Category: Commercial Real Estate
By Bill Cresenzo
bill.cresenzo@insidebiz.com
Home sales in Hampton roads dropped 21 percent in July, the result of the expiration of the federal tax credit incentive for home buyers.
Sales in the area dropped to 1,567 in July, down 21 percent compared to July 2009's home sales of 1,979, according to the Real Estate Information Network.
By Philip Newswanger
philip.newswanger@insidebiz.com
City officials in Norfolk and Suffolk aren't the only ones wringing their hands and shaking their heads over the proposed closure of the U.S. Joint Forces Command.
Developers and property owners are seeing 600,000 square feet of empty space - the size of the JFCOM complex in Suffolk - flood the market in about a year, when the military command is supposed to shutter.
More so, property owners are wondering what will happen to all the government contractors when the JFCOM shuts down - more empty desks.
By Philip Newswanger
philip.newswanger@insidebiz.com
When the heat index hit a 100 or more for most of July and a few days in August, most people hid in their air conditioned offices.
Pavements sizzled in July. Grass turned brown and crispy.
People complained about the heat from dawn until dusk, wishing verbally for the fall and winter when the temperature will plummet, and when they will wish for hotter weather.
By Philip Newswanger
philip.newswanger@insidebiz.com
The city of Virginia Beach rolled out the red carpet to an audience composed largely of real estate brokers.
Over 100 real estate brokers were invited to the event, which took place July 22 and was sponsored by the city's economic development department.
The event marked another milestone in Virginia Beach's unflagging efforts to redevelop land circling Naval Air Station Oceana, which sits in the middle of the city's most populated neighborhoods.
For this special report on commercial real estate, Inside Business gathered information to update the most notable real estate projects in the region to gauge if the weak economy and tight credit affected projects under way, proposed or still in the conceptual stage.
The list isn't comprehensive. No project was left out on purpose, though.
Projects that could have made the list were left out because of time and space constraints or because Inside Business did not receive information in time for publication.
By Philip Newswanger
philip.newswanger@insidebiz.com
The lights are going out on several floors in the Bank of America office tower on Main Street in downtown Norfolk.
Some of the largest tenants in the Bank of America building have fled, most notably to the Wells Fargo Center on Monticello Avenue, enticed by more modern space and larger floor plates.
By Bill Cresenzo
bill.cresenzo@insidebiz.com
When it comes to getting a commercial construction permit in Hampton Roads, it's all about timing.
It's not as simple as walking into the planning department, filling out a form and waiting for a reply. First, if necessary, builders must submit site-plan approval documents, proving that they have permission from, say, the historic district commission to build.
By Philip Newswanger
philip.newswanger@insidebiz.com
The Union Mission in downtown Norfolk still isn't sold. The deal announced last December hasn't closed.
Mike McCabe, president of Harvey Lindsay Commercial Real Estate, which is representing the building's owner, the Union Mission Ministries, said he plans to put a sticker on the sign on the side of the building saying "under contract."
By Danielle Walker
danielle.walker@insidebiz.com
Name of property:Pembroke Mall
Location: Virginia Beach
Original completion: 1966
Renovated: 2003
Square footage: 623,470 sq. ft.
Gerald Divaris, CEO of Divaris Real Estate Inc. of Virginia Beach, speaks on where Pembroke Mall is headed. DRE now handles the leasing for the property.
By Philip Newswanger
philip.newswanger@insidebiz.com
It started to sizzle in June, especially for loans known as commercial mortgage-backed securities.
Remember those bad boys? Well, they are still around, lingering like the heat and humidity.
A report from Trepp LLC shows that the delinquency rate of loans on lodging properties in Hampton Roads hit 24.9 percent in June.
