The typical asking rate per listing is 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 fell $13 per sqft per year. That's a 35% decline in rent.
Compared to the rest of the Virginia Beach market, the Oceanfront region has greater rates, and you'll need to pay a premium to be in this hot submarket.
In the last 90 days, 8 listings have been made available, which means leases are probably going fast. You'll want to be prepared to tour spaces as quick as possible. About 38% of the available space 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 buildings in this region are approximately 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 area. 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.