VA: Real estate figures show growth
Dailypress.com – The past year saw a marked increase in outside firms making big investments in Hampton Roads commercial real estate, as a strong economy, port growth and planned terminal expansions drove interest in getting a foothold in the market.
While the region’s residential real estate market continued booming, the industrial, office and retail markets posted a strong year, too, with many firms from far beyond Hampton Roads leading the spike in interest.
Some highlights:
INDUSTRIAL – The vacancy rate for industrial properties reached its lowest point market surveys began in 1995.
MULTI-FAMILY – There are about 2,600 apartment units under construction and about 1,750 proposed in Hampton Roads. Rents have increased to an average of $785, up more than 5 percent. Still the demand for apartments is increasing because for many families the cost of owning a house has risen too high.
RESIDENTIAL- As demand for housing has skyrocketed in recent years, the number of new homes being built has stayed about the same, sending the cost of those new homes to previously unheard of heights. The average cost of a newly built home in Hampton Roads in 2005 reached $405,943, up more than $91,000 from 2004. For the first time ever, more than 30,000 homes were sold in 2005. Existing home sales made up 83 percent of all closings for the year.