On average, listings lease in the $20's per square foot per year. The Oceanfront region is seeing a decline in rates. In the last 3 months, the median rate decreased $13 per sqft per year. That's a 35% decrease in rent.
Compared to the rest of the Virginia Beach market, the Oceanfront submarket has higher rates, and you'll have to negotiate above asking rent to be in this hot submarket.
In the last 90 days, 8 listings have been posted online, which means spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 38% of the available leases in the Oceanfront are subleases, so you might be able to find a shorter term or below market rent. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.
Even though the median size is 4,500 sqft, there are still 0 new availabilities below 2,000 sqft. Most properties in this area are approximately 2 floors. Most buildings in this region were built in 1962 and are Class A.
Not much of the real estate is used for commercial space, so it might be hard to find office space. Manufacturing is the dominant industry in this market. Commute by bike is the most popular way to get to work amongst Oceanfront folk. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.