Hampton Roads Industrial Market Report
After the market saw almost 5.7 MSF of positive net
absorption during 2022, the market saw almost 2.3 MSF of positive net
absorption during 2023, which is higher than the decade average of 2.0 MSF of
annual positive net absorption. All of this positive absorption has created a
tight market, with a vacancy rate of only 3.6% to end 2023. Average asking
rents ended 2023 at $9.84 PSF, an increase of 6.8% year-over-year. Overall, the
market has seen an impressive 35.7% increase in rents from the beginning of
2020 through 2023. The market’s development remains impressive, experiencing
over 6.4 MSF of deliveries in 2022 and ending 2023 with almost 3.7 MSF of
deliveries, much higher than the decade average of 1.7 MSF. Furthermore, the
market ended 2023 with over 2.4 MSF under construction, higher than the decade
average of 2.3 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.
