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MARKET OVERVIEW
Focus: Hampton Roads
Virginia Business
September 2005
With three dominant industries
— military/defense, the port and tourism —
all continuing to grow, this region of 16 counties and
cities is experiencing retail growth. New restaurants
and entertainment venues are coming to Port Warwick
in Newport News, the Power Plant in Hampton and the
Virginia Beach Town Center. And downtown Norfolk’s
continuing revitalization is attracting strong interest
from retailers with the downtown area’s first
grocery store expected soon.
Currently, the market includes
about 45.9 million square feet of gross leasable space
in 368 properties. That number will go up with the completion
of 12 new shopping centers planned for the region this
year. Chesapeake and Virginia Beach are seeing the most
new activity with three new shopping centers under way
in each locale.
Altogether, the Southside of
Hampton Roads (Chesapeake, Norfolk, Portsmouth, Smithfield,
Suffolk and Virginia Beach) is expected to see more
than $10 billion in retail growth during 2005 while
growth on the peninsula (Gloucester, Hampton, Newport
News, Poquoson, Williamsburg and York County) will surpass
$4 billion.
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