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Virginia
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VACANCY
Apartment
The average Vacancy Rate was 3.0% in the Knoxville metro
Distribution / Warehousing
The average Vacancy Rate was 3.3% in the Knoxville metro
Office
The average Vacancy Rate was 15.0% in the Knoxville metro
- Vacancy in the Knoxville metro declined by 150 basis points.
- The Knoxville metro had the lowest vacancy level since Q1 2018.
Retail
The average Vacancy Rate was 13.2% in the Knoxville metro
- Vacancy in the Knoxville metro increased by 70 basis points.
- The Knoxville metro had the highest vacancy level since Q3 1999.
RENT
Apartment
The average Asking Rent was $1,085 in the Knoxville metro
Distribution / Warehousing
The average Asking Rent was $4.92 in the Knoxville metro
- Rent in the Knoxville metro was up 0.4% from Q3 2023.
- Rent Has risen for eleven consecutive quarters in the Knoxville metro.
Office
The average Asking Rent was $18.06 in the Knoxville metro
- Rent in the Knoxville metro was up 1.3% from Q3 2023.
- Knoxville metro had its fastest rent rate of increase since year-end 2007.
Retail
The average Asking Rent was $15.50 in the Knoxville metro
- Rent in the Knoxville metro was up 1.5% from Q3 2023.
- Knoxville metro had its fastest rent rate of increase since Q3 1999.
VACANCY
Apartment
The average Vacancy Rate was 3.2% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro rose by 50 basis points.
- The Norfolk/Hampton Roads metro had the highest vacancy level since year-end 2021.
Distribution / Warehousing
The average Vacancy Rate was 6.3% 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 Q3 2021.
Office
The average Vacancy Rate was 18.2% in the Norfolk/Hampton Roads metro
Retail
The average Vacancy Rate was 12.9% in the Norfolk/Hampton Roads metro
RENT
Apartment
The average Asking Rent was $1,397 in the Norfolk/Hampton Roads metro
Distribution / Warehousing
The average Asking Rent was $7.64 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.9% from Q3 2023.
- Rent has risen in every quarter for the past three years in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $20.94 in the Norfolk/Hampton Roads metro
Retail
The average Asking Rent was $16.57 in the Norfolk/Hampton Roads metro
VACANCY
Apartment
The average Vacancy Rate was 5.5% in the Richmond metro
- Vacancy in the Richmond metro rose by 90 basis points.
- The Richmond metro had the highest vacancy level since year-end 2011.
Distribution / Warehousing
The average Vacancy Rate was 4.6% in the Richmond metro
Flex / R&D
The average Vacancy Rate was 9.6% in the Richmond metro
Office
The average Vacancy Rate was 17.6% in the Richmond metro
Retail
The average Vacancy Rate was 11.3% in the Richmond metro
- Vacancy in the Richmond metro drifted downward by 20 basis points.
- The Richmond metro had the lowest vacancy level since Q1 2018.
RENT
Apartment
The average Asking Rent was $1,310 in the Richmond metro
Distribution / Warehousing
The average Asking Rent was $5.76 in the Richmond metro
- Rent in the Richmond metro was up 0.9% from Q3 2023.
- Rent has risen in every quarter since Q2 2020 in the Richmond metro.
Flex / R&D
The average Asking Rent was $9.92 in the Richmond metro
- Rent in the Richmond metro was up 1.0% from Q3 2023.
- Rent has risen in every quarter since Q2 2020 in the Richmond metro.
Office
The average Asking Rent was $19.81 in the Richmond metro
Retail
The average Asking Rent was $18.02 in the Richmond metro
VACANCY
Apartment
The average Vacancy Rate was 5.4% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted upward by 30 basis points.
- The Suburban Virginia market had the highest vacancy level since year-end 2015.
Distribution / Warehousing
The average Vacancy Rate was 2.6% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted upward by 20 basis points.
- The Suburban Virginia market had the highest vacancy level since Q3 2021.
Flex / R&D
The average Vacancy Rate was 5.5% in the Suburban Virginia market
Office
The average Vacancy Rate was 21.3% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market increased by 60 basis points.
- The Suburban Virginia market had the highest vacancy level since year-end 1993.
Retail
The average Vacancy Rate was 6.1% in the Suburban Virginia market
RENT
Apartment
The average Asking Rent was $2,121 in the Suburban Virginia market
Distribution / Warehousing
The average Asking Rent was $11.72 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.6% from Q3 2023.
- Rent has risen in every quarter for the past three years in the Suburban Virginia market.
Flex / R&D
The average Asking Rent was $15.81 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 1.2% from Q3 2023.
- Rent Has risen for eleven consecutive quarters in the Suburban Virginia market.