Exhibit VI-10
INDUSTRIAL 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
Virginia Beach MSA Industrial Emp. Growth
1
1,778 2,490 1,308
-262
-812
-968
-879
-714
-844
-693
-736
-542
-473
-296
-240
-257
-35
74
188
401
371
338
2,090
SF/Total New Employee
2
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
500
New Industrial SF Demanded
888,874 1,244,796 654,043 -130,925 -405,804 -483,791 -439,547 -356,780 -422,078 -346,737 -367,752 -271,100 -236,658 -147,864 -120,177 -128,308 -17,680 36,975 94,127 200,457 185,419 169,231
-2,943
% Capture in Study Area (No Emp. Core)
3
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% 2.1%
Total New Study Area Office Space (No
Core)
18,312 25,644 13,474
0
0
0
0
0
0
0
0
0
0
0
0
0
0
762 1,939 4,130 3,820 3,486
71,566
% Capture in Study Area (As Emp. Core)
4
4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4% 4%
Total New Study Area Office Space (With
Core)
36,623 51,288 26,948
0
0
0
0
0
0
0
0
0
0
0
0
0
0 1,523 3,878 8,259 7,640 6,973 143,133
1
Based upon Moody's economy.com projections for Natural Resources & Mining, Manufacturing, and Trade, Transportation & Utilities employment. It does not include military or federal employment
2
Based upon comparison of total occupied industrial square feet in Virginia Beach MSA from CoStar (88M SF) to total industrial-related employment per Moody's (184K). This equals approximately 500 SF/employee.
3
Based upon CoStar data for the Deep Creek submarket, of which the study area represents a large portion of land. Currently approximately 2.1% of total inventory
4
Based upon the Study Area becoming an employment core and performing twice as well as it would without being a core
Exhibit VI-10
E4-11982.40
Printed: 3/27/2014
CITY OF CHESAPEAKE
