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

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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


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E.V. Williams Center for Real Estate and Economic Development (CREED) Old Dominion University

Presents the

17TH ANNUAL HAMPTON ROADS REAL ESTATE MARKET REVIEW AND FORECAST

Wednesday, March 14, 2012

WELCOME

John R. Lombard, Ph.D.

Director E.V. Williams Center for Real Estate and Economic Development – CREED Chair Department of Urban Studies and Public Administration Old Dominion University

Gilbert R. Yochum, Ph.D., Dean

College of Business & Public Administration, Old Dominion University

Stephanie Sanker, CCIM, SIOR

S.L. Nusbaum Realty Co. Chair E.V. Williams Center for Real Estate and Economic Development (CREED) Program Moderator 17TH Annual Hampton Roads Real Estate Market Review and Forecast

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Special Thanks to the

2012 MARKET REVIEW PUBLICATION COMMITTEE

Industrial Review Bill Throne, Cushman & Wakefield | THALHIMER Stephanie Sanker, S.L. Nusbaum Realty Co. Office Review Casey J. O’Hearn, Jones Lang LaSalle Retail Review David Machupa, Cushman & Wakefield | THALHIMER Kyllie Brinkley, CREED, Old Dominion University David Chapman, Department of Urban Studies and Public Administration, ODU Multi‐Family Review Charles Dalton, Real Data Residential Review

New Homes

Ron Wildermuth and Blair Hardesty, Residential DataBank

Existing Homes

James Pritchard, REIN Inc. Capital Markets & Real Estate Finance Review Victor L. Pickett, GRANDBRIDGE REAL ESTATE CAPITAL, LLC Special Thanks to the

2012 MARKET REVIEW EDITORIAL COMMITTEE Kyllie Brinkley David Chapman Albert Duncan Brian Dundon Nancy Gossett Dove Elizabeth Hancock Janice Hurley Joy Learn John Lombard Maureen Rooks Brad Sanford Lane Shea Kristi Sutphin

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2011/2012 CREED Executive Committee Officers

Chair Stephanie Sanker, S.L. Nusbaum Realty Co. Director John Lombard, CREED Membership Chair Craig Cope, Liberty Property Trust Publications Chair Brian Dundon, Dundon & Associates Sponsorship Chair Candi James, HBA Architecture & Interior Design, Inc. Curriculum Co‐Chairs Jon Crunkleton, Ph.D., Faculty Emeritus, ODU Brad Sanford, Dominion Realty Advisors, Inc. By‐Laws Chair

  • E. Andrew Keeney, Kaufman & Canoles, PC

Past Chair Brad Sanford At‐Large Tom Dillon Billy King, Harvey Lindsay Commercial Real Estate

WELCOME NEW CREED MEMBERS

Judy Boone

Judy Boone Realty

Tom Elder

Hampton Roads Economic Development Alliance

Charles E. Rigney, Sr.

City of Norfolk Department of Development

Worth Remick

CB Richard Ellis | Hampton Roads

Michael Zarpas

Global Real Estate Investment Inc.

Industry Professional Advisors to the Center

IPAC

Honorary Member Robert M. Stanton, CSM and CPM Stanton Partners, Inc. Jeff Ainslie Ainslie Group

  • G. Robert Aston, Jr.

TowneBank Ramon W. Breeden, Jr. The Breeden Company Sanford (Sandy) M. Cohen Divaris Real Estate, Inc. Craig Cope Liberty Property Trust Cecil V. Cutchins Olympia Development Corporation Robert L. Dewey Willcox & Savage, PC Thomas M. Dillon

  • N. Joseph Dreps

BB&T Pamela J. Faber BridgeTrust Title Joel T. Flax, CPA Dixon Hughes Goodman LLP David M. Gianascoli Gee’s Group Real Estate Development John L. Gibson, III Ellis‐Gibson Development Group Warren Harris City of Virginia Beach Economic Development Miles B. Leon

  • S. L. Nusbaum Realty Company

Michael W. McCabe Harvey Lindsay Commercial Real Estate Jeremy McLendon, MBA CONTINENTAL Capital Management Michael Newsome Clark Whitehill Enterprises, Inc. Harrison J. Perrine Perrine Investments Victor L. Pickett Grandbridge Real Estate Capital, LLC Thomas E. Robinson Robinson Development Group Jim V. Rose Rose & Womble Realty Co., LLC Bradley R. Sanford, MAI Dominion Realty Advisors Burrell F. Saunders, AIA, IIDA, NCARB Lyall Design Architects Reese Smith, Sr. Reese Smith & Associates Tony Smith Robinson Development Group Deborah K. Stearns, CPM, SIOR Harvey Lindsay Commercial Real Estate Richard Thurmond William E. Wood & Associates Jon S. Wheeler Wheeler Interests Robert T. Williams Tri City Developers, LLC Steven Wright City of Chesapeake Economic Development

CREED Council 2011-2012

  • J. Scott Adams, CCIM

CB Richard Ellis/Hampton Roads

Tom Atherton

Atherton Real Estate Development

Judy Boone

Judy Boone Realty

Stewart Buckle, II

The Morgan Real Estate Group

  • M. Albert Carmichael

Harvey Lindsay Commercial Real Estate

  • W. Page Cockrell

Hurt & Proffitt

David Collier

First Atlantic Restoration

Lawrence J. Colorito, Jr., MAI

Axial Advisory Group, LLC

Hahns L. Copeland

DARVA Group LLC

Ann K. Crenshaw

Kaufman & Canoles, P.C.

Don Crigger, CCIM

CB Richard Ellis/Hampton Roads

Jon R. Crunkleton, Ph.D.

Old Dominion University

Kim Curtis

Tidewater Home Funding

William G. Darden

Hearndon Construction Co.

Laura B. de Graaf

Bank of America Merrill Lynch

Michael Divaris

Divaris Real Estate, Inc.

Helen Dragas

The Dragas Companies

Brian J. Dundon

Dundon & Associates

Tom Elder

Hampton Roads Economic Development Alliance

Sandra Ferebee

GSH Residential Sales

Bart Frye, Jr.

Frye Properties, Inc.

Brian E. Gordineer, A.A.S

City of Hampton, Office of the Assessor

Howard E. Gordon

Williams Mullen

Dennis W. Gruelle

Appraisal Consultation Group

Elizabeth Hancock

Office of the Real Estate Assessor

Russell G. Hanson, Jr.

Hanson Capital, LLC

Carl Hardee

Lawson Realty Corporation

John C. Harry

John C. Harry, Inc.

Dorcas T. Helfant‐Browning

DTH Properties, LLC

Charles Hutchison

Vanasse Hangen Brustlin, Inc.

Michael A. Inman

Inman & Strickler, P.L.C.

Candi James

HBA Architecture & Interior Design, Inc.

Cherie James

Cherie James, CPA

Terry Johnson

Abbitt Realty

Mallory Kahler

City of Portsmouth Economic Development

  • E. Andrew Keeney

Kaufman & Canoles, P.C.

  • R. I. King, II

Cushman & Wakefield/THALHIMER

William E. King, SIOR

Harvey Lindsay Commercial Real Estate

April Koleszar

Koleszar Properties, Inc.

Barry M. Kornblau

Summit Realty Group, Inc.

Tyler Leinbach

Meredith Construction Company

John R. (Jack) Lewis, II

ECS Mid‐Atlantic, LLC

Harvey Lindsay, Jr.

Harvey Lindsay Commercial Real Estate

Jeffrey R. Mack

The CIM Group

Mike Mausteller

Harvey Lindsay Commercial Real Estate

  • G. Cliff Moore

VIRTEXCO Corporation

Michael Nice

George Nice and Sons, Inc.

Thomas O’Grady

Clancy & Theys Construction

James N. Owens, CCIM

Harvey Lindsay Commercial Real Estate

Robert L. Philips, Jr.

Cushman & Wakefield/THALHIMER

Hampton Roads Office Market

CREED Council 2011‐2012

Chris Read

CB Richard Ellis/Hampton Roads

  • F. Craig Read

Read Commercial Properties

Worth Remick

CB Richard Ellis/Hampton Roads

John C. Richards, Jr.

CB Richard Ellis/Melody & Co.

Rennie Richardson

Richardson Real Estate Corporation

Charles E. Rigney, Sr.

City of Norfolk Department of Development

Maureen G. Rooks

Jones Lang LaSalle

  • J. Randy Royal

Kimley‐Horn and Associates

Robert J. Ruhl

City of Virginia Beach Economic Development

Stephanie Sanker, SIOR, CCIM

S.L. Nusbaum Realty Co.

Robert M. Sherman III, CPM

Harrison & Lear, Inc.

Kenneth Sisk, P.E.

Bowman Consulting Group

Anthony W. Smith

Robinson Development Group

Jeremy R. Starkey

Monarch Bank Commercial Real Estate Finance/Monarch Capital, LLC

Daniel R. Stegall

Daniel Richard Stegall, A Professional Law Corporation

Terrie L. Suit

The Office of Commonwealth Preparedness

Leo Sutton

EXIT Realty Central Commercial

Michael Sykes

Bank of Hampton Roads

Robert M. Thornton, CRE, CCIM, SIOR

Cushman & Wakefield/THALHIMER

William C. Throne, SIOR, CCIM, ALC

Cushman & Wakefield/THALHIMER

Jamie Tollenaere

McKenzie Construction Company

Stewart Tyler, ASA

Right of Way Acquisitions & Appraisals

George D. Vick, III

Harvey Lindsay Commercial Real Estate

Edward W. Ware

Norfolk Redevelopment and Housing

  • H. Mac Weaver, II

Edward M. Williams

William E. Wood & Associates

  • F. Blair Wimbush

Norfolk Southern Corporation

Peter E. Winters, Jr.

Bank of Hampton Roads

Chris Wood

JD & W

John P. Wright

Waverton Associates

Michael P. Zarpas

Global Real Estate Investment Inc.