On average, listings lease in the $30's per square foot per year. The Little Neck submarket is going through a a rise in rates. In the last 3 months, the median rate increased $31 per sqft per year.
Compared to the rest of the Virginia Beach market, the Little Neck region has higher rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 15 listings have been posted online, which means new listings might be leasing quickly. You'll want to be prepared to tour spaces as quick as possible. About 87% of the office spaces in the Little Neck 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 available, so finding a space for a small business might be tough.
Even though the median size is 7,480 sqft, there are still 0 spaces below 2,000 sqft. Most properties in this region are approximately 3 stories. Most buildings in this market were built in 1981 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. Most of the occupants of Little Neck work from home. Commuting around an hour a day is the norm for those who opt to reside in this part of town.