Hampton Roads Real Estate Market Reports

Hampton Roads Industrial Market Report

The market continues to experience positive absorption, seeing 136,000 SF of positive net absorption during Q2 2024. All of this positive absorption has created a tight market, with a vacancy rate of only 4.1% to end the quarter. Average asking rents ended Q2 2024 at $9.87 PSF, an increase of 4.2% year-over-year. Overall, the market has seen an impressive 36.5% increase in rents from the beginning of 2020 through Q2 2024. The market’s development remains impressive, experiencing over 6.4 MSF of deliveries in 2022, almost 3.7 MSF of deliveries in 2023, and almost 1.3 MSF of deliveries during the first half of 2024. Furthermore, the market ended Q2 2024 with 15 properties under construction totaling over 4.0 MSF, higher than the decade average of 2.5 MSF under construction.