Hampton Roads Industrial Market Report
The market continues to experience positive absorption, seeing 163,000 SF of positive net absorption during Q3 2024. All of this positive absorption has created a tight market, with a vacancy rate of only 4.0% to end the quarter. Average asking rents ended Q3 2024 at $10.07 PSF, an increase of 2.9% year-over-year. Overall, the market has seen an impressive 30.5% increase in rents from the beginning of 2020 through Q3 2024. The market’s development remains impressive, experiencing over 6.4 MSF of deliveries in 2022, almost 3.7 MSF of deliveries in 2023, and 1.0 MSF of deliveries during 2024. Furthermore, the market ended Q3 2024 with 14 properties under construction totaling over 4.4 MSF, higher than the decade average of 2.5 MSF under construction.
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Hampton Roads Real Estate Market Reports
Newmark’s Hampton Roads Real Estate Market Report outlines quarterly data, trends and statistics for industrial. The report contains actionable information to facilitate decision-making and identify opportunities for commercial real estate investors, owners and occupiers in the Norfolk, Virginia Beach and Newport News areas.
