Market Study | 29
Table 3: Regional Employment Center Scenario Summary
Regional Employment Center Scenario
The Study Area can become an employment center of
regional significance. It will need to have infrastructure
in place, the backing of the economic development
community, as well as strong amenities, executive
housing, and a wide range of land uses. It will be
critical to have the employment core as close to
the interstates and northern part of the Study Area
as possible. The City of Chesapeake may need to
catalyze the opportunity.
The majority of the available commercial, industrial
and office land uses should be concentrated in a
mixed use “employment core” that includes retail, high
density housing, parks, open spaces and community
services such as schools, police, fire, etc.
For-sale and for-rent projections for the Study Area
were based upon household growth in the MSA;
owner/renter propensity (approximately 67% owners);
Chesapeake’s capture of the MSA based upon capture
of MSA new home sales from 2009-2013; apartment
absorption from 2000-2013; the potential capture
based upon the desirability of the Study Area for
residential; as well as the availability of land. Retail
projections were based upon household growth in
the Study Area multiplied by 85 square feet of retail
per household (based upon the comparison of total
square feet of retail in the MSA compared to total
households). Office projections were based upon
employment growth in the MSA, total square feet of
office per new employee (250 sf/employee based
upon local costar data and national trends), and the
percent captured in the Study Area based upon it
becoming an employment center, performing similarity
to the Greenbiar submarket as it matures. Industrial
projections were based upon employment growth
in the MSA; total square feet of industrial per new
employee (500 sf/employee based upon local costar
data and national trends); and the percent captured in
the Study Area, capturing twice as much as the Deep
Creek Submarket currently captures.
The Regional Employment Center will offer
the characteristics that companies look for
- characteristics that include an attractive
streetscapes, a variety of restaurants, and
proximity to a young, talented workforce.
Companies have discovered that there is a
business advantage to locating close to their
employment base, and leading employers have
been following young, highly-skilled workers to
urban, amenity-filled neighborhoods. Nationally,
traditional business parks are facing high vacancy
rates with markets beyond the urban fringe in the
lowest demand. Companies relocating to more
vibrant, walkable neighborhoods is a strong trend.
By providing these types of neighborhoods and
environments, the Study Area should help attract
businesses to Chesapeake.
$400,000
$1.30
$16
$18
$6
$ / Unit / SF
For-Sale Residential
For-Rent Residential
Total Residential
Retail SF
Office SF
Industrial SF
Total SF Commercial
Yield Summary
2,278
448
2,726
240,319
233,693
114,859
588,871
2014-2024
1,871
579
2,450
214,722
482,966
28,273
725,961
4,148
1,027
5,176
455,041
716,659
143,133
1,314,832
2025-2035
Total to
2035
Estimated Employees
Jobs to Households
1,699
2,466
4,164
0.62
1.01
0.80
9,000
3,000
12,000
1,015,637
2,500,000
1,250,000
4,765,637
Build Out
14,757
1.23
