2023 Office Space Rent & Sales
- $18.48 2023 Avg. Asking Rent
- -1.35% Y-o-Y Avg. Asking Rent Change
- 12.75% 2023 Office Vacancy Rate
Newport News office price per square foot in 2023 was $18.48 on average. This marked a -1.35% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 12.75% 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
Newport News, VA Office Asking Rents by Class
Office Spaces for Rent in Virginia
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2023 Office Construction in Newport News, VA
| Office building | Address | SF | Completed |
|---|---|---|---|
| 11234 Jefferson Ave | 11234 Jefferson Ave, 23601 | 12,000 | 2010 |
| 11719 Jefferson Avenue | 11719 Jefferson Avenue, 23606 | 22,000 | 2008 |
| Oyster Point | 675 Town Center Dr, 23606 | 1,200 | 2004 |
| Townebank Center | 1 Old Oyster Point Road, 23602 | 60,000 | 1999 |
| 704 City Center Blvd | 704 City Center Blvd, 23606 | 21,319 | 1998 |
| Freestanding Medical Office Condo For Sale or Lease | 704 Thimble Shoals Blvd, 23606 | 4,726 | 1997 |
| 11864 Canon Blvd | 11864 Canon Blvd, 23606 | 38,000 | 1991 |
| Oyster Point Business Park - Rock Landing IV & V | 11844 Rock Landing Drive, 23606 | 36,250 | 1990 |
| SunTrust Bank Building | 11817 Canon Blvd, 23606 | 100,746 | 1989 |
| Patrick Henry | 12350 Jefferson Avenue, 23602 | 99,100 | 1989 |
Worth noting among recent office completions on the Newport News market is 11234 Jefferson Ave, which is currently the largest new office development in the city, at 12,000 square feet.
See reports for other markets
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- Virginia Beach 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 Newport News 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.