Norfolk Office Rent Price & Sales Report

Highlights

  • The average rent for office space in Norfolk is $28.61 per square foot, 2.17% higher compared to the previous year.
  • The average sale price for office space in Norfolk is $132.16 per square foot, marking an increase of 28.45% compared to 2024.
  • The market’s vacancy rate stands at 14.83%, lower than the state average of Virginia, which is 16.76%.

2025 Office Space Rent & Sales

  • $28.61 2025 Avg. Asking Rent
  • 2.17% Y-o-Y Avg. Asking Rent Change
  • 14.83% 2025 Office Vacancy Rate
  • $26.5M2025 Total Office Sales
  • $132.16Avg. Sale Price/SF

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

Average asking rents for office space here stand at $28.61 per square foot. The local office market recorded an average vacancy rate of 14.83% in 2025, unchanged from 14.83% in 2024.

Office transactions in the local market in 2025 totaled a sales volume of $26.5M across 3 sales. These transactions commanded an average sale price per square foot of $132.16.

Norfolk, VA Office Asking Rents by Class

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

  • Avg. Asking Rent Class A & A+$28.96
  • Avg. Asking Rent Class B$28.09

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.

Norfolk, VA Office Indicators by Submarket

In 2025, the submarket with the lowest office vacancy rate in Norfolk was Downtown Norfolk at 12.04%. Meanwhile, the highest office vacancy rate in the market was 17.57%, recorded in Greater Norfolk.
Submarket Asking Rents Vacancy Rates
Greater Norfolk $30.82 17.57%
Downtown Norfolk $27.41 12.04%
Data provided by Yardi Research

Explore Top Office Markets in Virginia

2025 Office Sales Volume

  • $132.162025 Avg. Price per SF
  • 28.45%Y-o-Y Avg. PpSF Change
  • $26.5M2025 Office Sales Volume
  • 32025 Number of Transactions

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

Average sale prices for office space in this market recorded a +28.45% change in 2025 compared to the previous year.
Office transactions recorded in the market in 2025 averaged $132.16 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.

Norfolk, VA Sale Price per SF Trend

  • Norfolk Avg. Sale Price per SF in 2025$132.16
  • Virginia Avg. Sale Price per SF in 2025$148.92

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

The local office market recorded 3 deals in 2025, adding up to a yearly sales volume of $26.5M.

  • Norfolk, VA Total Office Sales Volume in 2025 $26.5M
  • Norfolk, VA Total Number of Office Sales Closed in 2025 3
Data provided by Yardi Research

Office Construction in Norfolk, VA

What are the largest recent office completions in Norfolk?

The largest recent office completion here is 440 Monticello at 255,000 square feet, completed in 2010. The next largest completions are 451 Church Street and Almeda Business Center.

Office building Address SF Completed
451 Church Street 451 Church Street, 23504 150,000 2024
440 Monticello 440 Monticello Avenue, 23510 255,000 2010
7440 Central Business Park Dr Suite 102 7440 Central Business Park Dr Suite 102, 23513 11,704 2008
Crown Center 580 East Main Street, 23510 58,000 2000
Tidewater Drive Business Center 850 Tidewater Drive, 23504 23,108 1999
1879 SF Suite 405 Professional Office Space in Norfolk, VA 23502 5700 Lake Wright Drive, 23502 1,879 1999
223 E City Hall Ave 223 E City Hall Ave, 23510 68,198 1988
4850 Brookside Court 4850 Brookside Court, 23502 47,477 1986
Almeda Business Center 2500 Almeda Avenue, 23513 82,000 1985
7851 Azalea Garden Road 7851 Azalea Garden Road, 23518 33,000 1985
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.