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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 3.7%

Lowest in the South Atlantic region, tenth lowest in the nation.
Drifted upward by 20 basis points.
Expected to finish 2021 at 3.8%.

Distribution / Warehousing

Average Vacancy Rate 8.5%

Rose by 250 basis points.
Highest level since Q2 2018.
Expected to finish 2021 at 6.7%.

Office

Average Vacancy Rate 17.6%

Declined by 50 basis points.
Expected to finish 2021 at 19.8%.

Retail

Average Vacancy Rate 12.1%

Rose by 80 basis points.
Highest level since Q3 1999.
Expected to finish 2021 at 13.5%.

RENT

Apartment

Average Asking Rent $857

Up 0.4% from year-end 2020.
Expected to finish 2021 at $881.

Distribution / Warehousing

Average Asking Rent $4.35

Down 0.5% from year-end 2020.
Expected to finish 2021 at $4.42.

Office

Average Asking Rent $17.24

Up 0.8% from year-end 2020.
Fastest rate of increase in six quarters.
Has risen for seven consecutive quarters.

Retail

Average Asking Rent $15.03

Down 0.1% from year-end 2020.
Expected to finish 2021 at $14.46.

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

Norfolk/Hampton Roads

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VACANCY

Apartment

Average Vacancy Rate 3.7%

Drifted upward by 20 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 3.7%.

Distribution / Warehousing

Average Vacancy Rate 8.4%

No change since year-end 2020.
Expected to finish 2021 at 8.3%.

Office

Average Vacancy Rate 17.8%

Rose by 50 basis points.
Highest level since year-end 2015.
Expected to finish 2021 at 19.0%.

Retail

Average Vacancy Rate 13.5%

Drifted upward by 20 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 15.3%.

RENT

Apartment

Average Asking Rent $1,120

Up 0.3% from year-end 2020.
Has risen in every quarter since year-end 2017.
Expected to finish 2021 at $1,135.

Distribution / Warehousing

Average Asking Rent $6.36

Up 0.8% from year-end 2020.
Fastest rate of increase since Q2 2017.
Expected to finish 2021 at $6.40.

Office

Average Asking Rent $20.32

Up 0.1% from year-end 2020.
Expected to finish 2021 at $19.88.

Retail

Average Asking Rent $16.19

Up 0.3% from year-end 2020.
Expected to finish 2021 at $15.25.

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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%

No change since year-end 2020.
Highest level since Q1 2013.
Expected to finish 2021 at 4.9%.

Distribution / Warehousing

Average Vacancy Rate 11.0%

Drifted upward by 20 basis points.
Highest level since Q3 2018.
Expected to finish 2021 at 10.9%.

Flex / R&D

Average Vacancy Rate 13.0%

Drifted upward by 10 basis points.
Among the 10 highest vacancies nationally.
Expected to finish 2021 at 13.6%.

Office

Average Vacancy Rate 16.8%

Increased by 80 basis points.
Among the 20 lowest vacancies nationally.
Expected to finish 2021 at 16.9%.

Retail

Average Vacancy Rate 13.0%

Drifted upward by 10 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 14.2%.

RENT

Apartment

Average Asking Rent $1,074

Up 0.5% from year-end 2020.
Expected to finish 2021 at $1,089.

Distribution / Warehousing

Average Asking Rent $4.42

Up 0.7% from year-end 2020.
Expected to finish 2021 at $4.50.

Flex / R&D

Average Asking Rent $8.30

Fourth fastest rent growth in the nation, and the second in the South Atlantic region, behind only Jacksonville.
Fastest rate of increase since Q3 2010.
Expected to finish 2021 at $8.29.

Office

Average Asking Rent $19.23

Down 0.2% from year-end 2020.
Expected to finish 2021 at $19.01.

Retail

Average Asking Rent $17.79

Fastest rent growth in the South Atlantic region, third most rapid in the nation.
Expected to finish 2021 at $16.54.

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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 5.6%

Drifted downward by 10 basis points.
Expected to finish 2021 at 5.9%.

Distribution / Warehousing

Average Vacancy Rate 5.4%

Lowest in the South Atlantic region, fourth lowest in the nation.
Drifted upward by 10 basis points.
Highest level since Q1 2019.

Flex / R&D

Average Vacancy Rate 11.4%

Rose by 50 basis points.
Among the 20 highest vacancies nationally.
Expected to finish 2021 at 11.8%.

Office

Average Vacancy Rate 20.6%

Drifted upward by 30 basis points.
Highest level since year-end 1996.
Expected to finish 2021 at 21.6%.

Retail

Average Vacancy Rate 6.6%

Lowest in the South Atlantic region, fifth lowest in the nation.
Drifted upward by 20 basis points.
Highest level since Q1 2019.

RENT

Apartment

Average Asking Rent $1,803

Second lowest rent growth in the nation, higher than only San Jose.
Expected to finish 2021 at $1,840.

Distribution / Warehousing

Average Asking Rent $9.46

Up 0.3% from year-end 2020.
Expected to finish 2021 at $9.61.

Flex / R&D

Average Asking Rent $12.62

Down 0.1% from year-end 2020.
Expected to finish 2021 at $12.59.

Office

Average Asking Rent $35.11

Flat since year-end 2020.
Expected to finish 2021 at $34.12.

Retail

Average Asking Rent $30.64

Flat since year-end 2020.
Expected to finish 2021 at $29.01.

Learn more about the Virginia markets from one of our professionals

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