2023 Office Space Rent & Sales
- $27.21 2023 Avg. Asking Rent
- 0.86% Y-o-Y Avg. Asking Rent Change
- 14.25% 2023 Office Vacancy Rate
Norfolk office price per square foot in 2023 was $27.21 on average. This marked a +0.86% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.25% across all asset classes combined.
Average Rent by Office Class
2023 Average Office Rent per Square Foot
- Norfolk Class A & A+ Office Space$27.57
- Norfolk Class B Office Space$25.15
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Norfolk, VA Office Asking Rents by Class
2023 Office Vacancy Rates in Norfolk
Submarket | Asking Rents | Vacancy Rates |
---|---|---|
Downtown Norfolk | $28.12 | 12.16% |
Greater Norfolk | $25.22 | 16.27% |
Coworking Spaces in Virginia
- New York City Coworking Space
- Manhattan Coworking Space
- Atlanta Coworking Space
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- Columbus Coworking Space
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- Cincinnati Coworking Space
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- Alexandria Coworking Space
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- Louisville Coworking Space
- Jersey City Coworking Space
- Queens Coworking Space
- Cleveland Coworking Space
- Bethesda Coworking Space
- Richmond Coworking Space
- Chattanooga Coworking Space
2023 Office Construction in Norfolk, VA
Office building | Address | SF | Completed |
---|---|---|---|
Wells Fargo Center | 440 Monticello Avenue, 23510 | 255,000 | 2010 |
835 Glenrock Road | 835 Glenrock Road, 23502 | 44,386 | 2007 |
Silver Oak | 5900 Lake Wright Dr, 23502 | 40,367 | 2004 |
1170 Lexan Avenue | 1170 Lexan Avenue, 23508 | 8,058 | 2001 |
Crossroads Center | 6330 Newtown Road, 23502 | 55,170 | 1978 |
555 East Main Street | 555 East Main Street, 23510 | 207,668 | 1977 |
Hague Medical Center | 400 W. Brambleton Avenue, 23510 | 35,358 | 1976 |
Interstate Corporate Center - York Building | 6340 Center Drive, 23502 | 30,552 | 1973 |
500 E Main Street | 500 E Main Street, 23510 | 285,792 | 1972 |
The BB&T Building | 500 East Main Street, 23510 | 231,107 | 1972 |
Worth noting among recent office completions on the Norfolk market is Wells Fargo Center, which is currently the largest new office development in the city, at 255,000 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
- Glen Allen Office Rent Price
- Chesapeake Office Rent Price
- Herndon Office Rent Price
- Chantilly Office Rent Price
- McLean Office Rent Price
- Vienna Office Rent Price
- Reston Office Rent Price
- Sterling Office Rent Price
- Tysons Office Rent Price
- Falls Church Office Rent Price
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 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.