Concerns that the market may be oversupplying itself have not yet been borne out by events. The vacancy rate in the Norfolk apartment market ended 2017 at just 4.5%, unchanged since the third quarter and year-over-year. The rate declined by 100 basis points through 2016. The modest excess of new supply over same-term demand that followed in January-February 2018 added 30 basis points to the rate. Rent growth measured by the year has remained favorable and stable. At $1,033 and $1,001 per month, asking and effective averages for the fourth quarter were up 2.7% and just 1.5% for the year after gains of 2.8% and 2.9% the year before. Growth rates for the fourth quarter of 2017 alone were 0.0% and negative 0.1%. January-February 2018 followed with increases of 0.6% and 0.5%. VIEW APARTMENT LISTINGS >

Vacancy in the Norfolk general purpose, multi-tenant office market ended 2017 at 17.5%, unchanged since the third quarter and up 20 basis points for the year after a decline by 160 in 2016. The rate had added 10 basis points by the end of February 2018. Average asking and effective rents were $19.95 psf and $16.42 psf, respectively, up 1.9% and 1.8% for the year following increases of 0.4% and 0.6% in 2016. The fourth quarter saw increases of 0.4% each. January and February 2018 combined saw losses of 0.3% each. VIEW OFFICE LISTINGS >

Fourth quarter 2017 Norfolk community-neighborhood shopping center vacancy was moderate at 11.7%, up 40 basis points for the period and up 130 for the year after an increase by 20 in 2016. At $15.98 psf and $13.31 psf, fourth quarter average asking and effective rents were up 0.9% each year-to-date following gains of 1.6% and 1.7% through 2016. Growth rates for the fourth quarter alone were negative at 0.2% and 0.3%. Each rate added two cents over the first two months of 2018 while the vacancy rate shed 20 basis points. VIEW RETAIL LISTINGS >