Hampton Roads Multifamily H1 2021 Report
September 29, 2021
Market forces are propelling the Hampton Roads region and driving market pricing to all-time highs. Hampton Roads' economic foundations of shipping and logistics have never been stronger with the port expanding rapidly to meet global shipping needs and multiple massive Amazon distribution centers under construction. Federal spending, the other economic pillar of the Hampton Roads region, is at historic highs with the naval production pipeline providing decades of job certainty for the ship building community.
Hampton Roads is investing in the future, laying the ground work for a thriving off-shore wind industry which will support the installation of the largest off-shore wind project on the East Coast. Post-Covid trends of remote work and population migration from the Northeast Corridor to warmer secondary markets is also driving momentum. With miles of coastline and a low cost of living, Hampton Roads is seeing an influx of new residents who are fueling its resurgence as one of the strongest secondary markets on the East Coast.