Dominion Boulevard Corridor Study (Final)

Exhibit V-1 E4-11982.40 Printed: 3/27/2014 MAP KEY >4,000 3,000 - 3,999 2,000 - 2,999 1,000 - 1,999 <1,000 Exhibit V-1 EMPLOYMENT DENSITY BY CENSUS TRACT SUFFOLK, CHESAPEAKE, AND PORTSMOUTH; VIRGINIA 2013 CITY OF CHESAPEAKE SOURCE: Esri

Exhibit V-2 E4-11982.40 Printed: 3/27/2014 MAP KEY > 800 Employees 200 - 800 Employees 50 - 199 Employees Exhibit V-2 EMPLOYMENT DENSITY BY CENSUS TRACT SUFFOLK, CHESAPEAKE, AND PORTSMOUTH; VIRGINIA 2013 CITY OF CHESAPEAKE SOURCE: CoStar

Exhibit V-3 E4-11982.40 Printed: 3/27/2014 MAP KEY >110 75 - 109 50 - 74 25 - 49 <25 HAMPTON ROADS, VA INFORMATION-RELATED EMPLOYMENT BY CENSUS TRACT 2013 Exhibit V-3 CITY OF CHESAPEAKE SOURCE: Esri

Exhibit V-4 E4-11982.40 Printed: 3/27/2014 MAP KEY >350 250 - 349 150 - 249 50 - 149 <50 HAMPTON ROADS MSA PROFESSIONAL AND TECH-RELATED EMPLOYMENT BY CENSUS TRACT 2013 Exhibit V-4 CITY OF CHESAPEAKE SOURCE: Esri

Exhibit V-5 E4-11982.40 Printed: 3/27/2014 70,000 60,000 50,000 40,000 30,000 Exhibit V-5 TOP 10 INDUSTRIES BY EMPLOYMENT VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC METROPOLITAN STATISTICAL AREA 2011 20,000 10,000 CITY OF CHESAPEAKE - Food services and drinking places Professional, scientific, and technical services support Administrative and services Ambulatory health care services Specialty trade contractors General merchandise stores merchandise General Food and beverage stores Religious, grantmaking, civic, professional, and similar organizations stores Hospitals SOURCE: BLS

Exhibit V-6 E4-11982.40 Printed: 3/27/2014 Industrial Buildings CHESAPEAKE REGION OFFICE AND INDUSTRIAL BUILDINGS PRE-1950 Exhibit V-6 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-7 E4-11982.40 Printed: 3/27/2014 Industrial Buildings CHESAPEAKE REGION OFFICE AND INDUSTRIAL BUILDINGS 1950-1970 Exhibit V-7 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-8 E4-11982.40 Printed: 3/27/2014 Industrial Buildings CHESAPEAKE REGION OFFICE AND INDUSTRIAL BUILDINGS 1970-1980 Exhibit V-8 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-9 E4-11982.40 Printed: 3/27/2014 Industrial Buildings CHESAPEAKE REGION OFFICE AND INDUSTRIAL BUILDINGS 1980-1990 Exhibit V-9 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-10 E4-11982.40 Printed: 3/27/2014 Industrial Buildings Exhibit V-10 OFFICE AND INDUSTRIAL BUILDINGS CHESAPEAKE REGION 1990-2000 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-11 E4-11982.40 Printed: 3/27/2014 Industrial Buildings Exhibit V-11 OFFICE AND INDUSTRIAL BUILDINGS CHESAPEAKE REGION 2000-2014 CITY OF CHESAPEAKE Office Buildings SOURCE: CoStar; Esri

Exhibit V-12 E4-11982.40 Printed: 3/27/2014 MAP KEY Industrial Buildings Office Buildings Exhibit V-12 OFFICE AND INDUSTRIAL BUILDINGS CHESAPEAKE REGION 2014 CITY OF CHESAPEAKE SOURCE: CoStar

Exhibit V-13 E4-11982.40 Printed: 3/27/2014 2,900 2,700 Minneapolis-St. Paul Tampa-St. Pete VA Beach MSA 2035 Houston 2,500 2,300 2,100 Raleigh-Durham Central FL 2009 VA Beach MSA 2013 Detroit 1,900 Exhibit V-13 NUMBER OF EMPLOYMENT CORES AND TOTAL MSA EMPLOYMENT VIRGINIA BEACH MSA - NOT INCLUDING MILITARY EMPLOYMENT OR CORES 2013, 2024, AND 2035 1,700 1,500 Employment (1,000's) Cincinatti Chattanooga Seattle-Tacoma 2012 1,300 Phoenix CITY OF CHESAPEAKE 1,100 Philadelphia Atlanta Charleston 900 San Diego 2008 700 500 300 Salt Lake City Denver Nashville Sarasota 100 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 4 umber of Employment Cores Nu 3 2 1 0

Exhibit V-14 E4-11982.40 Printed: 3/27/2014 MAP KEY Virginia Beach Town Center Does not include the three cores on the Industrial building Office building Retail building Study Area Harborview Norfolk Ind. Park Area Cavalier Port Area Greenbrier Lynnhaven/Oceana Downtown Norfolk Peninsula Exhibit V-14 MAP OF CORE AREAS HAMPTON ROADS, VA 2014 CITY OF CHESAPEAKE SOURCE: RCLCO

JOBS/ACRE 9.6 25.3 9.1 20.7 2.1 40.4 4.3 11.6 8.2 16.7 1.7 2.9 4.4 8.6 6.4 2.9 1.3 3.9 3.4 2.5 3.1 6.5 3.3 18.9 25.3 59.9 7.0 15.9 17.6 4.4 3.6 0.5 2.3 Exhibit V-15 E4-11982.40 Printed: 3/27/2014 EST. ACRES 4,497 1,286 2,042 865 7,443 318 1,494 2,408 2,564 2,829 22,513 11,643 6,889 2,972 3,554 6,836 14,137 3,987 1,784 1,781 1,112 2,770 6,670 3,309 1,787 471 3,434 833 1,967 12,641 11,949 23,766 16,118 JOBS TO HH RATIO 7.7 6.9 10.8 5.0 2.0 37.8 5.6 9.4 5.9 55.4 N/A 2.5 3.4 6.0 7.0 1.4 2.7 2.8 4.0 2.5 2.7 6.0 3.9 5.1 4.3 16.6 2.3 8.4 4.7 3.6 1.1 1.6 1.8 TOTAL HHs IN THE CORE 1 5,644 4,743 1,716 3,573 7,600 340 1,130 2,992 3,535 850 N/A 13,678 8,906 4,247 3,255 14,282 6,747 5,659 1,502 1,790 1,276 3,001 5,654 12,376 10,643 1,697 10,516 1,581 7,363 15,406 37,687 7,575 20,223 RETAIL 33% 2% 39% 30% 35% 50% 3% 36% 32% 2% 0% 42% 21% 32% 7% 28% 12% 37% 0% 4% 3% 22% 16% 0% 61% 28% 22% 43% 27% 35% 42% 8% 32% % SQUARE FEET INDUSTRIAL 40% 5% 30% 3% 7% 0% 1% 31% 20% 90% 88% 48% 58% 56% 88% 64% 62% 42% 99% 95% 96% 69% 72% 20% 3% 1% 29% 12% 14% 48% 36% 87% 52% Exhibit V-15 CORE TYPES HAMPTON ROADS, VA 2014 OFFICE RETAIL 27% 3,193,009 93% 42,837 31% 3,715,825 67% 2,196,550 58% 1,668,586 50% 1,299,385 96% 65,188 32% 2,246,197 48% 1,740,197 8% 599,990 12% 87,185 10% 6,259,945 20% 2,492,722 12% 3,533,477 5% 67,572 7% 3,064,403 26% 1,006,019 21% 2,526,646 1% 15,443 1% 135,052 1% 84,336 9% 1,205,497 12% 1,656,066 80% 62,609 36% 6,878,260 72% 2,003,579 49% 1,827,478 45% 1,89 SQUARE FEET 2 INDUSTRIAL 3,854,975 91,952 2,836,626 242,150 343,200 0 13,015 1,927,488 1,054,560 27,123,616 16,309,650 7,183,527 6,753,911 6,286,759 843,600 7,000,000 5,416,453 2,874,859 4,034,998 3,374,819 2,649,978 3,721,786 7,487,681 3,017,363 351,987 40,200 2,480,996 509,176 1,279,944 5,916,906 3,203,917 4,284,285 4,468,369 CITY OF CHESAPEAKE OFFICE 2,672,176 1,666,009 2,991,383 4,920,656 2,726,525 1,323,595 1,859,654 1,997,886 2,594,285 2,282,909 2,220,838 1,490,691 2,378,450 1,352,482 51,911 804,561 2,247,094 1,478,360 22,501 35,201 32,163 475,631 1,199,763 12,294,272 4,041,361 5,194,121 4,164,974 1,985,458 5,536,037 2,030,969 1,928,628 239,403 1,399,667 TOTAL EMPLOYMENT 1 43,180 32,557 18,563 17,885 15,481 12,850 6,371 28,015 20,984 47,106 38,859 33,816 29,974 25,478 22,833 20,160 17,898 15,612 6,024 4,449 3,457 18,112 22,139 62,609 45,295 28,221 24,147 13,270 34,709 55,656 42,880 12,000 36,845 CORE NAME OFFICE CORES Greenbrier University of Utah Sandy, UT Carmel Valley, CA Lakewood Ranch Area Core, FL Virginia Beach Town Center Cottonwood, UT VA Beach MSA Average Overall Average INDUSTRIAL CORES 201/California Ave, UT International Center/NW Quadrant/Airport, UT Charleston Airport, SC North Charleston, SC Norfolk Ind. Park Area Port Areas Layton Hills, UT Port of Charleston, SC I-75 Corridor in Sarasota (Fruitville) Cav

JOBS/ACRE 5.0 4.0 4.8 1.3 3.1 1.1 1.1 4.3 4.3 6.6 Exhibit V-15 E4-11982.40 Printed: 3/27/2014 EST. ACRES 2,908 3,453 2,406 6,988 3,939 4,097 4,097 5,546 171,925 30,335 JOBS TO HH RATIO 2.1 2.1 1.4 0.7 1.4 1.4 1.4 3.3 3.4 5.6 TOTAL HHs IN THE CORE 1 6,863 6,472 8,208 14,069 8,903 3,207 3,207 7,334 220,031 35,298 RETAIL 68% 60% 60% 49% 60% 45% 45% 25% 25% 31% % SQUARE FEET INDUSTRIAL 8% 7% 2% 17% 7% 19% 19% 47% 47% 42% Exhibit V-15 CORE TYPES HAMPTON ROADS, VA 2014 OFFICE RETAIL 25% 3,663,006 34% 4,024,004 39% 2,506,375 34% 1,310,159 32% 2,875,886 35% 1,581,210 35% 1,581,210 28% 2,081,995 28% 64,541,857 27% 15,968,710 Page 2 of 2 SQUARE FEET 2 INDUSTRIAL 411,782 441,546 73,875 452,067 344,818 672,107 672,107 3,819,942 118,418,188 21,649,545 CITY OF CHESAPEAKE OFFICE 1,340,649 2,292,987 1,622,142 913,517 1,542,324 1,224,000 1,224,000 2,277,601 70,605,640 13,871,755 TOTAL EMPLOYMENT 1 14,502 13,803 11,518 9,152 12,244 4,604 4,604 24,052 745,607 198,847 3 In addition to office, retail and industrial, there are 42 million square feet of military space in the naval station core CORE NAME RETAIL CORES St. Andrews/West Ashley, SC Mt. Pleasant, SC Fort Union, UT Downtown Ogden, UT Overall Average EMERGING CORES Harborview Overall Average OVERALL EXISTING CORE AVERAGE EXISTING CORE TOTAL HAMPTON ROADS CORE TOTAL 1 2009 data from Hampton Roads MPO 2 2014 data from CoStar SOURCE: RCLCO; Hampton Roads MPO; CoStar

Exhibit V-16 E4-11982.40 Printed: 3/27/2014 Subject Site OFFICE SUBMARKET MAP SOUTHERN CHESAPEAKE SUBMARKET, VA MARCH 2014 Exhibit V-16 Southern Chesapeake Submarket SOURCE: CoStar CITY OF CHESAPEAKE

Exhibit V-17 E4-11982.40 Printed: 3/27/2014 Absorption: 450,000 900,000 2013 2012 2006-2013 Avg. 2006-2013 Avg. Completion: 2011 2010 Completions Exhibit V-17 OFFICE ABSORPTION VS. COMPLETIONS VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MSA 2006-2013 2009 2008 Net Absorption CITY OF CHESAPEAKE 2007 2006 2,000,000 1,500,000 1,000,000 500,000 - (500,000) (1,000,000) SOURCE: CoStar

Exhibit V-18 E4-11982.40 1.3% 1.3% 1.2% 1.2% 1.1% 1.1% 1.0% Printed: 3/27/2014 2013 2012 2011 Submarket RBA as % of MSA RBA OFFICE PERFORMANCE SOUTHERN CHESAPEAKE SUBMARKET, VA 2006-2013 2010 Exhibit V-18 2009 Submarket Total RBA CITY OF CHESAPEAKE 2008 2007 2006 NOTE: Includes all classes of office buildings 600,000 580,000 560,000 540,000 520,000 500,000 480,000 460,000 SOURCE: CoStar

Exhibit V-19 E4-11982.40 Printed: 3/27/2014 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 2013 2012 2011 Vac % 2010 RBA Delivered Exhibit V-19 OVERALL OFFICE MARKET PERFORMANCE SOUTHERN CHESAPEAKE SUBMARKET, VA 2006-2013 2009 Net Absorption CITY OF CHESAPEAKE 2008 2007 2006 NOTE: Includes all classes of office buildings 80,000 60,000 40,000 20,000 0 (20,000) (40,000) (60,000) (80,000) SOURCE: CoStar

Exhibit V-20 E4-11982.40 Printed: 3/27/2014 25% 20% 15% 10% 5% 0% 2013 MSA Vacancy 2012 2011 Submarket Vacancy DEEP CREEK SUBMARKET AND MSA 2010 Exhibit V-20 OFFICE ASKING RENT AND VACANCY 2006-2013 2009 MSA Avg. Rent CITY OF CHESAPEAKE 2008 Submarket Avg. Rent 2007 CoStar 2006 SOURCE: $20 $18 $16 $14 $12 $10 $8 $6 $4 $2 $0

Exhibit V-21 E4-11982.40 Printed: 3/27/2014 QUOTED RATES $15.31 $16.52 4Q 2013 UNDER CONST. SF 2,884 1% 375,277 2013 DELIVERIES 2,884 1% 390,173 2013 NET ABSORPTION 8,066 1% 748,934 VAC % 8.2% 11.8% Exhibit V-21 OFFICE SUBMARKET PERFORMANCE SOUTHERN CHESAPEAKE SUBMARKET AND MSA 2013 VACANCY TOTAL SF 48,555 1% 5,708,956 DIRECT SF 51,582 1% 5,641,925 CITY OF CHESAPEAKE EXISTING INVENTORY TOTAL RBA # BLDS 592,515 104 1% 3% 48,411,521 3,287 As a Percentage of Total Market Submarket Total Market SOURCE: CoStar

Exhibit V-22 E4-11982.40 Printed: 3/27/2014 $/SF - $19.50 $17.00 - $17.50 PRODUCT TYPE Class B Class B Class B Class B Class A KONIKOFF MEDICAL OFFICE 449 DOMINION BLVD HANBURY OFFICE PARK 213 RIVER WALK PARKWAY DOMINION BUSINESS CENTER BUILDING MAP KEY 1 2 3 4 5 Exhibit V-22 MAP OF COMPARABLE OFFICE BUILDINGS SOUTHERN CHESAPEAKE SUBMARKET, VA MARCH 2014 3 4 1 CITY OF CHESAPEAKE 2 5 SOURCE: CoStar

Exhibit V-23 E4-11982.40 Printed: 3/27/2014 DOMINION BUSINESS CENTER Class A 2007 Flexible floor plans to accommodate suites from 1,000 SF to 20,000 SF 20,000 $17.50 100% Herndon Construction 213 RIVER WALK PARKWAY Class B 2004 (renov) 14,200 - 78% Sentara Family Medicine Physicians, Chesapeake Medical Associates, Centex Homes Exhibit V-23 COMPARABLE OFFICE BUILDINGS SOUTHERN CHESAPEAKE SUBMARKET, VA MARCH 2014 HANBURY OFFICE PARK Class B 2006 Two 12,00 SF single-story office buildings 24,000 $17.00 100% Tidewater Physical Therapy 449 DOMINION BLVD Class B 2007 Single story medical office building 12,970 $19.50 57% Childrens Hospital of the Kings Daughters CITY OF CHESAPEAKE KONIKOFF MEDICAL OFFICE Class B 2006 Medical office 15,000 100% leased Cedar Road Medical Associates, Konikoff Dentistry SOURCE: Local Market Representatives; CBRE; CoStar Product Type Year Built Project Description Total SF Asking Prices Performance Key Tenants

Exhibit V-24 E4-11982.40 Printed: 3/27/2014 4.2% 4.1% 4.0% 3.9% 3.8% 3.7% 3.6% 3.5% 3.4% 2013 2012 Study Area as % of Submarket 2011 2010 INDUSTRIAL INVENTORY STUDY AREA; DEEP CREEK SUBMARKET 2005-2013 2009 Exhibit V-24 Study Area Deep Creek Submarket CITY OF CHESAPEAKE 2008 2007 2006 2005 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 SOURCE: CoStar

Exhibit V-25 E4-11982.40 Printed: 3/27/2014 Absorption: -13,000 2006-2013 Avg. Completion: 24,000 2013 2006-2013 Avg. 2012 2011 DEEP CREEK SUBMARKET INDUSTRIAL ABSORPTION VS. COMPLETIONS 2006-2013 2010 Completions Exhibit V-25 2009 Absorption 2008 CITY OF CHESAPEAKE 2007 2006 200,000 150,000 100,000 50,000 0 -50,000 -100,000 -150,000 -200,000 -250,000 SOURCE: CoStar

Exhibit V-26 E4-11982.40 Printed: 3/27/2014 Absorption: -4,000 1,000,000 2013 2006-2013 Avg. 2006-2013 Avg. Completion: 2012 2011 2010 Completions Exhibit V-26 INDUSTRIAL ABSORPTION VS. COMPLETIONS VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC MSA 2006-2013 2009 Absorption 2008 CITY OF CHESAPEAKE 2007 2006 3,000,000 2,500,000 2,000,000 1,500,000 1,000,000 500,000 0 -500,000 -1,000,000 -1,500,000 SOURCE: CoStar

Exhibit V-27 E4-11982.40 Printed: 3/27/2014 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% 2013 MSA Vacancy 2012 2011 Deep Creek Vacancy DEEP CREEK SUBMARKET AND MSA 2010 Exhibit V-27 INDUSTRIAL ASKING RENT AND VACANCY 2006-2013 2009 MSA Rent (NNN) CITY OF CHESAPEAKE Deep Creek Rent (NNN) 2008 2007 CoStar 2006 SOURCE: $8 $7 $6 $5 $4 $3 $2 $1 $0

VI. RECOMMENDATIONS AND DEMAND CITY OF CHESAPEAKE

Exhibit VI-1 E4-11982.40 Printed: 3/27/2014 Once bridge is completed, will spur development differentiation appealing to a wide range of buyers and renters for development the office market needs of the region standards in industrial building height clearance, etc. OPPORTUNITIES • Most of the area is undeveloped, and the reputation in the market is that it has not developed because of access, not for other reasons. • May be an opportunity to find opportunities around the Great Dismal Swamp in terms of research, branding, marketing, job creation, and • Create multiple master-planned communities/neighborhoods, • The for-sale residential market is starting recovery, and this area, if zoned for residential, DOMINION STUDY AREA STRENGTHS, CHALLENGES, AND OPPORTUNITIES CHALLENGES • Land has fragmented ownership. Will need to work carefully • High-end housing in the region is water-oriented. Will need to figure out how to amenitize the residential projects • Without associated employment development, would be • For the near- and mid-term, the regional and community shopping needs of residents will be met at Greenbriar area • The office market is stil Exhibit VI-1 MARCH 2014 to ensure that future plan is realized difficult to build multifamily residential any development in the area with office not have rail access CITY OF CHESAPEAKE the region good location to capture a portion of that growth of amenities • Close to Chesapeake City offices opportunities schools are good, leading to strong housing demand • Culpepper Landing, an actively selling master-planned close to the study area future retail to support it future businesses make the study area more desirable for future office center in the study area will help it succeed • Close to airport STRENGTHS • The region overall is expected to grow. The study area is in a • The Great Dismal Swamp provides recreational and other types • Close to Great Dismal Swamp and associated recreational • Chesapeake is a well-regarded place to buy a home - the • New Grassfield High School would be attractive for new residents community with the strongest sales in the region, is already selling • Will be a good location for future households, and the Overall Residential Retail Office Industrial

Exhibit VI-2 E4-11982.40 Printed: 4/11/2014 Est. Acres 2,150 38 2,188 72.7 16.4 23.0 112.0 2,300 Est. Acres 1,800 120 1,920 93.3 143.5 143.5 380.2 2,300 Est. Density 4 20 0.25 0.35 0.20 Total Est. Density 5 25 0.25 0.40 0.20 Total % of Total 92% 8% 100% 64% 20% 16% 100% % of Total 75% 25% 100% 21% 52% 26% 100% Build-Out 8,600 750 9,350 791,351 250,000 200,000 1,241,351 3,159 0.34 Build-Out 9,000 3,000 12,000 1,015,637 2,500,000 1,250,000 4,765,637 14,757 1.23 Est. Acres 863 20 884 33.0 4.3 8.2 45.5 929 Est. Acres 830 41 871 41.8 41.1 16.4 99.3 970 Est. Density 4 20 0.25 0.35 0.20 Total Est. Density 5 25 0.25 0.40 0.20 Total % of Total 89% 11% 100% 72% 13% 14% 100% % of Total Total 80% 20% 100% 35% 55% 11% 100% SUMMARY OF DEMANDS Total (to 2035) 3,453 407 3,860 359,350 65,675 71,566 496,591 1,204 0.31 (to 2035) 4,148 1,027 5,176 455,041 716,659 143,133 1,314,832 4,164 0.80 Exhibit VI-2 DOMINION STUDY AREA 2014-2035 2025-2035 1,535 174 1,709 159,071 22,054 14,137 195,262 470 0.28 2025-2035 1,871 579 2,450 214,722 482,966 28,273 725,961 2,466 1.01 15% 7% 15% 20% 1,918 233 2,151 734 0.34 2,278 448 2,726 1,699 0.62 2014-2024 200,279 43,621 57,430 301,329 2014-2024 240,319 233,693 114,859 588,871 CITY OF CHESAPEAKE 9,207 1,112 505 2,247 5,343 801 400 801 1,069 2,272 $1.30 $16 $18 $6 $1.30 $16 $18 $6 Acres 2013 $/Unit/SF $400,000 2013 $/Unit/SF $400,000 Environmentally Constrained Additional Open Space Community Facilities Limited Employment Center Scenario For-Sale Residential For-Rent Residential Total SF Commercial Estimated Employees Employment Center Scenario For-Sale Residential For-Rent Residential Total SF Commercial Estimated Employees Study Area Total Developed Airport Developable Roads, ROW Storm Water Remaining Total Residential Retail SF Office SF Industrial SF Jobs to Households Total Residential Retail SF Office SF Industrial SF Jobs to Households

Exhibit VI-3 E4-11982.40 Printed: 3/27/2014 EMP. CENTER REGIONAL 0.50 0.15 1.50 0.75 1.00 1.25 DOMINION OPPORTUNITIES LOCAL EMP. NO EMP. CENTER CENTER 0.05 0.15 0.35 0.50 AVG. 0.00 0.02 0.10 0.52 0.20 0.79 0.25 EMPLOYMENT CENTER ABACOA JUPITER 0.03 0.49 0.79 TRAD- ITION PORT ST LUCIE 0.00 0.54 AVG. LANDS HOUSTON 2.56 2.33 1.12 1.00 1.30 1.16 1.33 0.79 1.12 1.12 1.46 1.46 THE WOOD- JOB TO HOUSING RATIOS DOMINION STUDY AREA MARCH 2014 CATALYTIC EMPLOYMENT CENTER LAKEWOOD VIERA RANCH BREVARD SARASOTA CO 2.78 1.14 1.22 1.75 0.98 2.14 1.06 Exhibit VI-3 SUMM- AVG. LAS VEGAS 0.19 0.19 0.37 0.39 0.54 0.50 LIMITED EMPLOYMENT CENTER CITY OF CHESAPEAKE TAMPA AVG. ERLIN PALMS TAMPA 0.19 0.00 0.19 0.08 0.62 0.12 0.28 0.52 0.26 0.23 0.54 0.20 0.50 THE VILL- AGES MARION CO 0.33 0.23 0.20 NO EMPLOYMENT CENTER FISH- HAWK VICTORIA RANCH PARK LITHIA DELAND 0.00 0.11 0.10 0.14 HORIZON WEST PLAN ORL. 0.03 0.36 HOUSEHOLDS Under 1,000 1,000-2,500 2,500-5,000 5,000-10,000 10,000-20,000 20,000-35,000 SOURCE: RCLCO

Exhibit VI-4 E4-11982.40 Printed: 3/27/2014 Fit At Site None Limited Limited Strong Moderate Strong Future Demand None Unknown Strong Moderate Unknown Strong Adequacy of Current Stock   X X X   EMPLOYMENT MATRIX CHESAPEAKE, VA MARCH 2014 Required Space Specialized access controlled facilities Class A Office, Flex, and Tech Warehousing/Distribution Flex and Tech Multitenant Class A Flex and Tech Office Park and Flex Specialized Medical Facilities, Local Practitioner Offices Exhibit VI-4 Projected Growth 2010-2030 CITY OF CHESAPEAKE 1990-2010 Historical Growth SOURCE: RCLCO; Brokers; Moody's Analytics Tenant Driver Military Government/GSA Shipping/Logistics Cyber, Modeling and Simulation, Technology Government Contractors Healthcare

Exhibit VI-5 E4-11982.40 Printed: 3/27/2014 Fit At Site Strong Strong Strong Strong Strong Additional Product Opportunities MF and SF Rental MF and SF Rental and For-Sale MF and SF Rental and For-Sale MF and SF Rental, Upscale MPC Upscale MPC Availability of Desired Stock Moderate Limited Rental, Moderate Single-family Limited Rental, Moderate Single-family Limited Rental, Adequate Single-family Adequate Single-family Exhibit VI-5 RESIDENTIAL MATRIX BY HOUSEHOLD DRIVER CHESAPEAKE, VA FEBRUARY 2014 Price Point Based upon housing allowance Top of market rentals and mid level single- family Top of market rentals and mid level single- family Top of market rentals and mid to upscale level single-family Mid to upscale single- family Tenure Primarily Renters Rent to Own Rent to Own Mixed Primarily Owners CITY OF CHESAPEAKE Duration 1-2 Years 3-4 Years 5+ 5+ 5+ Household Driver Active Duty Military Government Agencies and Contractors Cyber/Technology Healthcare Professional/Business Services SOURCE: RCLCO; Brokers; Moody's Analytics

TOTAL 103,399 115,195 68,967 44,828 2,599 3,051 18,510 695 846 5,303 160 251 3,453 4,149 Exhibit VI-6 E4-11982.40 Printed: 3/27/2014 2035 747,042 3,475 4,800 67% 2,318 62% 1,437 28% 25% 100 30% 121 27% 622 19% 25% 29 30% 35 10% 232 19% 20% 9 30% 13 138 168 2034 743,567 3,424 4,800 67% 2,284 62% 1,416 28% 25% 99 30% 119 27% 613 19% 25% 28 30% 34 10% 228 19% 20% 8 30% 13 136 166 2033 740,143 3,470 4,800 67% 2,314 62% 1,435 28% 25% 100 30% 120 27% 621 19% 25% 29 30% 35 10% 231 19% 20% 9 30% 13 138 168 2032 736,673 3,458 4,800 67% 2,306 62% 1,430 28% 25% 100 30% 120 27% 619 19% 25% 29 30% 35 10% 231 19% 20% 9 30% 13 137 167 2031 733,215 3,572 4,800 67% 2,382 62% 1,477 28% 25% 103 30% 124 27% 639 19% 25% 30 30% 36 10% 238 19% 20% 9 30% 13 142 173 2030 729,643 3,394 4,800 67% 2,264 62% 1,404 28% 25% 98 30% 118 27% 608 19% 25% 28 30% 34 10% 226 19% 20% 8 30% 13 135 164 2029 726,249 3,336 4,800 67% 2,225 62% 1,380 28% 25% 96 30% 116 27% 597 19% 25% 28 30% 33 10% 223 19% 20% 8 30% 12 132 161 2028 722,913 3,382 4,800 67% 2,256 62% 1,399 28% 25% 98 30% 117 27% 605 19% 25% 28 30% 34 10% 226 19% 20% 8 30% 13 134 164 2027 2026 2025 719,531 716,011 712,159 3,519 3,852 3,780 4,800 4,800 4,800 67% 67% 67% 2,347 2,569 2,521 62% 62% 62% 1,455 1,593 1,563 28% 28% 28% 25% 25% 25% 102 111 109 30% 30% 30% 122 134 131 27% 27% 27% 630 690 677 19% 19% 19% 25% 25% 25% 29 32 31 30% 30% 30% 35 38 38 10% 10% 10% 235 257 252 19% 19% 19% 20% 20% 20% 9 10 9 30% 30% 30% 13 14 14 140 153 150 170 18 FOR-SALE RESIDENTIAL DEMAND 2024 2023 708,379 704,237 4,142 4,667 4,800 4,800 67% 67% 2,763 3,113 65% 65% 1,796 2,023 28% 28% 25% 25% 125 141 30% 30% 151 170 27% 27% 742 835 19% 19% 25% 20% 34 31 30% 30% 41 47 8% 8% 221 249 19% 19% 20% 20% 8 9 30% 25% 12 12 168 182 204 228 Exhibit VI-6 DOMINION STUDY AREA 2014-2035 2022 2021 699,570 694,593 4,976 5,352 5,725 4,800 4,800 4,800 67% 67% 67% 3,319 3,570 3,819 65% 65% 65% 2,158 2,321 2,482 28% 28% 28% 25% 25% 20% 151 162 139 30% 30% 25% 181 195 173 27% 27% 27% 891 958 1,025 19% 19% 19% 20% 20% 20% 33 36 38 30% 30% 25% 50 53 48 8% 8% 8% 266 286 305 19% 19% 19% 20% 20% 20% 10 11 11 25% 25% 25% 12 13 14 19 CITY OF CHESAPEAKE 2018 2020 2019 689,241 683,516 677,549 5,967 6,456 4,800 4,800 67% 67% 3,980 4,306 68% 68% 2,703 2,924 28% 28% 20% 20% 151 163 25% 25% 189 204 27% 27% 1,068 1,156 19% 19% 20% 20% 40 43 25% 25% 50 54 5% 5% 209 226 19% 19% 15% 10% 6 4 25% 25% 10 11 197 211 248 269 2017 671,092 6,930 4,800 67% 4,623 68% 3,139 28% 20% 175 20% 175 27% 1,241 19% 20% 46 20% 46 5% 243 19% 10% 5 20% 9 226 231 2016 664,162 7,619 4,800 67% 5,082 68% 3,451 28% 15% 145 15% 145 27% 1,364 19% 15% 38 15% 38 5% 267 19% 0% 0 15% 7 183 190 2015 656,543 7,343 4,800 67% 4,898 68% 3,326 28% 10% 93 10% 93 27% 1,315 19% 10% 24 10% 24 5% 257 19% 0% 0 10% 5 117 122 2014 649,200 5,557 4,800 67% 3,707 68% 2,517 28% 5% 35 5% 35 27% 995 19% 5% 9 5% 9 5% 195 19% 0% 0 5% 2 44 46 2013 643,643 4,800 67% 68% 0 28% 0 0 27% 0 19% 0 0 5% 0 19% 0 0 0 0 2012 637,312 4,800 67% 68% 0 28% 0 0 27% 0 19% 0 0 5% 0 19% 0 0 0 0 4 Based upon the City of Chesapeake's capture of new sales in the market from 2009-2013 5 Based upon the desirability of the study area for residential, and the availability of land in other areas MSA Household Projections 1 Annual Household Change Region Household Change 2 % Owner Households 3 New Owners Households % Choose SFD 3 % Capture in Chesapeake 4 % Capture in Dominion Area W/O 5 Study Area Sales No Emp. Center % Capture in Dominion Area W/ 5 Study Area Sales With Emp. Center % Chose Townhome/Plex 3 Townhome/Plex Sales % Capture in Chesapeake 4 % Capture in Dominion Area W/O 5 Study Area Sales No Emp. Center % Captu SFD Sales

TOTAL 103,399 34,432 407 1,027 Exhibit VI-7 E4-11982.40 Printed: 3/27/2014 2035 747,042 3,475 33% 1,157 9% 15% 16 9% 50% 52 2034 743,567 3,424 33% 1,140 9% 15% 15 9% 50% 51 2033 740,143 3,470 33% 1,155 9% 15% 16 9% 50% 52 2032 736,673 3,458 33% 1,151 9% 15% 16 9% 50% 52 2031 733,215 3,572 33% 1,189 9% 15% 16 9% 50% 54 2030 729,643 3,394 33% 1,130 9% 15% 15 9% 50% 51 2029 726,249 3,336 33% 1,111 9% 15% 15 9% 50% 50 2028 722,913 3,382 33% 1,126 9% 15% 15 9% 50% 51 2027 2026 719,531 716,011 712,159 3,519 3,852 3,780 33% 33% 33% 1,172 1,283 1,259 9% 9% 9% 15% 15% 15% 16 17 17 9% 9% 9% 50% 50% 50% 53 58 57 FOR-RENT RESIDENTIAL DEMAND DOMINION STUDY AREA 2014-2035 2025 2024 708,379 704,237 4,142 4,667 33% 33% 1,379 1,554 9% 9% 15% 15% 19 21 9% 9% 33% 33% 41 46 Exhibit VI-7 2023 2022 699,570 694,593 4,976 5,352 33% 33% 1,657 1,782 9% 9% 15% 15% 22 24 9% 9% 33% 33% 49 53 CITY OF CHESAPEAKE 2019 2021 2020 689,241 683,516 5,725 5,967 33% 33% 1,906 1,987 9% 9% 15% 15% 26 27 9% 9% 33% 25% 57 45 2018 677,549 6,456 33% 2,150 9% 15% 29 9% 25% 48 2017 671,092 6,930 33% 2,308 9% 15% 31 9% 25% 52 2016 664,162 7,619 33% 2,537 9% 15% 34 9% 25% 57 2015 656,543 7,343 33% 2,445 9% 0% 0 9% 0% 0 3 Based upon the Chesapeake submarket's average capture of the region's apartment absorption from 2000-2013 4 Based upon the study area's desirability for rental projects with and without the creation of an employment core in the area 2014 649,200 5,557 33% 1,851 9% 0% 0 9% 0% 0 MSA Household Projections 1 Annual Household Change % Renter Households 2 New Renter Households % Capture in Chesapeake Submkt 3 % Capture in Dominion Area No Emp Core 4 Study Area Rentals - No Emp. Core % Capture in Chesapeake Submkt 3 % Capture in Dominion Area W/Emp Core 4 Study Area Rentals - w/Emp. Core 1 Moody's Economy.com 2 American Community Survey, 5% Sample, 2007-2011

TOTAL 3,860 326,682 359,350 4,480 379,201 455,041 Exhibit VI-8 E4-11982.40 154 85 10.0% 190 85 20.0% Printed: 3/27/2014 2035 12,999 14,298 16,084 19,301 151 85 10.0% 187 85 20.0% 2034 12,806 14,086 15,845 19,015 153 85 10.0% 190 85 20.0% 2033 12,978 14,276 16,059 19,271 153 85 10.0% 189 85 20.0% 2032 12,933 14,227 16,003 19,204 158 85 10.0% 195 85 20.0% 2031 13,359 14,694 16,529 19,835 150 85 10.0% 186 85 20.0% 2030 12,696 13,966 15,710 18,852 147 85 10.0% 182 85 20.0% 2029 12,478 13,726 15,440 18,528 149 85 10.0% 185 85 20.0% 2028 12,649 13,914 15,652 18,782 156 85 10.0% 192 85 20.0% 2027 13,164 14,480 16,288 19,546 170 85 10.0% 211 85 20.0% 2026 2025 167 85 14,409 14,139 10.0% 15,850 15,553 207 85 17,829 17,495 20.0% 21,394 20,994 Exhibit VI-8 RETAIL DEMAND DOMINION STUDY AREA 2014-2035 2024 2023 2022 187 203 216 85 85 85 15,809 17,155 18,293 10.0% 10.0% 10.0% 17,390 18,870 20,122 209 228 243 85 85 85 17,701 19,286 20,565 20.0% 20.0% 20.0% 21,241 23,143 24,678 2021 214 232 85 85 19,675 10.0% 10.0% 21,642 261 245 85 85 22,118 20.0% 20.0% 26,542 2020 18,108 19,919 20,722 24,867 CITY OF CHESAPEAKE 223 85 241 85 2019 18,913 10.0% 20,804 20,427 20.0% 24,512 240 85 10.0% 259 85 20.0% 2018 20,285 22,314 21,923 26,307 257 85 10.0% 278 85 20.0% 2017 21,775 23,953 23,533 28,240 217 85 10.0% 240 85 20.0% 2016 18,363 20,199 20,295 24,354 117 85 9,936 10.0% 117 85 9,936 20.0% 3 Based upon comparison of total retail square feet in MSA per CREED (54M) to total households per Esri (640K). It equals 85 SF/HH 2015 10,930 11,923 1 Based upon the for-sale and rental demand for the study area in the employment center and no employment center scenarios 44 85 3,760 10.0% 4,136 44 85 3,760 20.0% 4,512 2014 No Employment Center Scenario Annual Base Household Change 1 Retail SF/New Household 2 New Retail SF Demanded Additional SF (tourist, drive-by, employee) Total Study Area Baseline Retail Space Employment Center Scenario Annual Base Household Change 1 Retail SF/New Household 2 New Retail SF Demanded Additional SF (tourist, drive-by, employee) Total Study Area Baseline Retail Space

TOTAL 26,510 29,190 6,195,953 65,675 716,659 Exhibit VI-9 E4-11982.40 848 1,441 250 1.2% 2,544 26% Printed: 3/27/2014 2035 212,030 55,719 922 1,430 250 1.2% 2,765 26% 2034 230,400 60,546 2033 1,006 1,418 250 251,523 1.2% 3,018 26% 66,097 2032 1,069 1,407 250 267,225 1.2% 3,207 26% 70,224 931 1,396 250 1.2% 2,792 26% 2031 232,703 61,151 805 1,385 250 1.2% 2,416 26% 2030 201,345 52,911 532 1,374 250 1.2% 1,595 26% 2029 132,927 34,932 472 1,363 250 1.2% 1,417 26% 2028 118,050 31,022 424 1,352 250 1.2% 1,272 26% 2027 105,978 27,850 169 1,341 250 1.2% 506 26% 2026 2025 174 1,330 250 42,147 43,525 1.2% 522 26% 11,076 11,438 Exhibit VI-9 OFFICE DEMAND DOMINION STUDY AREA 2014-2035 2024 2023 2022 211 169 304 1,320 1,309 1,299 250 250 250 52,772 42,175 75,880 1.2% 1.2% 1.2% 633 506 911 26% 26% 26% 13,868 11,083 19,940 2 Based upon comparison of total occupied office square feet in Virginia Beach MSA from CoStar (43M SF) to total office employment per Moody's (152K). This equals approximately 280 SF/employee. This was dropped down to reflect the amount o 2021 426 327 1,289 1,278 250 250 81,650 1.2% 1.2% 980 1,278 26% 13% 21,457 1 Based upon Moody's economy.com projections for office employment for MSA. It does not include military or federal employment. Region from Hampton Roads TPO. Their office projections modified to not include military or federal employment 2020 106,470 13,990 CITY OF CHESAPEAKE 334 1,268 250 1.2% 1,003 13% 2019 83,577 10,982 702 1,258 250 1.2% 2,105 13% 3 Based upon CoStar data for the Southern Chesapeake submarket, of which the study area represents a large portion of land. Current and historical capture of approximately 1.2% of absorption 2018 175,378 23,044 2017 1,844 1,248 250 461,025 1.2% 5,532 10% 44,258 2016 3,574 1,238 250 893,425 1.2% 10,721 5% 42,884 2015 4,078 1,228 250 1,019,600 1.2% 12,235 2% 24,470 4 Based upon the Study Area becoming an employment core and performing similarly to the Greenbriar submarket as it matures 2014 2,572 1,218 250 643,095 1.2% 7,717 1% 7,717 Virginia Beach MSA Office Emp. Growth 1 Hampton Rds Rgn Office Emp. Growth 1 SF/Total New Employee 2 New Office SF Demanded % Capture in Study Area (No Emp. Core) 3 Total New Study Area Office Space (No % Capture in Study Area (As Emp. Core) 4 Total New Study Area Office Space (With trends towards less SF/employee nationally Core) Core)

TOTAL 2,090 -2,943 71,566 143,133 Exhibit VI-10 E4-11982.40 338 500 2.1% 3,486 4% 6,973 Printed: 3/27/2014 2035 169,231 371 500 2.1% 3,820 4% 7,640 2034 185,419 401 500 2.1% 4,130 4% 8,259 2033 200,457 188 500 2.1% 1,939 4% 3,878 2032 94,127 74 500 2.1% 762 4% 1,523 2031 36,975 -35 500 2.1% 0 4% 0 2030 -17,680 -257 500 2.1% 0 4% 0 2029 -128,308 2028 -240 500 -120,177 2.1% 0 4% 0 -296 500 2.1% 0 4% 0 2027 -147,864 2026 2025 -473 -542 500 500 -236,658 -271,100 2.1% 2.1% 0 0 4% 4% 0 0 Exhibit VI-10 INDUSTRIAL DEMAND DOMINION STUDY AREA 2014-2035 2024 2023 2022 -736 -693 -844 500 500 500 -367,752 -346,737 -422,078 2.1% 2.1% 2.1% 0 0 0 4% 4% 4% 0 0 0 2020 2021 -714 -879 500 500 -356,780 -439,547 2.1% 2.1% 0 0 4% 4% 0 0 CITY OF CHESAPEAKE -968 500 2.1% 0 4% 0 2019 -483,791 2 Based upon comparison of total occupied industrial square feet in Virginia Beach MSA from CoStar (88M SF) to total industrial-related employment per Moody's (184K). This equals approximately 500 SF/employee. -812 500 2.1% 0 4% 0 1 Based upon Moody's economy.com projections for Natural Resources & Mining, Manufacturing, and Trade, Transportation & Utilities employment. It does not include military or federal employment 2018 -405,804 -262 500 2.1% 0 4% 0 2017 -130,925 3 Based upon CoStar data for the Deep Creek submarket, of which the study area represents a large portion of land. Currently approximately 2.1% of total inventory 2016 1,308 500 654,043 2.1% 13,474 4% 26,948 2015 2,490 500 1,244,796 2.1% 25,644 4% 51,288 4 Based upon the Study Area becoming an employment core and performing twice as well as it would without being a core 2014 1,778 500 888,874 2.1% 18,312 4% 36,623 Virginia Beach MSA Industrial Emp. Growth 1 SF/Total New Employee 2 New Industrial SF Demanded % Capture in Study Area (No Emp. Core) 3 Total New Study Area Office Space (No % Capture in Study Area (As Emp. Core) 4 Total New Study Area Office Space (With Core) Core)

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