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Norfolk, VA

Apartment
The Norfolk apartment market vacancy rate for the third quarter of 2017 was just 4.5%, down 50 basis points for the quarter and identical to the rate recorded for year-end 2016—after that year’s 100-basis-points decline. With minimal net absorption recorded over the October-November span, the vacancy rate slipped to 4.4%, an effect in part of an adjustment in the inventory count. Rent growth has remained moderate but stable. At $1,030 and $998 per month, asking and effective averages for the third quarter were up 2.4% and just 1.2% year-to-date after gains of 2.8% and 2.9% all told the year before. Growth rates for the third quarter of 2017 alone were 0.6% for both averages. November closed with rates virtually unchanged. VIEW APARTMENT LISTINGS >
Office
Vacancy in the Norfolk general purpose, multi-tenant office market ended the third quarter of 2017 at 17.0%, up 10 basis points for the period and up 20 year-to-date after a decline by 170 through 2016. No change had followed by the end of November. Rent growth has been weak but positive since 2012; 2017, however, is shaping up to be the strongest year since the recession. At $19.87 psf and $16.36 psf, asking and effective averages for the third quarter were up 1.5% apiece year-to-date following gains of just 0.4% and 0.6% through all of the previous year. Each rate saw a 0.5% gain during the third quarter. October-November followed with increases of 0.3% asking and 0.2% effective. VIEW OFFICE LISTINGS >
Retail
Third quarter 2017 Norfolk community-neighborhood shopping center market vacancy was moderate at 11.3% but was up 70 basis points for the period and up 90 year-to-date—after an increase by 20 basis points through 2016. At $16.02 psf and $13.35 psf, third quarter average asking and effective rents were up 1.1% and 1.2% year-to-date following gains of 1.6% and 1.7% through 2016. Gains for the latest quarter alone, however, were 0.9% for both rates. Each rate shed a penny over the next two months. As of November, the vacancy rate had shown no additional change. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, inc.

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