DOMINION BOULEVARD CORRIDOR STUDY | Chesapeake, Virginia
22 | Market Study
ncentrated on the seven employment cores
ct location of each of these cores is primarily
transportation routes, the unique topography
located in Exhibit V-15.
Approximately 30% of the current
employment base in the Hampton Roads region is contained
within these seven cores.
reas seemingly next to each other on a map,
s
ter
City of Chesapeake | April 11, 2014 | E4-11982.40
sri
of the region that divides areas seemingly next to e
Map of Employment Cores
Hampton Roads Region
Industrial building
Offi
b ildi
MAP KEY
ce u ng
Retail building
Study Area
Harborview
Norfolk Ind. Park Area
Cavalier
Port Area
Greenbrier
Virginia Beach Town Center
Lynnhaven/Oceana
Downtown Norfolk
Dominion Boulevard | City of Chesapeake |
21
Source: RCLCO; CoStar; Esri
Figure 8: Map of Employment Cores
in the Hampton Roads Region
Source: RCLCO, CoStar
Household growth in the region is tied to
both primary home development related to
jobs and to retirement home growth which
is less dependent upon job growth. The
region is very attractive for both groups of
households given the relatively low cost of
living, good schools, nice climate, amenity
base, and location close to the ocean.
Key Findings - Market
While completing a long-term forecast for
an area over a 20+ year horizon, the current
state of the market is not as critical as with
a development project that is slated to start
and be finished within a five-year timeframe.
However, understanding the current
market provides us with the opportunity to
understand where the study area fits into the
region, as well as provide an understanding of
short-term opportunities.
For-sale residential
The for-sale residential market is slowly
recovering from the Great Recession. Home
prices are up and inventory is down. The
Hampton Roads region still has a large
number of foreclosures to work through the
system. However, all indicators point to a
continued recovery, and long-term health in
the for-sale market. For-sale housing also
represents a strong short-term opportunity
in the study area.
The Hampton Roads housing market has
been slow to recover from the recession.
After a rapid rise in median existing single-
family home prices in the early 2000s, the
market hit a bottom in 2012 and only began
to see meaningful gains in 2013. The volume
of total home sales remained stagnant from
2008 through 2011, averaging 17,500 annual
