2020 Office Space Rent & Sales
- $19.26 2020 Avg. Asking Rent
- -2.14% Y-o-Y Avg. Asking Rent Change
- 8.95% 2020 Office Vacancy Rate
- $27.8M2020 Total Office Sales
- $133.25Avg. Sale Price/SF
Virginia Beach office price per square foot in 2020 was $19.26 on average. This marked a -2.14% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 8.95% across all asset classes combined. The 4 transactions that closed here throughout 2020 amounted to a total sale volume of $27.8M. Virginia Beach office space commanded an average sale price per square foot of $133.25.
Average Rent by Office Class
2020 Average Office Rent per Square Foot
- Virginia Beach Class A Office Space$24.64
- Virginia Beach Class B Office Space$18.53
- Virginia Beach Class C Office Space$18.42
- Virginia Class A Office Space$35.90
- Virginia Class B Office Space$25.14
- Virginia Class C Office Space$20.93
Virginia Beach, VA Office Asking Rents by Class
Average office rent in Virginia Beach rested at $19.26 per square foot in 2020. 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 Virginia Beach averaged $24.64 per square foot. Across all submarkets, class B office space recorded an average asking rent of $18.53 per square foot. Meanwhile, assets encompassing class C office space saw asking rents of $18.42 per square foot, on average. Comparably, statewide Virginia average office rents by class in 2020 were: $35.90 per square foot for class A office space; $25.14 per square foot for class B office space; $20.93 per square foot for class C office space.
Virginia Beach Office Sale Price per SF
Virginia Beach, VA Sale Price per SF Trend
- Virginia Beach Avg. Sale Price per SF in 2020$133.25
- Virginia Avg. Sale Price per SF in 2020$234.13
2020 Office Sales Volume
- Virginia Beach, VA Total Office Sales Volume in 2020 $27.8M
- Virginia Beach, VA Total Number of Office Sales Closed in 2020 4
Largest Virginia Beach Office Sales in 2020
|555 South Independence Blvd||555 South Independence Blvd||1/3/2020||$8,500,000|
|Park West||2877 Guardian Lane||2/21/2020||$6,750,000|
|Gallery II, The||5716 Cleveland Street||10/1/2020||$6,500,000|
|Corporate Landing Business Park - 1741 Corporate Landing Pkwy||1741 Corporate Landing Pkwy||1/6/2020||$6,050,000|
2020 Office Construction in Virginia Beach, VA
- Virginia Beach, VA Total SF completed in 2020
During 2020, square feet of new office space were delivered across the market. At the close of 2020, the Virginia Beach office inventory included buildings equal to or larger than 25,000 square feet, which comprised square feet of office space.
|Convergence Center IV||301 Bendix Road, 23452||89,000||2009|
|516 S. Lynnhaven Rd||516 S. Lynnhaven Rd, 23452||12,933||2009|
|2,712 SF Office Building||816 S. Rosemont Road, 23452||2,712||2009|
|Former Residential Rehabilitation Facility||1851 Old Donation Parkway, 23454||15,478||2006|
|869 Lynnhaven Pkwy||869 Lynnhaven Pkwy, 23452||44,000||2005|
|3500 Virginia Beach Boulevard||3500 Virginia Beach Boulevard, 23452||50,000||2004|
|260 Grayson Road||260 Grayson Road, 23462||16,800||2004|
|Camelot Medical Center||1800 Camelot Dr, 23454||0||2004|
|5366 Virginia Beach Blvd||5366 Virginia Beach Blvd, 23462||56,423||2000|
|Rosemont Interstate Center I||195 S. Rosemont Road, 23452||42,136||1999|
Worth noting among recent office completions on the Virginia Beach market is Convergence Center IV, which is currently the largest new office development in the city, at 89,000 square feet.
See reports for nearby 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 2020 through December 31st 2020. Construction pipeline data represented herein is valid as of April 2021. The information on this page was compiled using data provided by CommercialEdge, a market intelligence solution which offers comprehensive real market knowledge on all Virginia Beach 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.