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.
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
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% |
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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2023 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 |
| 835 Glenrock Road | 835 Glenrock Road, 23502 | 48,000 | 2007 |
| 21 West Shopping Center | 520 W 21st St, 23517 | 35,625 | 2004 |
| Office Building on E Little Creek For Sale | 1208 E Little Creek Rd, 23518 | 3,650 | 1989 |
| 4850 Brookside Court | 4850 Brookside Court, 23502 | 47,477 | 1986 |
| 839 Poplar Hall Dr | 839 Poplar Hall Dr, 23502 | 8,620 | 1984 |
| 839 Poplar Hall Dr | 839 Poplar Hall Dr, 23502 | 8,620 | 1984 |
| Crossroads Center | 6330 Newtown Road, 23502 | 55,170 | 1978 |
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
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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 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.