Industrial/Office Market Feasibility Study
Once acquiring 480 acres of land in the southern half of Portsmouth, the Portsmouth Industrial Authority retained Marketek to determine the potential demand for office/industrial space at the site. With strong office/industrial development in nearby Chesapeake, Suffolk and Hampton, the Industrial Authority recognized the need to provide prospective businesses with an accessible, attractive and affordable site on which to locate. Marketek conducted extensive research of the competitive office market and identified key success factors for attracting new businesses to the site. Marketek’s study determined that apparent locational weaknesses of the site – such as an adjacent abandoned mall and deteriorating rental housing – presented a strong opportunity for a future large scale redevelopment project when combined with the site’s immediate access to the interstate system and a strong local economy.