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Presented By: E.V. Williams Center for Real Estate March 2, 2016 Ted Constant Center 2016 Hampton Roads Real Estate Market Review & Forecast
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2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Jul 19, 2020

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Page 1: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Presented By: E.V. Williams Center for Real Estate

March 2, 2016Ted Constant Center

2016 Hampton Roads Real Estate Market Review & Forecast

Page 2: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Chip Filer, Ph.D.Associate Professor

Old Dominion University, Department of Economics

Economic Trends

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Rate of Growth: GDP (U.S.) and GRP (Hampton Roads) 2001-2015

2.38

1.14

-4

-3

-2

-1

0

1

2

3

4

5

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015e

Gro

wth

Rat

e

Percent change real GDPSource: Bureau of Economic Analysis and the Old Dominion University Economic Forecasting Project. Data on GDP incorporates latest BEA revisions in September 2015. Real GRP for Hampton Roads is calculated by using the GDP price deflator. e represents estimated value

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Oil Spot Prices

Excess Supply Weak Demand?

Source: United States Energy Information Administration.

Page 5: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

The Fed Funds Futures Market is “Bearish”

0.385

0.435

0.460

0.500

0.00 0.10 0.20 0.30 0.40 0.50 0.60

March 2016

June 2016

September 2016

December 2016

Source: CME Group, February 23, 2016

Page 6: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

The National Economy in

2016

Expect a bumpy 2016 We are forecasting growth for

the year, but some quarters during the year could be weak.

In spite of the slower growth, we anticipate the FED will increase the target fed funds rate during 2016 (perhaps 3 times)

This will likely flatten the yield curve rather than put tremendous pressure on long-term yields.

Page 7: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Hampton Roads’ Gross Regional Product Attributable to DOD Spending (1984-2016)

49.5% 48.8%

33.5%

44.4%39.2%

0%

10%

20%

30%

40%

50%

1984 49.5%

1991 48.8%

2000 33.5%

2011 44.4%

2015(e) 39.2%

2016(f) 37.6%

Source: U.S. Department of Defense , U.S. Department of Commerce, and the Old Dominion University Economic Forecasting Project. e represents estimated value; f represents forecasted value

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Caps on Department of Defense Discretionary Spending, FY 2012 to FY 2021

450

500

550

600

650

700

FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Bill

ions

of d

olla

rs

BCA 2011 Sequestration

Sequestration

The legislated cap on spending increased by only $0.8B (0.15%) for FY 2015 and is now expected to increase by $26.8B (5.14%) during FY

2016 and by only $3.0 B (0.55%) during FY 2017

Page 9: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

The 2007-2009 Recession Including Virginia and Hampton Roads (% Decline in Total US Non-farm Payroll Employment from Pre-Recession Peak)

3.40%

1.80%

-2.32%

-8%

-6%

-4%

-2%

0%

2%

4%0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95100

Dec

line

from

Pre

-Rec

essi

on P

eak

Month After Pre-Recession Peak

USA VA HR

Pre-Recession Peak Dates:U.S.: January, 2008Virginia: April, 2008

Hampton Roads: July, 2007

Page 10: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Change in Employment by Sector’s (Private Ownership) in Hampton Roads

-25,819

-13,124

15,863

-28,000 -18,000 -8,000 2,000 12,000

All IndustriesConstructionRetail TradeInformationManufacturingWholesale TradeReal Estate, Rental, LeasingAdministrative, Waste Mgmt.Finance and InsuranceEducational ServicesAccommodation and Food ServicesManagement of Companies and…Professional, Scientific, and Technical…Health Care and Social Assistance

From 1st Quarter 2007 to 1st Quarter 2015 (Virginia Portion of Hampton Roads)

Source: Virginia Employment Commission: Covered Employment and Wages by Private Ownership and the Old Dominion University Economic Forecasting Project.

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Unemployment Rate in U.S., Virginia and Hampton Roads

0

2

4

6

8

10

12

1/1/

2000

9/1/

2000

5/1/

2001

1/1/

2002

9/1/

2002

5/1/

2003

1/1/

2004

9/1/

2004

5/1/

2005

1/1/

2006

9/1/

2006

5/1/

2007

1/1/

2008

9/1/

2008

5/1/

2009

1/1/

2010

9/1/

2010

5/1/

2011

1/1/

2012

9/1/

2012

5/1/

2013

1/1/

2014

9/1/

2014

5/1/

2015

Recession US Virginia Hampton Roads

Source: Bureau of Labor Statistics

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The Regional

Economy in 2016

We are forecasting better growth in 2016 than in 2013 and 2014.

The region will continue to grow at a slower pace than the nation as we transition away from a DoD reliant economy.

JOBS, JOBS, JOBS!

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National Economic Outlook for 2016

Historical Forecast

2013 2014 2015 2016

Real Gross Domestic Product 1.49% 2.42% 2.38% est. 2.03%

Employment Growth 1.70% 1.90% 2.11% 1.50%

Unemployment Rate 7.4% 5.6% 5.3% 5.1%

Consumer Price Index 1.22% 0.70% 0.13% 1.34%

CPI - Core 1.71% 1.60% 1.83% 2.03%

3-Month Treasury Bill (end of year) 0.06% 0.03% 0.05% 1.25%

10-Year Treasury Bond 2.35% 2.55% 2.14% 3.15%

30-Year Conventional Mortgage Rate 3.98% 4.17% 3.85% 4.25%

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Regional Economic Outlook for 2016

20152016 Forecast

Growth Forecasts

Nominal Gross Regional Product

$93.07B (e) $97.63B

Real Gross Regional Product

$84.38B (e) $85.72B 1.59%

Civilian Employment 759,758 766,900 0.94%

Unemployment Rate 5.06% 4.30%

Taxable Sales $21.78B $22.56B 3.60%

Hotel Revenue $746.22M $777.56M 4.20%

General Cargo Tonnage 19.98M 20.52M 2.70%

Housing Permit Value $819.15M $847.00M 3.40%

Page 15: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Jeremy R. StarkeyPresident

Monarch Bank Commercial Real Estate Finance

CRE Financing

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CRE Lending Sources

Major players are banks, credit unions, capital markets (CMBS & LifeCo), and agencies (multifamily only).

Banks are primarily short to intermediate term and generally need recourse, especially during construction/lease-up.

Credit unions look for stabilized acquisitions and refinances (no construction or bridge).

Capital markets lenders primarily provide long-term, non-recourse debt for stabilized acquisitions and refinances.

Agencies operate exclusively in the multifamily lending space.

Page 17: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Hampton Roads CRE Lending

Banks, especially community banks, lead the way when it comes to providing a consistent and reliable source of capital for deals in Hampton Roads.

Major banks, with few exceptions, either have no physical CRE lending presence in the market or have chosen not to focus on CRE lending here.

Capital markets lenders typically reduce exposure to secondary and tertiary markets (Hampton Roads) in times of significant volatility or weakness.

Existing community banks have healthy balance sheets, local lenders/decision makers, and significant capacity.

Page 18: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Interest Rates/Transaction VolumeGlobal economic weakness, which has led to interest rate volatility and concerns about US economic growth, has tempered the expected 50 bps short-term rate increase in 2016.

Short-term rates are not expected to rise materially in the next 12 months.

Long-term rates, which most significantly impact CRE deals, have fallen back to the previous historic lows. BUT, spreads have widened out to near unprecedented levels, resulting in a RISE in long-term CRE lending rates.

Capital markets lenders react immediately while banks typically lag and, often, don’t react at all.

Many of the current wave of CMBS refinances from 10 years ago require additional capital, especially if they were highly-levered and/or full-term I/O when originated.

Banks and life insurance companies stand to benefit from much of this refinance volume in 2016 as the CMBS market is currently dysfunctional.

Page 19: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Asset Class Highlights

Retail and Multifamily have been the most preferred and the most active asset classes in Hampton Roads.

Hospitality construction lending has achieved some traction with major banks competing for the trophy projects.

New office construction lending, other than medical office, is largely unavailable without significant preleasing.

Industrial lending has been primarily acquisition/refinance driven.

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Risk ManagementUnderwriting standards are caught between new regulations and a strong market with financially capable sponsors.

Location, experience, and financial capability of the individual sponsor or guarantor is paramount.

Community banks like to allocate their capital to relationships vs. transactions.

Most lenders have some sort of liquidity and net worth requirement, even for non-recourse deals.

Lenders don’t like to finance one’s education in CRE.

Regulators are requiring banks to stress-test deals based on rising cap rates and interest rates. Higher risk deals require more capital allocation, which impacts the rate charged to the borrower.

Structured reserves are becoming more popular with all sources.

Page 21: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

CRE FinancingSummary

Debt for CRE borrowers in the Hampton Roads market remains highly obtainable for quality deals due to our relatively stable economy and roster of healthy lenders.

Low long-term rates will benefit borrowers.

Experienced and financially-capable sponsors will thrive.

Competition between banks and other lenders will result in aggressive terms for the best projects.

Regulatory underwriting and asset class allocation impacts should be monitored.

Page 22: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

John M. Profilet, SIORS.L. Nusbaum Realty Co.

Office Market Review

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$19.94

Class A CBD Asking Rental Rates

$22.73

$27.02

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Removed From the Office Market

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William C. Throne, SIOR,CCIM, ALCFirst Vice President

Cushman&Wakefield/THALHIMER

Industrial Review

Page 42: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

February 29th, 1980

Page 43: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

F-4 Phantom II Cockpit

Flying and Industrial Real Estate

Page 44: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

1. Vacancy Rate

7%: Healthy!

Attitude indicator

2013 2014 20159.0% 8.2% 7.0%

Page 45: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

1. Vacancy Rate2. Net Absorption

1.9 msf net: Healthy!2008-2015 Avg. Net Absorption:628,600 sf

Airspeed

Attitude indicator

Page 46: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

1. Vacancy Rate2. Net Absorption3. Rent Growth Altimeter

Limited Rent Growth

Airspeed

Attitude indicator

2% - 3% annual increases

Page 47: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

1. Vacancy Rate2. Net Absorption3. Rent Growth4. Spec Building

Need more tenant demand!

Vertical Speed

Airspeed

Altimeter

Attitude indicator

No Spec Development

Page 48: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

Great year!

Building Sales

Page 49: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators:

Great year!

Port TEU volumes

2014 2015 YTD 2016Export Loads

1,034,526 997,828 76,360

Import Loads

1,017,879 1,082,520 84,186

Total Empties

340,633 468,922 32,299

Total TEUs 2,393,038 2,549,270 192,844

Page 50: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Market Indicators: The year ahead…

2016

1. Look for opportunities…

2. Investor sales should be up…

3. Modest rent growth…

4. A few larger deals…

In summary, a modest improvementover 2015…

Page 51: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

THANK YOU

Page 52: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Michael GurleySenior Vice President, Director of Retail Leasing

S.L. Nusbaum Realty Co.

Retail Market Review

Page 53: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Grocery Stores Remain the Headliner…

Page 54: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Non-Grocery Retailers….

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Notable Deliveries…

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Mergers, Acquisitions & Consolidations

Page 57: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Development & Growth...

Kroger

Field & Stream

Dick’s Sporting Goods

Waterside Live

Simon Outlet Mall

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Millennial Customers….

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Polarization….

- ? + - ? +2001 2016

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Great real estate!

Main & Main for Southside Hampton Roads

City purchased JCP – smart!

Positive future!

What’s Next For Military Circle….

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Wendy DruckerManaging Director

Drucker & Falk, LLC

Multifamily: Real Estate’s New Darling

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WE’VE COME A LONG WAY, BABY!

OCCUPANCY IS UP

RENT GROWTH IS ABOVE INFLATION

NOI GROWTH IS STRONG

CAP RATES ARE LOW

NEW DEVELOPMENT IS STRONG

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HOME OWNERSHIP DECLINE

35

45

55

65

75

85

HO

MEO

WN

ERSH

IP R

ATE

(%)

Q3 2000 Q3 2010 Q3 2015

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THEMULTIFAMILY

OUTLOOK IN HAMPTON

ROADS

VALUE ADD

SHINY AND NEW

HISTORY IN THE MAKING

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VALUE ADD

55% OF APARTMENTS PRE-1980

HIGHEST VACANCY RATES

STRATEGIC RENOVATIONS AND AMENITY ENHANCEMENTS YIELDING DOUBLE DIGIT RETURNS ON A 4-5 YEAR HOLD

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SHINY AND NEW

3,000 UNDER CONSTRUCTION, 2,800 PROPOSED

SMALL SQUARE FOOTAGE, HIGH END MATERIALS AND AMENITIES

HIGH TECH, HIGH TOUCH

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HISTORY IN THE MAKING

USE OF HISTORIC TAX CREDITS

RENOVATING HOTELS, BANKS, OFFICE BUILDINGS, RETAIL

APARTMENTS OFFER HIGH END LUXURY AMID HISTORIC INTEGRITY

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KEY MARKET INDICATORS

Sup

ply Supply 96,902

Direct vacancy rate 5.75%

Under Construction 3,198

Dem

and

Net absorption 1,545+P

ricin

g

12-month overall rent % change 1%-2%

Class A Overall asking rent $1,295

Class B Overall asking rent $ 966

Class C Overall asking rent $ 806

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2016 WILL BE A VERY GOOD YEAR

DEMAND EXCEEDS SUPPLY

RENOVATE, RENOVATE, RENOVATE

BUILD IT “SMALL & SMART,” AND THEY WILL COME

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J. Scott Adams, CCIMPresident, Mid-South Region

CBRE Hampton Roads

Investment Market Review

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DISCUSSION TOPICS

NATIONAL

REGIONAL

LOCAL

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U.S. CAPITAL MARKETS VOLUME: +22.4% IN 2015

NATIONAL

$0$50

$100$150$200$250$300$350$400$450$500

2010 2011 2012 2013 2014 2015

Billions

Source: Real Capital Analytics (Includes sales $2.5 million or greater for office, industrial, retail and multifamily assets.)

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NATIONAL

U.S. INVESTMENT RETURNS: 13.3% IN 2015

13.114.3

10.5 11.0 11.813.3

02468

101214161820

2010 2011 2012 2013 2014 2015

Source: CBRE Research, NCREIF, All returns are reported on an unleveraged basis.

%

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NATIONAL

U.S. JOB GROWTH: OVER 2.7 MILLION JOBS IN 2015

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2010 2011 2012 2013 2014 2015

Source: Bureau of Labor Statistics, U.S. Department of Labor

Thousands

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NATIONAL

THE “PRIMARY MARKETS” OF THE U.S.

CHICAGO

BOSTON

NEW YORK

WASHINGTON, D.C.SAN FRANCISCO

LOS ANGELES

PRIMARY OTHER CBRE LOCATIONS

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NATIONAL

SIX PRIMARY MARKETS: 46.2% OF 2015 CAPITAL

$0$10$20$30$40$50$60$70$80$90

NY LA SF DC CHI BOS

billions

Source: Real Capital Analytics (Includes sales $2.5 million or greater for office, industrial, retail and multifamily assets.)

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SIX LEADING SECONDARY MARKETS IN REGION

REGIONAL

NASHVILLE RICHMOND

CHARLOTTE

MEMPHIS

REGIONAL MARKETS OTHER CBRE LOCATIONS

HAMPTON ROADS

RALEIGH

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REGIONAL

SIX REGIONAL MARKETS: 3.7% OF 2015 CAPITAL

$0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.5$4.0$4.5$5.0

RAL CLT NSH MEM RIC HR

billions

Source: Real Capital Analytics (Includes sales $2.5 million or greater for office, industrial, retail and multifamily assets.)

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REGIONAL

SIX REGIONAL MARKETS: JOB GROWTH PROJECTIONS

0.0

0.5

1.0

1.5

2.0

2.5

3.0

RAL MEM RIC CLT NSH HR

Source: CBRE Econometric Advisors (Growth projected over the next 2 years.)

%

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LOCAL

TOP 2015 SALES BY PROPERTY TYPE

MULTI-FAMILY

RETAIL

OFFICE

OFFICE/FLEX

INDUSTRIAL

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2015 Top SalesMultifamily

RADIUS

252 UNITS

NEWPORT NEWS

$42.0 M

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2015 Top SalesMultifamily

HERITAGE AT FREEMASON HARBOUR

185 UNITS

NORFOLK

$36.7 M

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SETTLERS MARKET

243,463 SF

WILLIAMSBURG

$61.2 M

Retail2015 Top Sales

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COLUMBUS VILLAGE

65,000 SF

VIRGINIA BEACH

$21.9 M

Retail2015 Top Sales

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Office

LIBERTY PROPERTY TRUST PORTFOLIO

1.32 MILLION SF

MULTIPLE LOCATIONS

$110.3 M

2015 Top Sales

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Office

THE CONCOURSE AT NORTHAMPTON

315,000 SF

NORFOLK

$56.8 M

2015 Top Sales

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Flex

THE OCEANEERING BUILDING

153,894 SF

CHESAPEAKE

$30.0 M

2015 Top Sales

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Flex

NORFOLK COMMERCE CENTER

331,883 SF

NORFOLK

$24.3 M

2015 Top Sales

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Industrial

111 & 112 LAKE VIEW PARKWAY

143,130 SF

SUFFOLK

$42.8 M

2015 Top Sales

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Industrial

300 & 500 WEST PARK

515,486 SF

HAMPTON

$34.3 M

2015 Top Sales

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FINAL THOUGHTS

Continued improvement in property fundamentals

Slightly higher interest rates – but cost still favorable on a historical basis

Debt capital remains widely available

Relatively stronger returns than most other asset classes

Pace of growth in investment volume and competitiveness of capital still may moderate in 2016

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J. Van Rose, Jr. MIRMPresident

Rose and Womble New Homes

Residential Market Review

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If we build it, they will come.Sequestration took a serious bite out of the

Hampton Roads Market in 2014

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If we build it, they will come.

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$26.8B legislated cap on discretionary spending (sequestration relief)

The Military The Port

A $17.06M loss in 2013 to a $13.61M gain in 2015

Port of VA signs trade pact with Cuba

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Tourism

$1.3 billion in VB

Hotel Revenue exceeded 2007 peak

Biomedical

More than 20,000 people in VB employed in health care field

Page 99: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

New Construction SalesDetached 2015

City

< 20

0,00

0

200-

249,

999

250-

299,

999

300-

349,

999

350-

399,

999

400-

449,

999

450-

499,

999

500-

549,

999

550-

599,

999

600-

649,

999

650-

699,

999

700-

749,

999

750-

799,

999

800-

849,

999

850-

899,

999

900-

949,

999

950-

999,

999

> 1

mil City

Mkt Sh

2015 Total Sales

YTD Avg. Sales

Per Mo.

# Sales Chesapeake 16 57 57 84 142 178 84 21 7 5 1 0 0 1 0 0 0 0 37.59% 653 54.42

Virginia Beach 3 1 31 57 50 91 75 24 19 21 15 3 4 1 1 0 1 2 22.97% 399 33.25Suffolk 24 33 76 53 30 23 12 4 4 4 1 2 1 1 0 0 0 0 15.43% 268 22.33Norfolk 13 100 69 26 13 4 6 6 2 0 2 4 3 2 0 1 2 1 14.62% 254 21.17

Portsmouth 25 56 4 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 5.01% 87 7.25IoW/Smith 1 13 2 9 16 23 5 3 3 0 1 0 0 0 0 0 0 0 4.38% 76 6.33

Total 82 260 239 230 252 319 182 58 35 30 20 9 8 5 1 1 3 3 100.00% 1737 144.75Mos to Absorb

InventoryChesapeake 0.75 3.58 3.16 1.29 3.38 1.48 1.14 5.14 8.57 2.40 12.00 N/A N/A 0.00 N/A N/A N/A N/A

Virginia Beach 0.00 0.00 3.10 2.32 3.60 1.19 0.80 2.00 1.89 1.71 9.60 4.00 3.00 24.00 0.00 N/A 24.00 30.00

Suffolk 2.00 3.27 3.00 2.26 5.20 6.78 5.00 12.00 12.00 12.00 12.00 0.00 12.00 0.00 N/A N/A N/A N/A

Norfolk 3.69 5.16 4.70 2.31 3.69 0.00 0.00 4.00 18.00 N/A 12.00 12.00 4.00 0.00 N/A 0.00 0.00 24.00

Portsmouth 2.40 4.93 9.00 0.00 0.00 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

IoW/Smith 0.00 1.85 6.00 4.00 0.00 1.04 14.40 8.00 8.00 N/A 0.00 N/A N/A N/A N/A N/A N/A N/A

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Resale Southside SalesDetached 2015

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Pent up demand

Continued economic improvement

Interest rates still low

Rising prices due to low inventory & strong sales

Decrease in distress home sales

Predictions for 2016

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J. Andrew Hansz, Ph.D., CFA, MAIRobert M. Stanton Chair of Real Estate

Director, E.V. Williams Center for Real Estate

Sentiment Survey

Page 103: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Hampton Roads Real Estate Markets Sentiment Survey: Spring 2016

created and collected by, the E.V. Williams Center for Real Estatesponsored by, Valbridge Property Advisors

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Q.2. Please identify your primary Hampton Roads real estate activity (select one).

0% 5% 10% 15% 20% 25%

Consumer-agriculture property

Consumer - homeowner or renter

Entrepreneurial (Developing)

Investing

Professional appraiser

Professional - broker/sales

Professional - consultant

Professional - property management

None of the above

No Response

Percentage of Participants

Real

Est

ate

Act

ivit

y Primary Hampton Roads Real Estate Activity: Spring 2016

n = 133

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Q.4. Please identify your primary real estate market affiliation (select one).

0% 5% 10% 15% 20% 25%

Agriculture

Industrial

Land

Multi-family residential

Office

Retail

Single-family residential

No Response

Percentage of Participants

Ham

pton

Roa

ds R

eal E

stat

e M

arke

tsPrimary Market Affiliation: Spring 2016

n = 133

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Q.5 and 6. Rate current and anticipated 6 month sentiment levels for the following Hampton Roads real estate market segments.

1 2 3 4 5

Agriculture

Industrial

Land

Multi-family residential

Office

Retail

Single-family residential

Anticpated Overall Average

Average Sentiment - Present and 6 Month Projection: Spring 2016n=133

Avg. CurrentSentiment

Avg. 6 mo. SentimentProjection

Negative Mild Negative Neutral Mild Positive Positive

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Q.7. Over the next 6 months, which Hampton Roads real estate property sector has the best investment potential (select one).

0% 10% 20% 30% 40% 50%

Agriculture

Industrial

Land

Multi-family residential

Office

Retail

Single-family residential

No Opinion

Percentage of Participants

Real

Est

ate

Mar

ket

Segm

ents

Best Hampton Roads Investment Potential - Next 6 Months: Spring 2016 n= 133

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Q.8. We would like to understand your anticipated real estate usage over the next 6 months. Please indicate if you plan to expand or contract your use or ownership space (please answer each row).

0 20 40 60 80 100 120

Agriculture

Industrial

Land

Multi-family residential

Office

Retail

Single-family residential

Number of Participants

Ham

pton

Roa

ds R

eal E

stat

e M

arke

tsAnticipated Real Estate Usage Changes, Over Next 6 Months: Spring 2016

n = 133

No ChangesContractExpandDo not own or lease

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Q.9. Over the next 6 months, what is your expectation for the change in general mortgage interest rates (select one).

0% 20% 40% 60% 80% 100%

Decreasing

No Change

Increasing

Percentage of Participants

Chan

ge E

xpec

tati

on

Expected Change of Mortgage Interest Rates Over Next 6 Months: Spring 2016n = 133

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Q.10. Please choose the statement below which best reflects the impact of sea-level rise and your Hampton Roads real estate interests (select one).

0% 10% 20% 30% 40% 50%

No impact

Minimal impact

moderate impact

Severe impact

Percentage of Participants

Leve

l of

Impa

ctImpact of Sea-level Rise on Personal Hampton Roads Real Estate Interests: Spring 2016

n = 133

Page 111: 2016 Hampton Roads Real Estate Market Review & Forecast · 2020-03-13 · Health Care and Social Assistance. From 1. st. Quarter 2007 to 1. st. Quarter 2015 ... SHINY AND NEW 3,000

Special thanks to, Valbridge Property Advisors

for sponsoring the Hampton Roads Real Estate Markets Sentiment Survey.

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E.V. Williams Center for Real Estate2088 Constant HallNorfolk, VA 23529

www.odu.edu/business/center/creed

2016 Hampton Roads Real Estate Market Review & Forecast