Hampton Roads Industrial Market Report
The market continues to experience positive absorption, seeing 253,000 SF of positive net absorption during Q4 2024. The continued positive absorption has created a tight market, with a vacancy rate of only 4.7% to end the quarter. Average asking rents ended Q4 2024 at $10.03 PSF, an increase of 4.2% year-over-year. Overall, the market has seen an impressive 32.0% increase in rents from the beginning of 2020 through Q4 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 2.2 MSF of deliveries throughout 2024. Furthermore, the market ended Q4 2024 with 17 properties under construction totaling over 5.2 MSF, higher than the decade average of 2.4 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.
