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Virginia
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VACANCY
Apartment
The average Vacancy Rate was 3.9% in the Knoxville metro
- Vacancy in the Knoxville metro drifted upward by 40 basis points.
- The Knoxville metro had the highest vacancy level since year-end 2019.
- Vacancy is expected to finish 2024 at 3.6% in the Knoxville metro.
Distribution / Warehousing
The average Vacancy Rate was 3.5% in the Knoxville metro
- No vacancy change since Q1 2024 in the Knoxville metro.
- Vacancy is expected to finish 2024 at 3.5% in the Knoxville metro.
Office
The average Vacancy Rate was 13.4% in the Knoxville metro
- The Knoxville metro had the second lowest vacancy in the nation, behind only New York Metro.
- Vacancy in the Knoxville metro rose by 80 basis points.
- Vacancy is expected to finish 2024 at 14.0% in the Knoxville metro.
Retail
The average Vacancy Rate was 13.2% in the Knoxville metro
- No vacancy change since Q1 2024 in the Knoxville metro.
- The Knoxville metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 12.9% in the Knoxville metro.
RENT
Apartment
The average Asking Rent was $1,090 in the Knoxville metro
- Rent in the Knoxville metro was down 0.1% from Q1 2024.
- Rent is expected to finish 2024 at $1,096 in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $5.00 in the Knoxville metro
- Rent in the Knoxville metro was up 1.0% from Q1 2024.
- Knoxville metro had its fastest rent rate of increase in four quarters.
- Rent is expected to finish 2024 at $5.04 in the Knoxville metro.
Office
The average Asking Rent was $19.17 in the Knoxville metro
- The Knoxville metro had the second fastest rent growth in the nation, behind only Palm Beach.
- Rent Has risen for seven consecutive quarters in the Knoxville metro.
- Rent is expected to finish 2024 at $19.22 in the Knoxville metro.
Retail
The average Asking Rent was $15.43 in the Knoxville metro
- Rent in the Knoxville metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $15.56 in the Knoxville metro.
VACANCY
Apartment
The average Vacancy Rate was 3.7% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 10 basis points.
- The Norfolk/Hampton Roads metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2024 at 3.6% in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Vacancy Rate was 7.2% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 20 basis points.
- The Norfolk/Hampton Roads metro had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 7.7% in the Norfolk/Hampton Roads metro.
Office
The average Vacancy Rate was 18.2% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted downward by 40 basis points.
- Vacancy is expected to finish 2024 at 18.4% 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 30 basis points.
- Vacancy is expected to finish 2024 at 12.7% in the Norfolk/Hampton Roads metro.
RENT
Apartment
The average Asking Rent was $1,401 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $1,413 in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Asking Rent was $7.67 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.1% from Q1 2024.
- Rent has risen in every quarter since year-end 2020 in the Norfolk/Hampton Roads metro.
- Rent is expected to finish 2024 at $7.77 in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $21.00 in the Norfolk/Hampton Roads metro
- The Norfolk/Hampton Roads metro remained flat rent since Q1 2024.
- Rent is expected to finish 2024 at $21.12 in the Norfolk/Hampton Roads metro.
Retail
The average Asking Rent was $16.63 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $16.77 in the Norfolk/Hampton Roads metro.
VACANCY
Apartment
The average Vacancy Rate was 5.6% in the Richmond metro
- Vacancy in the Richmond metro drifted upward by 10 basis points.
- The Richmond metro had the highest vacancy level since Q3 2011.
- Vacancy is expected to finish 2024 at 5.4% in the Richmond metro.
Distribution / Warehousing
The average Vacancy Rate was 4.8% in the Richmond metro
- Vacancy in the Richmond metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2024 at 4.6% in the Richmond metro.
Flex / R&D
The average Vacancy Rate was 10.4% in the Richmond metro
- Vacancy in the Richmond metro drifted downward by 10 basis points.
- The Richmond metro was among the 10 highest vacancies nationally.
- Vacancy is expected to finish 2024 at 10.1% in the Richmond metro.
Office
The average Vacancy Rate was 18.2% in the Richmond metro
- Vacancy in the Richmond metro drifted downward by 20 basis points.
- Vacancy is expected to finish 2024 at 18.1% in the Richmond metro.
Retail
The average Vacancy Rate was 11.5% in the Richmond metro
- No vacancy change since Q1 2024 in the Richmond metro.
- Vacancy is expected to finish 2024 at 11.5% in the Richmond metro.
RENT
Apartment
The average Asking Rent was $1,354 in the Richmond metro
- Rent in the Richmond metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $1,377 in the Richmond metro.
Distribution / Warehousing
The average Asking Rent was $5.87 in the Richmond metro
- Rent in the Richmond metro was up 0.9% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Richmond metro.
- Rent is expected to finish 2024 at $5.99 in the Richmond metro.
Flex / R&D
The average Asking Rent was $10.12 in the Richmond metro
- Rent in the Richmond metro was up 1.0% from Q1 2024.
- Rent has risen in every quarter since Q2 2020 in the Richmond metro.
- Rent is expected to finish 2024 at $10.32 in the Richmond metro.
Office
The average Asking Rent was $19.92 in the Richmond metro
- Rent in the Richmond metro was up 0.1% from Q1 2024.
- Rent Has risen for six consecutive quarters in the Richmond metro.
- Rent is expected to finish 2024 at $20.11 in the Richmond metro.
Retail
The average Asking Rent was $18.20 in the Richmond metro
- Rent in the Richmond metro was up 0.5% from Q1 2024.
- Rent is expected to finish 2024 at $18.23 in the Richmond metro.
VACANCY
Apartment
The average Vacancy Rate was 5.2% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 4.9% in the Suburban Virginia market.
Distribution / Warehousing
The average Vacancy Rate was 3.4% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market has risen for six consecutive quarters.
- The Suburban Virginia market had the highest vacancy level since Q2 2021.
- Vacancy is expected to finish 2024 at 3.2% in the Suburban Virginia market.
Flex / R&D
The average Vacancy Rate was 5.9% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 10 basis points.
- Vacancy is expected to finish 2024 at 5.7% in the Suburban Virginia market.
Office
The average Vacancy Rate was 22.2% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market has risen for six consecutive quarters.
- The Suburban Virginia market had the highest vacancy level since year-end 1993.
- Vacancy is expected to finish 2024 at 22.4% in the Suburban Virginia market.
Retail
The average Vacancy Rate was 6.3% in the Suburban Virginia market
- The Suburban Virginia market had the lowest vacancy in the South Atlantic region, fifth lowest in the nation.
- Vacancy in the Suburban Virginia market drifted upward by 10 basis points.
- The Suburban Virginia market had the highest vacancy level since Q2 2021.
RENT
Apartment
The average Asking Rent was $2,146 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.4% from Q1 2024.
- Rent is expected to finish 2024 at $2,172 in the Suburban Virginia market.
Distribution / Warehousing
The average Asking Rent was $11.93 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.9% from Q1 2024.
- Rent has risen in every quarter since year-end 2020 in the Suburban Virginia market.
- Rent is expected to finish 2024 at $12.16 in the Suburban Virginia market.
Flex / R&D
The average Asking Rent was $16.16 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 1.1% from Q1 2024.
- Rent has risen in every quarter since Q1 2021 in the Suburban Virginia market.
- Rent is expected to finish 2024 at $16.62 in the Suburban Virginia market.
Office
The average Asking Rent was $35.61 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.3% from Q1 2024.
- Rent is expected to finish 2024 at $35.84 in the Suburban Virginia market.
Retail
The average Asking Rent was $30.81 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.2% from Q1 2024.
- Rent is expected to finish 2024 at $31.15 in the Suburban Virginia market.