Norfolk Office Rent Price & Sales Report

2021 Office Space Rent & Sales

  • $67.8M2021 Total Office Sales
  • $129.00Avg. Sale Price/SF

The 5 transactions that closed here throughout 2021 amounted to a total sale volume of $67.8M. Norfolk office space commanded an average sale price per square foot of $129.00.

Average Rent by Office Class

2021 Average Office Rent per Square Foot

  • Norfolk Class A & A+ Office Space$25.90
  • Norfolk Class B Office Space$17.39
  • Norfolk Class C Office Space$10.88
  • Virginia Class A & A+ Office Space$38.50
  • Virginia Class B Office Space$28.05
  • Virginia Class C Office Space$21.39

Norfolk, VA Office Asking Rents by Class

Average office rent in Norfolk rested at $20.00 per square foot in 2021. As would be expected, office rent price showed some variation from one asset class to another. As such, the asking rent for class A office space in Norfolk averaged $25.90 per square foot. Across all submarkets, class B office space recorded an average asking rent of $17.39 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $10.88 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2021 were: $38.50 per square foot for class A office space; $28.05 per square foot for class B office space; $21.39 per square foot for class C office space.

2021 Office Vacancy Rates in Norfolk

Submarket Asking Rents Vacancy Rates
Downtown Norfolk $20.61 6.11%
Greater Norfolk $19.62 7.82%
Data provided by Commercial Edge
Submarket differences in factors such as property mix, degree of accessibility, and availability of amenities influence not only variation in office rent price, but also in vacancy rates. The overall office vacancy rate on the Norfolk market was 7.02% in 2021. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Norfolk was 6.11% in the Downtown Norfolk submarket, while the highest office vacancy in the market was 7.82%, recorded in Greater Norfolk.

Office Spaces for Rent in Virginia

Norfolk Office Sale Price per SF

  • $129.002021 Avg. Price per SF
  • 34.00%Y-o-Y Avg. PpSF Change
  • $67.8M2021 Office Sales Volume
  • 52021 Number of Transactions

Norfolk, VA Sale Price per SF Trend

  • Norfolk Avg. Sale Price per SF in 2021$129.00
  • Virginia Avg. Sale Price per SF in 2021$243.94
Norfolk office space cost in 2021 marked a +34.00% change compared to the previous year. The sale price for office space in Norfolk averaged $129.00 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

  • Norfolk, VA Total Office Sales Volume in 2021 $67.8M
  • Norfolk, VA Total Number of Office Sales Closed in 2021 5
A total of 5 deals closed on the Norfolk office market in 2021, adding up to a yearly sales volume of $67.8M. Notably, the largest transaction on the market saw World Trade Center change hands for $55,714,000 on 12/10/2021.

Largest Norfolk Office Sales in 2021

Property name Address Date Price
World Trade Center 101 West Main Street 12/10/2021 $55,714,000
Silver Oak 5900 Lake Wright Drive 10/8/2021 $5,750,001
Interstate Corporate Center Park - Maury Building 6300 Center Drive 12/14/2021 $3,475,000
4101 Granby Street 4101 Granby Street 11/17/2021 $1,500,000
2551 Almeda Avenue 2551 Almeda Avenue 12/29/2021 $1,360,000
Data provided by Commercial Edge

Coworking Spaces in Virginia

2021 Office Construction in Norfolk, VA

Largest Office Properties Recently Completed in Norfolk
Office building Address SF Completed
DePaul Medical Plaza 155 Kingsley Ln, 24000 0 2014
Wells Fargo Center 440 Monticello Avenue, 23510 255,000 2010
Innovation Research Park II 4211 Monarch Way, 0 2009
Innovation Research Park I 4111 Monarch Way, 23508 0 2007
Taylor Executive Center 7421 Central Business Park Dr, 23513 0 2006
Silver Oak 5900 Lake Wright Dr, 23502 0 2004
Twin Oaks II 5800 Lake Wright Dr, 23502 0 1999
Twin Oaks I 5700 Lake Wright Dr, 23502 0 1999
Main Street Tower 300 E Main St, 23510 0 1990
Riverside Corporate Center 240 Corporate Boulevard, 23502 90,000 1989

Worth noting among recent office completions on the Norfolk market is DePaul Medical Plaza, which is currently the largest new office development in the city, at 0 square feet.

Data provided by Commercial Edge

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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 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 Norfolk 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.