Hampton Roads Industrial Market Report
The market continues to experience positive absorption, seeing 0.8 MSF of positive net absorption during Q1 2024. All of this positive absorption has created a tight market, with a vacancy rate of only 4.0% to end the quarter. Average asking rents ended Q1 2024 at $9.86 PSF, an increase of 5.8% year-over-year. Overall, the market has seen an impressive 36.2% increase in rents from the beginning of 2020 through Q1 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 over 0.9 MSF of deliveries during Q1 2024. Furthermore, the market ended Q1 2024 with over 3.3 MSF under construction, higher than the decade average of 2.4 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.