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Virginia
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VACANCY
Apartment
The average Vacancy Rate was 2.2% in the Knoxville metro
- Vacancy in the Knoxville metro drifted downward by 20 basis points.
- The Knoxville metro had the lowest vacancy level since Q3 1999.
Distribution / Warehousing
The average Vacancy Rate was 2.7% in the Knoxville metro
- Vacancy in the Knoxville metro fell by 100 basis points.
- The Knoxville metro had the lowest vacancy level since Q1 2017.
Office
The average Vacancy Rate was 18.4% in the Knoxville metro
Retail
The average Vacancy Rate was 12.5% in the Knoxville metro
RENT
Apartment
The average Asking Rent was $1,067 in the Knoxville metro
- Rent in the Knoxville metro was up 4.1% from Q3 2022.
- Rent Has risen for ten consecutive quarters in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $4.80 in the Knoxville metro
- Rent in the Knoxville metro was up 3.7% from Q3 2022.
- Knoxville metro had its fastest rent rate of increase since Q1 2017.
Office
The average Asking Rent was $17.38 in the Knoxville metro
- Rent in the Knoxville metro was up 0.7% from Q3 2022.
- Knoxville metro had its fastest rent rate of increase in six quarters.
Retail
The average Asking Rent was $15.35 in the Knoxville metro
VACANCY
Apartment
The average Vacancy Rate was 2.8% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted downward by 10 basis points.
- The Norfolk/Hampton Roads metro had the lowest vacancy level since Q3 2002.
Distribution / Warehousing
The average Vacancy Rate was 3.0% in the Norfolk/Hampton Roads metro
Office
The average Vacancy Rate was 17.0% in the Norfolk/Hampton Roads metro
Retail
The average Vacancy Rate was 12.8% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted downward by 10 basis points.
- The Norfolk/Hampton Roads metro had the lowest vacancy level since year-end 2019.
RENT
Apartment
The average Asking Rent was $1,391 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.9% from Q3 2022.
- Rent has risen in every quarter since Q1 2015 in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Asking Rent was $7.29 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 2.2% from Q3 2022.
- Rent Has risen for eight consecutive quarters in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $20.79 in the Norfolk/Hampton Roads metro
Retail
The average Asking Rent was $16.36 in the Norfolk/Hampton Roads metro
VACANCY
Apartment
The average Vacancy Rate was 3.9% in the Richmond metro
- Vacancy in the Richmond metro drifted downward by 10 basis points.
- The Richmond metro had the lowest vacancy level since Q1 2020.
Distribution / Warehousing
The average Vacancy Rate was 4.4% in the Richmond metro
Flex / R&D
The average Vacancy Rate was 8.7% in the Richmond metro
Office
The average Vacancy Rate was 16.3% in the Richmond metro
Retail
The average Vacancy Rate was 12.7% in the Richmond metro
RENT
Apartment
The average Asking Rent was $1,290 in the Richmond metro
- Rent in the Richmond metro was up 1.8% from Q3 2022.
- Rent Has risen for eight consecutive quarters in the Richmond metro.
Distribution / Warehousing
The average Asking Rent was $5.49 in the Richmond metro
- Rent in the Richmond metro was up 5.2% from Q3 2022.
- Richmond metro had its fastest rent rate of increase since Q3 2009.
- Rent Has risen for ten consecutive quarters in the Richmond metro.
Flex / R&D
The average Asking Rent was $9.43 in the Richmond metro
- Rent in the Richmond metro was up 2.4% from Q3 2022.
- Rent Has risen for ten consecutive quarters in the Richmond metro.
Office
The average Asking Rent was $19.55 in the Richmond metro
Retail
The average Asking Rent was $17.87 in the Richmond metro
VACANCY
Apartment
The average Vacancy Rate was 4.5% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 20 basis points.
- The Suburban Virginia market had the lowest vacancy level since Q1 2020.
Distribution / Warehousing
The average Vacancy Rate was 1.7% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market declined by 70 basis points.
- The Suburban Virginia market had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 5.2% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market declined by 60 basis points.
- The Suburban Virginia market had the lowest vacancy level since Q3 2009.
Office
The average Vacancy Rate was 20.1% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 20 basis points.
- The Suburban Virginia market had the lowest vacancy level since year-end 2020.
Retail
The average Vacancy Rate was 6.0% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 10 basis points.
- The Suburban Virginia market had the lowest vacancy level since Q1 2020.
RENT
Apartment
The average Asking Rent was $2,122 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.8% from Q3 2022.
- Rent Has risen for seven consecutive quarters in the Suburban Virginia market.
Distribution / Warehousing
The average Asking Rent was $11.21 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 2.8% from Q3 2022.
- Rent Has risen for eight consecutive quarters in the Suburban Virginia market.
Flex / R&D
The average Asking Rent was $14.90 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 2.4% from Q3 2022.
- Rent Has risen for seven consecutive quarters in the Suburban Virginia market.