Regional Companies Virginia Regional Commerce Park Virginia Regional Commerce Park American Port Services’ American Port Services ’ Northgate Commerce Park Northgate Commerce Park 4
Ashley Capital Ashley Capital’ ’s s 2601 Indian River Road 2601 Indian River Road 5
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