Hampton Roads Real Estate Market Reports

Hampton Roads Industrial Market Report

The market continues to experience positive absorption, seeing 240,000 SF of positive net absorption during Q2 2025. The continued positive absorption has created a tight market, with a vacancy rate of only 6.4% to end the quarter. Average asking rents ended Q2 2025 at $10.12 PSF, an increase of 2.4% year-over-year. Overall, the market has seen an impressive 39.0% increase in rents from the beginning of 2020. The market’s development remains robust with over 4.6 MSF of deliveries since the beginning of 2024. During the second quarter of 2025, the market saw 1.2 MSF of deliveries, ending the quarter with 10 properties under construction totaling almost 3.0 MSF, in line with the ten-year average of 2.9 MSF under construction.