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Regional Summaries

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Norfolk, VA

Apartment
Vacancy in the Norfolk apartment market ended the year where it began—at 5.2%. The third quarter 2016 rate was 4.7%, down 10 basis points for the period and down 50 year-to-date. Reis’s data for November put the rate at 4.5%. At $995 and $976 per month, average third quarter asking and effective rents were up 1.7% and 1.9% each year-to-date. Growth rates for the latest quarter alone were 0.5% and 0.6%. The two-month span October-November brought the averages to $1,003 and $984 per month. VIEW APARTMENT LISTINGS >
Office
Vacancy in the Norfolk general purpose, multi-tenant office market ended the third quarter of 2016 at 15.5%, down 30 basis points for the period and down 60 year-to-date. The positive net absorption that followed over the next two months resulted in a November rate of 15.3%. At $19.62 psf and $16.15 psf, respective averages for the third quarter were up 0.7% and 0.6% year-to-date. Gains for the third quarter alone were 0.1% apiece. An essentially flat performance followed over the next two months. VIEW OFFICE LISTINGS >
Retail
Third quarter 2016 vacancy in the Norfolk community-neighborhood shopping center market was moderate at 10.2%, unchanged overall year-to-date. The minimal positive net absorption that followed over the next two months shaved 10 basis points from the rate. At $15.81 psf and $13.17 psf, third quarter average asking and effective community-neighborhood center rents were up 1.5% and 1.6% year-to-date. Gains for the latest quarter alone were 0.4% and 0.5%. Gains of a few cents followed for each over the next two months. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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