Due to its close proximity to Downtown Norfolk, the Port of Hampton Roads, Naval Station Norfolk, and the massive naval ship repair facilities of General Dynamics and BAE, the West Norfolk industrial submarket has enjoyed historically low vacancy. West Norfolk's current vacancy rate of 2.9% compares to the 10-year average of 3.5%. There has been no new industrial construction in the submarket for the past 10 years, and there is nothing in the pipeline. The subject property enjoys a location ideal for a brewery in the center of one of the fastest-growing, most youthful, and most vibrant mixed-use neighborhoods in Coastal Virginia, the Park Place/Railroad District. In recent years, the once entirely industrial area has seen an explosive growth of loft-style apartments, artisanal product manufacturers, retailers, and restaurants catering to the tastes of Generation Z and Millennials. Within a 10-minute drive are Old Dominion University and Naval Station Norfolk, home to, respectively, 24,000 students and 82,000 active-duty military. The craft beer industry has been experiencing significant growth here, since strong local culture and tourism like that in Coastal Virginia, provide a supportive market for breweries.