3/18/2012 E.V. Williams Center for Real Estate and Economic - PDF document

3/18/2012 E.V. Williams Center for Real Estate and Economic Development WELCOME (CREED) Old Dominion University John R. Lombard, Ph.D. Director Presents the E.V. Williams Center for Real Estate and Economic 17 TH ANNUAL HAMPTON ROADS Development – CREED REAL ESTATE MARKET REVIEW AND FORECAST Chair Department of Urban Studies and Public Administration Old Dominion University Wednesday, March 14, 2012 Stephanie Sanker, CCIM, SIOR S.L. Nusbaum Realty Co. Chair E.V. Williams Center for Real Estate and Economic Development (CREED) Program Moderator 17 TH Annual Hampton Roads Real Estate Market Review and Forecast Gilbert R. Yochum, Ph.D., Dean College of Business & Public Administration, Old Dominion University 1

3/18/2012 Special Thanks to the Special Thanks to the 2012 MARKET REVIEW PUBLICATION COMMITTEE 2012 MARKET REVIEW EDITORIAL COMMITTEE Industrial Review Bill Throne, Cushman & Wakefield | THALHIMER Stephanie Sanker, S.L. Nusbaum Realty Co. Kyllie Brinkley Joy Learn Office Review Casey J. O’Hearn, Jones Lang LaSalle David Chapman John Lombard Retail Review David Machupa, Cushman & Wakefield | THALHIMER Albert Duncan Maureen Rooks Kyllie Brinkley, CREED, Old Dominion University David Chapman, Department of Urban Studies and Public Administration, ODU Brian Dundon Brad Sanford Multi ‐ Family Review Charles Dalton, Real Data Nancy Gossett Dove Lane Shea Residential Review Ron Wildermuth and Blair Hardesty, Residential DataBank New Homes Elizabeth Hancock Kristi Sutphin James Pritchard, REIN Inc. Existing Homes Janice Hurley Capital Markets & Real Estate Finance Review Victor L. Pickett, GRANDBRIDGE REAL ESTATE CAPITAL, LLC 2

3/18/2012 WELCOME NEW CREED MEMBERS 2011/2012 CREED Executive Committee Officers Judy Boone Chair Stephanie Sanker, S.L. Nusbaum Realty Co. Judy Boone Realty Director John Lombard, CREED Tom Elder Membership Chair Craig Cope, Liberty Property Trust Publications Chair Brian Dundon, Dundon & Associates Hampton Roads Economic Development Alliance Sponsorship Chair Candi James, HBA Architecture & Interior Design, Inc. Charles E. Rigney, Sr. Curriculum Co ‐ Chairs Jon Crunkleton, Ph.D., Faculty Emeritus, ODU City of Norfolk Department of Development Brad Sanford, Dominion Realty Advisors, Inc. Worth Remick By ‐ Laws Chair E. Andrew Keeney, Kaufman & Canoles, PC Past Chair Brad Sanford CB Richard Ellis | Hampton Roads At ‐ Large Tom Dillon Michael Zarpas Billy King, Harvey Lindsay Commercial Real Estate Global Real Estate Investment Inc. CREED Council 2011-2012 Industry Professional Advisors to the Center IPAC J. Scott Adams, CCIM William G. Darden Carl Hardee April Koleszar CB Richard Ellis/Hampton Roads Hearndon Construction Co. Lawson Realty Corporation Koleszar Properties, Inc. Tom Atherton Laura B. de Graaf John C. Harry Barry M. Kornblau Atherton Real Estate Development Bank of America Merrill Lynch John C. Harry, Inc. Summit Realty Group, Inc. Honorary Member N. Joseph Dreps Jeremy McLendon, MBA Tony Smith Judy Boone Michael Divaris Robert M. Stanton, CSM and CPM BB&T CONTINENTAL Capital Management Robinson Development Group Dorcas T. Helfant ‐ Browning Divaris Real Estate, Inc. Tyler Leinbach Judy Boone Realty Stanton Partners, Inc. DTH Properties, LLC Meredith Construction Company Helen Dragas Pamela J. Faber Michael Newsome Deborah K. Stearns, Stewart Buckle, II The Dragas Companies Charles Hutchison John R. (Jack) Lewis, II Jeff Ainslie BridgeTrust Title Clark Whitehill Enterprises, Inc. CPM, SIOR The Morgan Real Estate Group Vanasse Hangen Brustlin, Inc. ECS Mid ‐ Atlantic, LLC Ainslie Group Harvey Lindsay Commercial Real Estate Brian J. Dundon M. Albert Carmichael Harrison J. Perrine Joel T. Flax, CPA Dundon & Associates Harvey Lindsay Commercial Real Estate Michael A. Inman Harvey Lindsay, Jr. Perrine Investments G. Robert Aston, Jr. Dixon Hughes Goodman LLP Richard Thurmond Tom Elder Inman & Strickler, P.L.C. Harvey Lindsay Commercial Real Estate TowneBank William E. Wood & Associates W. Page Cockrell Hampton Roads Economic David M. Gianascoli Victor L. Pickett Hurt & Proffitt Development Alliance Candi James Jeffrey R. Mack Ramon W. Breeden, Jr. Gee’s Group Real Estate Development Grandbridge Real Estate Capital, LLC Jon S. Wheeler HBA Architecture & Interior Design, Inc. The CIM Group Sandra Ferebee The Breeden Company Wheeler Interests David Collier GSH Residential Sales First Atlantic Restoration John L. Gibson, III Thomas E. Robinson Cherie James Mike Mausteller Robinson Development Group Sanford (Sandy) M. Cohen Ellis ‐ Gibson Development Group Robert T. Williams Bart Frye, Jr. Cherie James, CPA Harvey Lindsay Commercial Real Estate Lawrence J. Colorito, Jr., MAI Divaris Real Estate, Inc. Tri City Developers, LLC Frye Properties, Inc. Axial Advisory Group, LLC Warren Harris Jim V. Rose G. Cliff Moore Brian E. Gordineer, A.A.S Terry Johnson Craig Cope City of Virginia Beach Economic Rose & Womble Realty Co., LLC Steven Wright Hahns L. Copeland VIRTEXCO Corporation City of Hampton, Abbitt Realty Liberty Property Trust Development City of Chesapeake Economic DARVA Group LLC Office of the Assessor Bradley R. Sanford, MAI Development Michael Nice Mallory Kahler Howard E. Gordon Ann K. Crenshaw Cecil V. Cutchins Miles B. Leon Dominion Realty Advisors George Nice and Sons, Inc. City of Portsmouth Economic Development Kaufman & Canoles, P.C. Williams Mullen Olympia Development Corporation S. L. Nusbaum Realty Company Burrell F. Saunders, AIA, IIDA, Thomas O’Grady Dennis W. Gruelle E. Andrew Keeney Don Crigger, CCIM NCARB Appraisal Consultation Group Clancy & Theys Construction Robert L. Dewey Michael W. McCabe Kaufman & Canoles, P.C. CB Richard Ellis/Hampton Roads Willcox & Savage, PC Harvey Lindsay Commercial Real Lyall Design Architects Elizabeth Hancock James N. Owens, CCIM Estate Jon R. Crunkleton, Ph.D. R. I. King, II Office of the Real Estate Assessor Harvey Lindsay Commercial Real Estate Thomas M. Dillon Reese Smith, Sr. Old Dominion University Cushman & Wakefield/THALHIMER Russell G. Hanson, Jr. Reese Smith & Associates Kim Curtis Robert L. Philips, Jr. Hanson Capital, LLC William E. King, SIOR Tidewater Home Funding Cushman & Wakefield/THALHIMER Harvey Lindsay Commercial Real Estate Hampton Roads Office Market CREED Council 2011 ‐ 2012 Chris Read CB Richard Ellis/Hampton Roads Anthony W. Smith Robinson Development Group George D. Vick, III F. Craig Read Harvey Lindsay Commercial Real Estate Read Commercial Properties Jeremy R. Starkey Monarch Bank Commercial Real Edward W. Ware Worth Remick Estate Finance/Monarch Capital, LLC Norfolk Redevelopment and Housing CB Richard Ellis/Hampton Roads Daniel R. Stegall H. Mac Weaver, II John C. Richards, Jr. Daniel Richard Stegall, A Professional Law Corporation CB Richard Ellis/Melody & Co. Edward M. Williams William E. Wood & Associates Terrie L. Suit Rennie Richardson The Office of Commonwealth Richardson Real Estate Corporation F. Blair Wimbush Preparedness Norfolk Southern Corporation Charles E. Rigney, Sr. Leo Sutton City of Norfolk Department of Development Peter E. Winters, Jr. EXIT Realty Central Commercial Bank of Hampton Roads Maureen G. Rooks Michael Sykes Jones Lang LaSalle Chris Wood Bank of Hampton Roads JD & W J. Randy Royal Robert M. Thornton, CRE, Kimley ‐ Horn and Associates John P. Wright CCIM, SIOR Waverton Associates Robert J. Ruhl Cushman & Wakefield/THALHIMER City of Virginia Beach Economic Michael P. Zarpas Development William C. Throne, SIOR, Global Real Estate Investment Inc. CCIM, ALC Stephanie Sanker, SIOR, CCIM Cushman & Wakefield/THALHIMER S.L. Nusbaum Realty Co. Jamie Tollenaere Robert M. Sherman III, CPM McKenzie Construction Company Harrison & Lear, Inc. Stewart Tyler, ASA Kenneth Sisk, P.E. Right of Way Acquisitions & Appraisals Bowman Consulting Group 3