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2019 H2 Multifamily

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Consistently Low Vacancy and New Construction

  • The Hampton Roads market continues slow and steady growth with a limited development pipeline leading to great absorption trends which allows old product to stay relevant longer.
  • The market ended 2019 with an occupancy rate of 96.3%.  This occupancy rate is higher than the national average of 95.6%, showing a healthy market that has recovered since it reached a low of 93.1% occupancy in January of 2012 due to the recession. (Source: Axiometrics)
  • The overall occupancy rate has remained above 94% since March of 2017 and has elevated above a historically healthy 95% since May of 2018, continuing to tighten even as a steady pipeline of new product has been delivered to the market every year. The market has historically shown annual product deliveries amounting to 1.5% of total stock. (Source: Axiometrics)
  • Effective rent ended 2019 at $1,097.00 per unit, increasing $37.00 year-over-year, or 3.49%.  (Source: Axiometrics)
  • The market saw ten projects totaling 1,544 units delivered throughout 2019.  The market has seen a consistent stream of new supply, having 1,860 unit-deliveries per year since 2010, approximately 1.5% of total stock. (Source: Colliers Research)
  • There are 25 projects totaling 4,808 units currently under construction throughout the market.  Eighteen of these projects totaling 3,591 units are market product, while the remaining seven projects totaling 1,217 units are affordable product.  (Source: Colliers Research)






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2019 H2 Multifamily

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Related Experts

George Hankins

Executive Vice President

Norfolk - Main

George Hankins (Hank) is a Senior Vice President of Investment Properties, specializing in the execution of multifamily property sales throughout the Hampton Roads metropolitan area. Hank is an integral part of the underwriting, marketing and sales process for multifamily properties and promotes Colliers' platform in the Southeastern region of Virginia. 

During his career, Hankins has been involved in more than $1 billion in multifamily sales throughout the Hampton Roads and Richmond markets. In addition to dispositions, Hankins has also held the role as principal partner for Croatan Investments, leading their acquisitions team as it closed $125 million in multifamily property transactions in Virginia and North Carolina in a two-year period.

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Victoria Pickett

Senior Vice President

Norfolk - Main

As part of the Colliers International Multifamily Advisory Group, Victoria specializes in the exclusive listing of multifamily properties throughout Virginia. To date, Victoria has transacted 75 multifamily or multifamily land opportunities totaling in excess of $1.5B  in sales volume with her mid-Atlantic team. She earned "Rookie of the Year" in 2017 from Hampton Roads Commercial Sales and Leasing Achievement Awards. Pickett has seven years' experience in multifamily disposition or underwriting, with former roles as financial analyst, market researcher, and auditor.

Prior joining Colliers International, Victoria was Vice President of Multifamily Investment Sales with CBRE|Hampton Roads, part of the CBRE affiliate network. Before brokerage, she was Financial Analyst and Market Researcher where she led the underwriting of income producing properties and research reporting. 

Early in her career, Victoria worked as an auditor and consultant for DHG LLP, a top 20 public accounting firm, where she primarily served commercial real estate and financial institution clients, specializing in multifamily housing and bank lending operations. Prior experiences include audits of VHDA and HUD-assisted projects, multifamily property management consulting and compliance, and audits of development cost certifications.

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