2023 Office Space Rent & Sales
- $23.17 2023 Avg. Asking Rent
- 1.67% Y-o-Y Avg. Asking Rent Change
- 14.01% 2023 Office Vacancy Rate
Virginia Beach office price per square foot in 2023 was $23.17 on average. This marked a +1.67% change in office space price per square foot compared to the previous year. The local office market recorded an average vacancy rate of 14.01% 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 Beach Class A & A+ Office Space$26.80
- Virginia Beach Class B Office Space$21.01
- Virginia Class A & A+ Office Space$36.28
- Virginia Class B Office Space$26.18
- Virginia Class C Office Space$32.04
Virginia Beach, VA Office Asking Rents by Class
Office Spaces for Rent in Virginia
Coworking Spaces in Virginia
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2023 Office Construction in Virginia Beach, VA
| Office building | Address | SF | Completed |
|---|---|---|---|
| Convergence Center V | 200 Bendix Road, 23452 | 50,000 | 2015 |
| 329 Edwin Drive | 329 Edwin Drive, 23452 | 11,321 | 2014 |
| 555 South Independence Blvd | 555 South Independence Blvd, 23462 | 62,000 | 2013 |
| Town Center of Virginia Beach- Two Columbus Center | 4500 Main Street, 23462 | 108,000 | 2010 |
| Convergence Center IV | 301 Bendix Road, 23452 | 89,000 | 2009 |
| Convergence Center III | 272 Bendix Road, 23452 | 99,000 | 2008 |
| Towne Pavilion Center II | 600 22nd Street, 23451 | 77,386 | 2008 |
| 2,900 SF Medical Office Suite | 329 Phillip Avenue, 23454 | 9,727 | 2008 |
| 6229 Indian River Rd | 6229 Indian River Rd, 23464 | 2,500 | 2008 |
| Landstown Commons | 3312 Princess Anne Road, 23456 | 408,851 | 2007 |
Worth noting among recent office completions on the Virginia Beach market is Convergence Center V, which is currently the largest new office development in the city, at 50,000 square feet.
See reports for other markets
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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 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.