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% |
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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2024 Office Construction in Norfolk, VA
| Office building | Address | SF | Completed |
|---|---|---|---|
| DePaul Medical Plaza | 155 Kingsley Lane, 23505 | 100,303 | 2014 |
| Wells Fargo Center | 440 Monticello Avenue, 23510 | 255,000 | 2010 |
| 733 Boush Street | 733 Boush St, 23510 | 14,336 | 2010 |
| Silver Oak | 5900 Lake Wright Dr, 23502 | 80,730 | 2004 |
| Amelia Building, Suite 221 | 885 Kempsville Rd, 23502 | 73,896 | 2001 |
| Crown Center | 580 East Main Street, 23510 | 58,000 | 2000 |
| 2706 SF Suite 410 Professional Office Space in Norfolk, VA 23502 | 5700 Lake Wright Drive, 23502 | 2,706 | 1999 |
| Office Building on E Little Creek For Sale or Lease | 1208 E Little Creek Rd, 23518 | 3,650 | 1989 |
| U.S. Navy - Naval Sea Systems Command (NAVSEA) & Armed Services YMCA (ASYMCA) | 2510 Walmer Ave, 23513 | 72,147 | 1988 |
| 4850 Brookside Court | 4850 Brookside Court, 23502 | 47,477 | 1986 |
Worth noting among recent office completions on the Norfolk market is DePaul Medical Plaza, which is currently the largest new office development in the city, at 100,303 square feet.
See reports for other markets
- Richmond Office Rent Price
- Virginia Beach Office Rent Price
- Arlington Office Rent Price
- Henrico 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 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 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.