2023 Office Space Rent & Sales
- $22.72 2023 Avg. Asking Rent
- 15.78% 2023 Office Vacancy Rate
Chesapeake office price per square foot in 2023 was $22.72 on average. The local office market recorded an average vacancy rate of 15.78% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Chesapeake Class A & A+ Office Space$23.50
- Chesapeake Class B Office Space$21.86
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Chesapeake, VA Office Asking Rents by Class
2023 Office Vacancy Rates in Chesapeake
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Greater Chesapeake | $28.50 | 0.00% |
Chesapeake | $22.09 | 16.01% |
Coworking Spaces in Virginia
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2023 Office Construction in Chesapeake, VA
- Chesapeake, VA Total SF under construction in 2024 205,000
Office building | Address | SF | Completed |
---|---|---|---|
229 Hillcrest Parkway | 229 Hillcrest Parkway, 23322 | 12,298 | 2021 |
Recording Studio and Post-Production Facility | 614 Prosperity Way #8, 23320 | 1,530 | 2007 |
Liberty II | 1301 Executive Blvd, 23320 | 50,020 | 2006 |
131 Hanbury Rd W | 131 Hanbury Rd W, 23322 | 11,572 | 2003 |
Liberty IV | 1313 Executive Blvd , 23320 | 49,870 | 2002 |
Independence Technology Center I | 700 Independence Parkway, 23320 | 96,807 | 2001 |
Lake Center I | 501 Independence Pky, 23320 | 61,146 | 2000 |
Battlefield Technology Center I | 510 Independence Parkway, 23320 | 97,081 | 1999 |
Lake Center II | 505 Independence Pky, 23320 | 63,568 | 1999 |
733 Volvo Parkway | 733 Volvo Parkway, 23320 | 24,122 | 1997 |
Worth noting among recent office completions on the Chesapeake market is 229 Hillcrest Parkway, which is currently the largest new office development in the city, at 12,298 square feet.
See reports for other markets
- Richmond Office Rent Price
- Virginia Beach Office Rent Price
- Arlington Office Rent Price
- Henrico Office Rent Price
- Alexandria Office Rent Price
- Fredericksburg Office Rent Price
- Fairfax Office Rent Price
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This market stats report is based on analysis of city-level data that includes office properties equal to or larger than 25,000 square feet in size. Averages were calculated based on values dated January 1st 2023 through December 31st 2023. Construction pipeline data represented herein is valid as of April 2024. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Chesapeake commercial properties sized 25,000 square feet or larger.
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 CommercialEdge can guarantee that the information provided is complete.