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Virginia
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VACANCY
Apartment
Average Vacancy Rate 3.8%
- No change since Q1 2020.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2020 at 5.9%.
Distribution / Warehousing
Average Vacancy Rate 6.4%
- Declined by 70 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2019 at 6.4%.
Office
Average Vacancy Rate 16.8%
- Increased by 80 basis points.
- Highest level since year-end 2014.
- Expected to finish 2020 at 20.0%.
Retail
Average Vacancy Rate 10.3%
- Drifted downward by 10 basis points.
- Expected to finish 2020 at 12.7%.
RENT
Apartment
Average Asking Rent $840
- Down 0.1% from Q1 2020.
- Expected to finish 2020 at $820.
Distribution / Warehousing
Average Asking Rent $4.37
- Up 0.2% from year-end 2018.
- Expected to finish 2019 at $4.49.
Office
Average Asking Rent $16.97
- Up 0.2% from Q1 2020.
- Expected to finish 2020 at $16.68.
Retail
Average Asking Rent $15.24
- Second fastest rent growth in the nation, behind only Omaha.
- Expected to finish 2020 at $14.30.
VACANCY
Apartment
Average Vacancy Rate 3.9%
- Drifted downward by 10 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2020 at 4.6%.
Distribution / Warehousing
Average Vacancy Rate 9.1%
- Drifted downward by 20 basis points.
- Expected to finish 2019 at 8.6%.
Office
Average Vacancy Rate 16.3%
- Drifted upward by 10 basis points.
- Expected to finish 2020 at 19.1%.
Retail
Average Vacancy Rate 13.1%
- Drifted upward by 20 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 15.3%.
RENT
Apartment
Average Asking Rent $1,106
- Up 0.2% from Q1 2020.
- Has risen for ten consecutive quarters.
- Expected to finish 2020 at $1,083.
Distribution / Warehousing
Average Asking Rent $6.23
- Up 0.5% from year-end 2018.
- Expected to finish 2019 at $6.35.
Office
Average Asking Rent $20.28
- Down 0.2% from Q1 2020.
- Expected to finish 2020 at $19.83.
Retail
Average Asking Rent $16.22
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $14.93.
VACANCY
Apartment
Average Vacancy Rate 4.6%
- Increased by 60 basis points.
- Highest level since Q1 2013.
- Expected to finish 2020 at 7.3%.
Distribution / Warehousing
Average Vacancy Rate 9.5%
- Drifted upward by 30 basis points.
- Expected to finish 2020 at 10.6%.
Flex / R&D
Average Vacancy Rate 10.6%
- Increased by 50 basis points.
- Expected to finish 2020 at 12.0%.
Office
Average Vacancy Rate 15.5%
- Increased by 170 basis points.
- Among the 20 lowest vacancies nationally.
- Expected to finish 2020 at 16.7%.
Retail
Average Vacancy Rate 12.4%
- Drifted upward by 10 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 14.5%.
RENT
Apartment
Average Asking Rent $1,061
- Third fastest rent growth in both the nation and the region.
- Fastest rate of increase in four quarters.
- Expected to finish 2020 at $1,019.
Distribution / Warehousing
Average Asking Rent $4.33
- Down 0.2% from Q1 2020.
- Expected to finish 2020 at $4.11.
Flex / R&D
Average Asking Rent $8.21
- Flat since Q1 2020.
- Expected to finish 2020 at $7.84.
Office
Average Asking Rent $19.14
- Down 0.3% from Q1 2020.
- Expected to finish 2020 at $18.84.
Retail
Average Asking Rent $18.09
- Down 0.4% from Q1 2020.
- Expected to finish 2020 at $16.28.
VACANCY
Apartment
Average Vacancy Rate 4.8%
- Drifted upward by 10 basis points.
- Expected to finish 2020 at 6.4%.
Distribution / Warehousing
Average Vacancy Rate 4.9%
- Lowest in the South Atlantic region, third lowest in the nation.
- Drifted downward by 10 basis points.
- Lowest level since year-end 2009.
Flex / R&D
Average Vacancy Rate 11.1%
- Drifted downward by 10 basis points.
- Among the 20 highest vacancies nationally.
- Expected to finish 2020 at 12.8%.
Office
Average Vacancy Rate 19.8%
- Drifted downward by 20 basis points.
- Lowest level since year-end 2017.
- Expected to finish 2020 at 22.2%.
Retail
Average Vacancy Rate 6.0%
- Lowest in the South Atlantic region, fourth lowest in the nation.
- Drifted upward by 10 basis points.
- Expected to finish 2020 at 8.1%.
RENT
Apartment
Average Asking Rent $1,939
- Down 0.1% from Q1 2020.
- Expected to finish 2020 at $1,906.
Distribution / Warehousing
Average Asking Rent $9.37
- Up 0.1% from Q1 2020.
- Has risen in every quarter since year-end 2013.
- Expected to finish 2020 at $8.98.
Flex / R&D
Average Asking Rent $12.60
- Fastest rent growth in the South Atlantic region, fourth most rapid in the nation.
- Expected to finish 2020 at $12.02.
Office
Average Asking Rent $34.91
- Fastest rent growth in the South Atlantic region, third most rapid in the nation.
- Fastest rate of increase since Q1 2016.
- Has risen in every quarter since year-end 2015.
Retail
Average Asking Rent $30.59
- Down 0.6% from Q1 2020.
- Expected to finish 2020 at $28.12.