Hampton Roads Industrial Market Report
The market experienced negative net absorption during Q3 2025, for the first time second quarter of 2024. Negative absorption of 59,400 SF led to an expansion in vacancy, which ended the quarter at 7.6%, an increase of 50 bps quarter-over-quarter. Average asking rents ended Q3 2025 at $10.22 PSF, an increase of 3.7% year-over-year. Overall, the market has seen an impressive 43.5% increase in rents from the beginning of 2020. The market’s development remains robust with more than 5.9 MSF of deliveries since the beginning of 2024. During the third quarter of 2025, the market saw nearly 600,000 SF of deliveries, ending the quarter with 7 properties under construction totaling almost 3.1 MSF, in line with the ten-year average of 3.0 MSF under construction.
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Hampton Roads Real Estate Market Reports
Newmark’s Hampton Roads Real Estate Market Report outlines quarterly data, trends and statistics for industrial. The report contains actionable information to facilitate decision-making and identify opportunities for commercial real estate investors, owners and occupiers in the Norfolk, Virginia Beach and Newport News areas.
