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Regional Summaries

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Norfolk, VA

Apartment
Vacancy in the Norfolk apartment market ended the fourth quarter of 2016 at just 4.3%, down 10 basis points from the quarter before and down fully 120 for the year. A small positive net absorption total in January 2017 left the rate unchanged. Rent growth, slowing in 2015, picked up again the year after. At $1,004 and $985 per month, asking and effective averages for the fourth quarter of 2016 represented increases of 2.7% and 2.8% for the year. Both averages saw increases of 0.8% during the fourth quarter, to which January 2017 added gains of 0.2%. VIEW APARTMENT LISTINGS >
Office
Vacancy in the Norfolk general purpose, multi-tenant office market ended the fourth quarter of 2016 at 18.2%, down 20 basis points for the period and down 30 year-to-date. At $19.61 psf and $16.15 psf, asking and effective averages for the fourth quarter of 2016 were up 0.6% and 0.7% for the year. Growth rates in the fourth quarter of 2016 alone were negative 0.1% and 0.0%. The negative net absorption of 12,000 square feet that followed in January 2017 was accompanied by respective rent growth rates of 0.3% and 0.2%. VIEW OFFICE LISTINGS >
Retail
Norfolk’s fourth quarter 2016 community-neighborhood shopping center vacancy was moderate at 10.1%, unchanged for the period and down 10 basis points for the year. Rent growth remains slow but steady. At $15.84 psf and $13.19 psf, fourth quarter average asking and effective community-neighborhood center rents were up 1.6% and 1.7% year-over-year. Gains in the fourth quarter alone were 0.2% for both averages. Increases of a few cents followed for each over the next two months. A small negative net absorption total in January 2017 was accompanied by essentially flat rent growth and an incremental increase in the vacancy rate. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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