Chesapeake Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $19.58 2021 Avg. Asking Rent
  • 3.93% Y-o-Y Avg. Asking Rent Change
  • 5.71% 2021 Office Vacancy Rate
  • $56.5M2021 Total Office Sales
  • $115.84Avg. Sale Price/SF

Chesapeake office price per square foot in 2021 was $19.58 on average. This marked a +3.93% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 5.71% across all asset classes combined. The 6 transactions that closed here throughout 2021 amounted to a total sale volume of $56.5M. Chesapeake office space commanded an average sale price per square foot of $115.84.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Chesapeake Class A & A+ Office Space$21.19
  • Chesapeake Class B Office Space$18.39
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Chesapeake, VA Office Asking Rents by Class

Office Spaces for Rent in Virginia

Chesapeake Office Sale Price per SF

  • $115.842021 Avg. Price per SF
  • -34.33%Y-o-Y Avg. PpSF Change
  • $56.5M2021 Office Sales Volume
  • 62021 Number of Transactions

Chesapeake, VA Sale Price per SF Trend

  • Chesapeake Avg. Sale Price per SF in 2021$115.84
  • Virginia Avg. Sale Price per SF in 2021$243.94
Chesapeake office space cost in 2021 marked a -34.33% change compared to the previous year. The sale price for office space in Chesapeake averaged $115.84 per square foot in 2021, across all market subdivisions and asset classes. Conversely, the statewide Virginia average office sale price during the same time period was $243.94 per square foot.

2021 Office Sales Volume

  • Chesapeake, VA Total Office Sales Volume in 2021 $56.5M
  • Chesapeake, VA Total Number of Office Sales Closed in 2021 6
A total of 6 deals closed on the Chesapeake office market in 2021, adding up to a yearly sales volume of $56.5M. Notably, the largest transaction on the market saw Crossways Commerce Center II change hands for $21,000,000 on 5/27/2021.

Largest Chesapeake Office Sales in 2021

Property name Address Date Price
Crossways Commerce Center II 1449 Kristina Way 5/27/2021 $21,000,000
1421 Kristina Way 1421 Kristina Way 12/3/2021 $13,300,000
Crossways Commerce Center IV 1408 Stephanie Way 2/9/2021 $7,500,000
Greenbrier Business Center 1244 Executive Blvd 8/30/2021 $7,250,000
Dominion Business Center 1001 Scenic Pkwy 8/13/2021 $5,000,000
Data provided by Commercial Edge

Coworking Spaces in Virginia

2021 Office Construction in Chesapeake, VA

Largest Office Properties Recently Completed in Chesapeake
Office building Address SF Completed
Geo Professional Center at Greenbrier 1401 Kristina Way, 23320 0 2022
Dominion Business Center 1001 Scenic Pkwy, 23323 48,000 2007
Oakbrooke Professional Center 516 Innovation Drive, 23320 43,241 2007
Liberty III 1317 Executive Blvd, 23320 73,583 2006
640 Independence Parkway 640 Independence Parkway, 23320 2,000 2005
131 Hanbury Rd W 131 Hanbury Rd W, 23322 11,572 2003
Liberty I 1305 Executive Blvd , 23320 49,870 2002
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

Worth noting among recent office completions on the Chesapeake market is Geo Professional Center at Greenbrier, which is currently the largest new office development in the city, at 0 square feet.

Data provided by Commercial Edge

See reports for other markets

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 2021 through December 31st 2021. Construction pipeline data represented herein is valid as of April 2022. 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.