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Virginia

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Market Overview

BACK TO INSIGHTS

EXPLORE 4 Virginia MARKETSToggle markets

Knoxville
Norfolk/Hampton Roads
Richmond
Suburban Virginia

Knoxville

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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.

Learn more about the Virginia markets from one of our professionals

Learn more about the Virginia markets from one of our professionals.

Norfolk/Hampton Roads

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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.

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Learn more about the Virginia markets from one of our professionals.

Richmond

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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.

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Learn more about the Virginia markets from one of our professionals.

Suburban Virginia

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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.

Learn more about the Virginia markets from one of our professionals

Learn more about the Virginia markets from one of our professionals.