On average, listings lease in the $20's per square foot per year. The Oceanfront region is experiencing a decrease 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 greater rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 8 listings have come on the market, which means leases are probably going fast. You'll want to be prepared to make an offer immediately. About 38% of the listings in the Oceanfront are subleases, so you might be able to sign a shorter term by taking over a previous lease. 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 office spaces below 2,000 sqft. Most buildings in this region are around 2 stories. Most buildings in this area 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 area. Commute by bike is the most popular way to get to work amongst Oceanfront occupants. Commuting approximately an hour a day is the norm for those who opt to reside in this part of town.