Intelligence

Regional Summaries

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Norfolk, VA

Apartment
Norfolk's apartment market vacancy rate has been low with little change since 2016. The rate for the first quarter of 2019 was 4.6%, down 20 basis points for the period following a flat overall performance through 2018. At $1,073 and $1,030 per month, respective asking and effective averages for the first quarter were unchanged and down 0.6% for the period following increases of 3.6% and 3.2% all told last year. VIEW APARTMENT LISTINGS >
Office
First quarter 2019 vacancy in the Norfolk general purpose, multi-tenant office market was 17.3%, up 10 basis points from a quarter earlier after a loss of 40 through 2018. At $20.20 psf and $16.67 psf, respective average asking and effective rates for first quarter 2019 were up 0.3% each for the period following increases of 1.0% and 1.3% all told last year. VIEW OFFICE LISTINGS >
Retail
The first quarter 2019 Norfolk community-neighborhood shopping center market vacancy rate was 12.0%, down from 12.1% at year-end 2018, which was unchanged from 2017-following a gain of 170 basis points that year. At $16.26 psf and $13.56 psf, respective first quarter average asking and effective rents were up 0.4% each for the period following gains of 1.4% and 1.5% in 2018. VIEW RETAIL LISTINGS >

Source: Data provided by Reis, Inc. based on Market Summaries for the 85 Primary and Secondary Markets they cover.

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