2023 Office Space Rent & Sales
- $22.72 2023 Avg. Asking Rent
- 15.78% 2023 Office Vacancy Rate
Chesapeake office price per square foot in 2023 was $22.72 on average. The local office market recorded an average vacancy rate of 15.78% 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
2023 Average Office Rent per Square Foot
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Chesapeake, VA Office Asking Rents by Class
2023 Office Vacancy Rates in Chesapeake
| Submarket | Asking Rents | Vacancy Rates |
|---|---|---|
| Greater Chesapeake | $28.50 | 0.00% |
| Chesapeake | $22.09 | 16.01% |
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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2023 Office Construction in Chesapeake, VA
- Chesapeake, VA Total SF under construction in 2024 205,000
| Office building | Address | SF | Completed |
|---|---|---|---|
| 229 Hillcrest Parkway | 229 Hillcrest Parkway, 23322 | 12,298 | 2021 |
| 1533 Volvo Pkwy | 1533 Volvo Pkwy, 23320 | 12,732 | 2011 |
| The Gateway at SoNo | 801 Poindexter Street, 23324 | 42,000 | 2009 |
| The Gateway at SoNo | 801 Poindexter Street, 23324 | 42,000 | 2009 |
| Liberty III | 1317 Executive Blvd, 23320 | 73,583 | 2006 |
| Liberty II | 1301 Executive Blvd, 23320 | 50,020 | 2006 |
| 1419 Cedar Rd | 1419 Cedar Rd, 23322 | 15,638 | 2006 |
| 1407 Stephanie Way #D & E | 1407 Stephanie Way, Suites D & E, 23320 | 5,716 | 2004 |
| 131 Hanbury Rd W | 131 Hanbury Rd W, 23322 | 11,572 | 2003 |
| 508 Baylor CT | 508 Baylor CT, 23320 | 4,500 | 2003 |
Worth noting among recent office completions on the Chesapeake market is 229 Hillcrest Parkway, which is currently the largest new office development in the city, at 12,298 square feet.
See reports for other markets
- Richmond Office Rent Price
- Virginia Beach Office Rent Price
- Arlington Office Rent Price
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- Alexandria Office Rent Price
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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 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 Chesapeake 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.