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March 17, 2014

Area Real Estate Market Review and Forecast Points to Beginnings of Solid Recovery

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Attendees at the 19th annual Hampton Roads Real Estate Market Review and Forecast at Old Dominion Thursday, March 13, saw a snapshot of a real estate market that is making a solid recovery from a half-decade of struggle.

Sponsored by the E.V. Williams Center for Real Estate and Economic Development (CREED) at ODU, the yearly event brings together industry and academic leaders and experts to hear presentations on the new and existing homes market, office market, multifamily market, retail market, industrial market and investment market.

"Our report this year features perspectives from real estate insiders across the spectrum of commercial and residential markets," said John Lombard, CREED director and chair of the Department of Urban Studies and Public Administration in ODU's College of Business and Public Administration.

"We are blessed to have the participation of industry experts from all of the areas of real estate, mortgage and finance participating in the production of this report. The trends presented are based on current data, but also the insights of industry practitioners. These professionals work in each Hampton Roads submarket and are in tune with the development trends and activities that shape them."

The consensus of experts in the different real estate submarkets is that conditions in the region appear to have stabilized, with dramatic improvements in the industrial market, a continuation of the 2012 market upturn in the residential market, continued recovery in the commercial investment market and a forecast of solid growth for 2014 across all sectors.

Thursday's event was moderated by Craig Cope, vice president and regional manager for Liberty Property Trust. Participants were able to query the experts who produced each submarket report: J. Scott Adams, regional president, mid-south region, CBRE Hampton Roads, about the investment market; Dwight Dunton, founder and president, Bonaventure Realty Group, LLC, about the multifamily market; David Machupa, vice president of Cushman & Wakefield/Thalhimer, about the retail market; Van Rose, president of the new homes division of Rose & Womble Realty Co., about the new homes/existing homes market; Deborah Stearns, senior vice president with Jones Lang LaSalle real estate, about the office market; and Bill Throne, first vice president with Cushman & Wakefield/Thalhimer, about the industrial market.

CREED is a member-based organization whose mission is to connect the multidisciplinary analyses, innovative curriculum and research under way at ODU with students, industry and the public sector interested and engaged in the real estate and economic development communities. Through the application of technical resources, modeling and simulation, event programming and publications, CREED partners with its members, alumni and business leaders to facilitate the advancement of land planning and development initiatives. As a center of study in the College of Business and Public Administration, CREED is committed to providing students enrichment experiences and to facilitating their professional development.

CREED maintains a comprehensive collection of information, including detailed demographic and real estate data, and employs the latest in geographic information and mapping software. The center publishes annual real estate market reviews on the office, industrial, retail, single-family and multifamily real estate markets. CREED also offers various pertinent and timely programming, including the annual Hampton Roads Market Review and Forecast, to benefit the real estate and economic development communities of Hampton Roads.

For more information visit the CREED website at http://ww2.bpa.odu.edu/creed/#.