DOMINION BOULEVARD CORRIDOR STUDY | Chesapeake, Virginia
328 | Appendix
Exhibit VI-9
OFFICE DEMAND
DOMINION STUDY AREA
2014-2035
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 TOTAL
VirginiaBeachMSAOfficeEmp.Growth
1
2,572 4,078 3,574 1,844
702
334
426
327
304
169
211
174
169
424
472
532
805
931 1,069 1,006
922
848
26,510
HamptonRdsRgnOfficeEmp.Growth
1
1,218 1,228 1,238 1,248 1,258 1,268 1,278 1,289 1,299 1,309 1,320 1,330 1,341 1,352 1,363 1,374 1,385 1,396 1,407 1,418 1,430 1,441
29,190
SF/TotalNewEmployee
2
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
250
NewOfficeSFDemanded
643,095 1,019,600 893,425 461,025 175,378 83,577 106,470 81,650 75,880 42,175 52,772 43,525 42,147 105,978 118,050 132,927 201,345 232,703 267,225 251,523 230,400 212,030 6,195,953
%Capture inStudyArea (NoEmp.Core)
3
1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
TotalNewStudyAreaOfficeSpace (No
Core)
7,717 12,235 10,721 5,532 2,105 1,003 1,278
980
911
506
633
522
506 1,272 1,417 1,595 2,416 2,792 3,207 3,018 2,765 2,544
65,675
%Capture inStudyArea (AsEmp.Core)
4
1% 2% 5% 10% 13% 13% 13% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26% 26%
TotalNewStudyAreaOfficeSpace (With
Core)
7,717 24,470 42,884 44,258 23,044 10,982 13,990 21,457 19,940 11,083 13,868 11,438 11,076 27,850 31,022 34,932 52,911 61,151 70,224 66,097 60,546 55,719 716,659
1
BaseduponMoody'seconomy.com projections for office employment forMSA. Itdoes not includemilitary or federal employment.Region fromHamptonRoadsTPO.Theiroffice projectionsmodified to not includemilitary or federal employment
3
Based uponCoStar data for theSouthernChesapeake submarket, ofwhich the studyarea represents a large portion of land.Current andhistorical capture of approximately 1.2% of absorption
4
Based upon theStudyAreabecoming an employment core andperforming similarly to theGreenbriar submarketas itmatures
2
Basedupon comparisonof totaloccupied office square feet inVirginiaBeachMSA fromCoStar (43MSF) to total office employment perMoody's (152K).Thisequals approximately 280SF/employee.Thiswasdropped down to reflect the amountof right sizing currently happening inmarket,aswellas
trends towards lessSF/employee nationally
Exhibit VI-9
E4-11982.40
Printed: 3/27/2014
CITY OF CHESAPEAKE
