Chesapeake Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Chesapeake is $22.09 per square foot, 11.74% higher compared to the previous year.
  • The market’s vacancy rate stands at 18.33%, higher than the state average of Virginia, which is 16.76%.

2025 Office Space Rent & Sales

  • $22.09 2025 Avg. Asking Rent
  • 11.74% Y-o-Y Avg. Asking Rent Change
  • 18.33% 2025 Office Vacancy Rate
  • $82.7M2025 Total Office Sales
  • $112.01Avg. Sale Price/SF

What is the average asking rent price for office space in Chesapeake?

Average asking rents for office space here stand at $22.09 per square foot. The local office market recorded an average vacancy rate of 18.33% in 2025, unchanged from 18.33% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $82.7M across 6 sales. These transactions commanded an average sale price per square foot of $112.01.

Chesapeake, VA Office Asking Rents by Class

What is the average office rent per square foot by property class in VA?

  • Avg. Asking Rent Class A & A+$35.10
  • Avg. Asking Rent Class B$27.59
  • Avg. Asking Rent Class C$19.12

For comparison, the average rent for Class A and A+ office space in Virginia was $35.10 per square foot. The state-wide average for Class B space was $27.59 per square foot, and Class C office spaces averaged $19.12 per square foot.

Chesapeake, VA Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Chesapeake was Greater Chesapeake at 9.47%. Meanwhile, the highest office vacancy rate in the market was 19.34%, recorded in Chesapeake.
Submarket Asking Rents Vacancy Rates
Greater Chesapeake $28.50 9.47%
Chesapeake $20.61 19.34%
Data provided by Yardi Research

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2025 Office Sales Volume

  • $112.012025 Avg. Price per SF
  • -10.49%Y-o-Y Avg. PpSF Change
  • $82.7M2025 Office Sales Volume
  • 62025 Number of Transactions

What is the average sale price per square foot for office space in Chesapeake?

Average sale prices for office space in this market recorded a -10.49% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $112.01 per square foot. For comparison, the statewide Virginia average during the same time period stood at $148.92 per square foot, while the national average was $182.48 per square foot.

Chesapeake, VA Sale Price per SF Trend

  • Chesapeake Avg. Sale Price per SF in 2025$112.01
  • Virginia Avg. Sale Price per SF in 2025$148.92

What was the total office sales volume in Chesapeake in 2025?

The local office market recorded 6 deals in 2025, adding up to a yearly sales volume of $82.7M.

  • Chesapeake, VA Total Office Sales Volume in 2025 $82.7M
  • Chesapeake, VA Total Number of Office Sales Closed in 2025 6
Data provided by Yardi Research

2025 Office Construction in Chesapeake, VA

  • Chesapeake, VA Total SF completed in 2025 196,000

How much office space was built in Chesapeake in 2025?

196,000 square feet of new office space was delivered across the market in the previous year. New construction included 1 properties, with an average new property size of 196,000 square feet.

What are the largest recent office completions in Chesapeake?

The largest recent office completion here is Summit Pointe - 555 Belaire at 160,000 square feet, completed in 2020. The next largest completions are Cahoon Commons and The Gateway at SoNo.

Office building Address SF Completed
1537 Sam's Cir 1537 Sam's Cir, 23320 18,635 2026
225 Carmichael Way 225 Carmichael Way, 23322 10,500 2026
Summit Pointe - 555 Belaire 555 Belaire Avenue, 23320 160,000 2020
The Gateway at SoNo 801 Poindexter Street, 23324 42,000 2009
The Gateway at SoNo 801 Poindexter Street, 23324 42,000 2009
Volvo Office Building 1100 Volvo Pkwy, 23320 30,354 2009
Cahoon Commons 644 Grassfield Pkwy, 23322 75,023 2007
733 Volvo Parkway 733 Volvo Parkway, 23320 24,122 1997
111 Mill Creek Pkwy 111 Mill Creek Pkwy, 23323 25,000 1990
Poplar Hill Medical Center 4037-4057 Taylor Road, 23321 11,410 1987
Data provided by Yardi Research

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Disclaimer

All information on this page is based on city-level data that includes properties equal to or larger than 25,000 square feet.
Averages were calculated based on values dated between January 1st and December 31st 2025. Construction pipeline data represented herein is valid as of January 2026.

While every effort was made to ensure the accuracy of the data presented in this report, the information is provided “as is” and neither CommercialCafe nor Yardi Research Data can guarantee that the information provided is complete.