Downtown Norfolk Retail

Downtown Norfolk

Office Space Market Report

Number of Listings (last 90 days)
35
Median Rate ($/sqft/yr)
$19
Median Size (sqft)
1,710
As of: December 5, 2016

Downtown Norfolk Rates

On average, listings lease in the $10's per square foot per year. The Downtown Norfolk submarket is experiencing a decrease in rates. In the last 3 months, the median rate fell $14 per sqft per year. That's a 42% decrease in rent.

Downtown Norfolk Listing Supply

In the last 90 days, 35 listings have been posted online, which means office spaces most likley are going fast. You'll want to be prepared to make an offer immediately. About 6% of the listings in the Downtown Norfolk are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet on the market, so finding a space for a small business might be tough.

The standard measurement for office space in this area is around 1,710 sqft. Most properties in this market are around 9 floors. Most buildings in this area were built in 1976 and are Class A.

Downtown Norfolk Community

A large portion of this area is residential, but there's plenty of office_space. Utilities is the dominant industry in this area. Most of the folk of Downtown Norfolk work from home. Commuting under 5 minutes a day is the norm for those who opt to reside in this part of town.

Market Report

Trends and status of the commercial real estate market in Downtown Norfolk.
Market Report

Market Data

Real time and historical data on commercial real estate listings in Downtown Norfolk.
Research