Lighthouse Point
EXCEPTIONAL WATERFRONT LOCATION Overlooking the water from Willoughby Spit, the gateway between Norfolk, Hampton, and Newport News, Lighthouse Point appeals to renters who want a combination of beach access and proximity to major employers. Proximate key employers include Naval Station Norfolk, Huntington Ingalls Shipyard, Sentara Healthcare, Joint Base Little Creek, Norfolk
STRONG MARKET FUNDAMENTALS :
The population within a 3-mile radius of Lighthouse Point expanded rapidly over the last 10 years. From 2010 to 2020, population increased 72% to a total of 47,134 people. Income is projected to increase 8% over the next 5 years and job growth is projected to increase 31% over the next 10 years. Average occupancy in Norfolk, currently 95.3%, continues to improve.
MARKET RENT GROWTH
: The submarket is projected to achieve 3.1% annual rent growth in 2020, the second highest in Hampton Roads. Rapid job growth and a minimal development pipeline is fueling strong fundamentals. The lack of development pipeline gives more runway for rent growth while reducing future concessionary pressure.
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