On average, listings lease in the $30's per square foot per year. The Oceanfront region is experiencing a a boost in rates. In the last 3 months, the median rate rose $22 per sqft per year. That's a 155% increase in rent.
Compared to the rest of the Virginia Beach market, the Oceanfront submarket has more expensive rates, and you'll have to negotiate above asking rent to be in this hot region.
In the last 90 days, 7 listings have been made available, which means listings are probably going fast. You'll want to be prepared to make an offer immediately. About 43% of the available space in the Oceanfront are subleases, so you might be able to snag a great spot on a short term. 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 2,300 sqft. Most properties in this area are close to 2 floors. 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 market. Commute by bike is the most popular way to get to work amongst Oceanfront residents. Commuting close to an hour a day is the norm for those who opt to reside in this part of town.