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Economic Development Ratings:
  • Top 10 Markets for Relocation & Expansion
    (Expansion Management Magazine 2001 & 2002)
 
  • Norfolk Market named the only growing market in the U.S. for multi-family housing by Legg Mason Wood Walker Inc. Equity Research Real Estate Cycle Monitor - 1st Quarter 2003
 
  • Top 10 Booming Downtowns (USA Today, May 2001)
    Based on findings of Brookings Institute and findings from 1990 and 2000 US Census Reports
    Houston 69%; Seattle 67.4%; Chicago 51.4%; Denver 51.4%; Portland 35.4%; Atlanta 35.1%; Cleveland 32.2%; Norfolk 20.5%; Memphis 18.2%; San Diego 16.1%; Colorado Springs 7.2%
  • Tied with NYC as Best Overall Commercial Real Estate Market in the Country for second place in Moody's Investors Service Quarterly Report, Fall 2002.
    • Best Overall: 1. Long Island, 2a. NY, 2b. Norfolk, 4. Los Angeles, 5. Northern New Jersey
    • Bottom Five: 55. Denver, 54. Austin, 53. Portland, OR, 52. Stamford, CN, 51. Baltimore

  • Norfolk Ford Assembly Plant's expansion was one of the Top 10 Deals in the Country in 2001. (Site Selection Magazine, May 2002). Ford's FI50 built here and two other plants, was the best-selling vehicle at 813,701 units.
     Norfolk 4.6%
    Philadelphia 3.2%
    Oahu 2.5%
    Nashville .09%
    New York .08%
    D.C .02%

    • Norfolk 5.6%
    St. Louis .8%
    Philadelphia .7%
    Houston .6%

10 Most Compelling Reasons to Choose Norfolk:
  1. 2010 Downtown Plan - Visionary planning continues with a comprehensive master plan to take Norfolk into the next decade. Major residential initiatives are underway.

  2. Strategic Redevelopment Areas - Fort Norfolk, greater downtown mixed-use waterfront/marina: Church Street, revitalization of its cultural core supports mixed use development: Broad Creek Renaissance, major housing initiative with commercial development.

  3. Bay Front Living - Ocean View's Chesapeake Bay living - 7 miles of shoreline in a new Andres Duany-designed master planning village concept.

  4. University Research & Technology Parks - University Village at Old Dominion University, highlighted by the Constant Convocation Center, new student apartments, retail shops and office spaces  Across town, Norfolk State University's RISE initiative includes research laboratories, offices and a corporate park.

  5. Neighborhood Commercial Corridors - The new housing initiative, "Come Home To Norfolk Now" emphasizes improvement programs in several areas throughout the city for distinctive retail and commercial development.

  6. Port Expansion - by 2010, a 300-acre expansion of Norfolk International Terminal will be completed making it the largest inter-model center in the US.

  7. Special Districts and Programs - Business assistance programs are available in several local, state and federal designated districts throughout the city. Empowerment, Enterprise and Hub, Historic District and more.

  8. New "Flex" Park - Center Business Park is Norfolk's new 30-acre flex park - just minutes by air, sea, rail, and highway distribution channels.

  9. Principal Commercial Corridors - Military Highway, a crossroads with $753.6 million + in retail sales  - big box users wanted!

  10. The city's development-friendly attitude and dedicated staff of Norfolk's Department of Development makes it easier for you to get the job done. How may we serve you?