Norfolk Office Rent Price & Sales Report

2024 Office Space Rent & Sales

  • $28.00 2024 Avg. Asking Rent
  • 2.92% Y-o-Y Avg. Asking Rent Change
  • 10.32% 2024 Office Vacancy Rate

Norfolk office price per square foot in 2024 was $28.00 on average. This marked a +2.92% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 10.32% across all asset classes combined.

See how this market compares to the national average: U.S. office space rent & sales.

Average Rent by Office Class

2024 Average Office Rent per Square Foot

  • Norfolk Class A & A+ Office Space$28.60
  • Norfolk Class B Office Space$27.37
  • Virginia Class A & A+ Office Space$35.61
  • Virginia Class B Office Space$25.93
  • Virginia Class C Office Space$20.32

Norfolk, VA Office Asking Rents by Class

2024 Office Vacancy Rates in Norfolk

Submarket Asking Rents Vacancy Rates
Greater Norfolk $29.79 9.58%
Downtown Norfolk $26.16 11.09%
Data provided by Yardi Research
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 10.32% in 2024. Looking at the market stats on a more granular level, data shows that the lowest office vacancy rate in Norfolk was 9.58% in the Greater Norfolk submarket, while the highest office vacancy in the market was 11.09%, recorded in Downtown Norfolk.

Office Spaces for Rent in Virginia

Coworking Spaces in Virginia

2024 Office Construction in Norfolk, VA

Largest Office Properties Recently Completed in Norfolk
Office building Address SF Completed
451 Church Street 451 Church Street, 23504 150,000 2024
440 Monticello 440 Monticello Avenue, 23510 255,000 2010
1812 Granby Street 1812 Granby Street, 23517 6,926 2009
7440 Central Business Park Dr 7440 Central Business Park Dr, 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

Worth noting among recent office completions on the Norfolk market is 451 Church Street, which is currently the largest new office development in the city, at 150,000 square feet.

Data provided by Yardi Research

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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 2024 through December 31st 2024. Construction pipeline data represented herein is valid as of February 2025. The information on this page was compiled using data provided by Yardi Research Data, 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 Yardi Research Data can guarantee that the information provided is complete.