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Virginia
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VACANCY
Apartment
The average Vacancy Rate was 3.0% in the Knoxville metro
- The Knoxville metro had the second lowest vacancy in the nation, behind only Central New Jersey.
- Vacancy in the Knoxville metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 3.3% in the Knoxville metro.
Distribution / Warehousing
The average Vacancy Rate was 4.5% in the Knoxville metro
- Vacancy in the Knoxville metro drifted upward by 30 basis points.
- Vacancy is expected to finish 2022 at 4.6% in the Knoxville metro.
Office
The average Vacancy Rate was 18.0% in the Knoxville metro
- Vacancy in the Knoxville metro fell by 50 basis points.
- Vacancy is expected to finish 2022 at 17.4% in the Knoxville metro.
Retail
The average Vacancy Rate was 12.0% in the Knoxville metro
- Vacancy in the Knoxville metro drifted downward by 10 basis points.
- The Knoxville metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2022 at 12.2% in the Knoxville metro.
RENT
Apartment
The average Asking Rent was $940 in the Knoxville metro
- Rent in the Knoxville metro was up 4.6% from year-end 2021.
- Knoxville metro had its fastest rent rate of increase since Q3 1999.
- Rent Has risen for seven consecutive quarters in the Knoxville metro.
Distribution / Warehousing
The average Asking Rent was $4.45 in the Knoxville metro
- Rent in the Knoxville metro was up 1.4% from year-end 2021.
- Knoxville metro had its fastest rent rate of increase since Q1 2017.
- Rent is expected to finish 2022 at $4.54 in the Knoxville metro.
Office
The average Asking Rent was $17.42 in the Knoxville metro
- Rent in the Knoxville metro was up 0.5% from year-end 2021.
- Rent is expected to finish 2022 at $17.30 in the Knoxville metro.
Retail
The average Asking Rent was $15.28 in the Knoxville metro
- Rent in the Knoxville metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $15.33 in the Knoxville metro.
VACANCY
Apartment
The average Vacancy Rate was 3.2% in the Norfolk/Hampton Roads metro
- The Norfolk/Hampton Roads metro had the fifth lowest vacancy in the nation and the sixth lowest in the South Atlantic.
- Vacancy in the Norfolk/Hampton Roads metro drifted downward by 20 basis points.
- The Norfolk/Hampton Roads metro had the lowest vacancy level since Q2 2003.
Distribution / Warehousing
The average Vacancy Rate was 4.1% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro declined by 60 basis points.
- The Norfolk/Hampton Roads metro had the lowest vacancy level since Q1 2017.
- Vacancy is expected to finish 2022 at 4.1% in the Norfolk/Hampton Roads metro.
Office
The average Vacancy Rate was 16.3% 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 2022 at 16.8% in the Norfolk/Hampton Roads metro.
Retail
The average Vacancy Rate was 13.0% in the Norfolk/Hampton Roads metro
- Vacancy in the Norfolk/Hampton Roads metro drifted upward by 20 basis points.
- The Norfolk/Hampton Roads metro was among the 20 highest vacancies nationally.
- Vacancy is expected to finish 2022 at 12.7% in the Norfolk/Hampton Roads metro.
RENT
Apartment
The average Asking Rent was $1,297 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 1.7% from year-end 2021.
- Rent has risen in every quarter since Q1 2015 in the Norfolk/Hampton Roads metro.
- Rent is expected to finish 2022 at $1,334 in the Norfolk/Hampton Roads metro.
Distribution / Warehousing
The average Asking Rent was $6.68 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 1.1% from year-end 2021.
- Rent is expected to finish 2022 at $6.78 in the Norfolk/Hampton Roads metro.
Office
The average Asking Rent was $20.49 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.3% from year-end 2021.
- Rent is expected to finish 2022 at $20.42 in the Norfolk/Hampton Roads metro.
Retail
The average Asking Rent was $16.30 in the Norfolk/Hampton Roads metro
- Rent in the Norfolk/Hampton Roads metro was up 0.1% from year-end 2021.
- Rent is expected to finish 2022 at $16.30 in the Norfolk/Hampton Roads metro.
VACANCY
Apartment
The average Vacancy Rate was 4.2% 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.
- Vacancy is expected to finish 2022 at 4.2% in the Richmond metro.
Distribution / Warehousing
The average Vacancy Rate was 6.0% in the Richmond metro
- Vacancy in the Richmond metro drifted upward by 10 basis points.
- Vacancy is expected to finish 2022 at 5.7% in the Richmond metro.
Flex / R&D
The average Vacancy Rate was 9.3% in the Richmond metro
- Vacancy in the Richmond metro drifted upward by 40 basis points.
- Vacancy is expected to finish 2022 at 8.8% in the Richmond metro.
Office
The average Vacancy Rate was 15.3% in the Richmond metro
- Vacancy in the Richmond metro fell by 100 basis points.
- The Richmond metro was among the 20 lowest vacancies nationally.
- Vacancy is expected to finish 2022 at 15.9% in the Richmond metro.
Retail
The average Vacancy Rate was 12.8% in the Richmond metro
- Vacancy in the Richmond metro drifted downward by 10 basis points.
- Vacancy is expected to finish 2022 at 12.5% in the Richmond metro.
RENT
Apartment
The average Asking Rent was $1,227 in the Richmond metro
- Rent in the Richmond metro was up 4.0% from year-end 2021.
- Rent is expected to finish 2022 at $1,261 in the Richmond metro.
Distribution / Warehousing
The average Asking Rent was $4.71 in the Richmond metro
- Rent in the Richmond metro was up 1.3% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Richmond metro.
- Rent is expected to finish 2022 at $4.86 in the Richmond metro.
Flex / R&D
The average Asking Rent was $8.66 in the Richmond metro
- Rent in the Richmond metro was up 1.3% from year-end 2021.
- Rent Has risen for seven consecutive quarters in the Richmond metro.
- Rent is expected to finish 2022 at $8.89 in the Richmond metro.
Office
The average Asking Rent was $19.35 in the Richmond metro
- Rent in the Richmond metro was up 0.3% from year-end 2021.
- Rent is expected to finish 2022 at $19.30 in the Richmond metro.
Retail
The average Asking Rent was $17.82 in the Richmond metro
- The Richmond metro remained flat rent since year-end 2021.
- Rent is expected to finish 2022 at $17.79 in the Richmond metro.
VACANCY
Apartment
The average Vacancy Rate was 4.8% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted downward by 40 basis points.
- Vacancy is expected to finish 2022 at 4.9% in the Suburban Virginia market.
Distribution / Warehousing
The average Vacancy Rate was 2.6% in the Suburban Virginia market
- The Suburban Virginia market had the fourth lowest vacancy in the nation and the fifth lowest in the South Atlantic.
- No vacancy change since year-end 2021 in the Suburban Virginia market.
- The Suburban Virginia market had the lowest vacancy level since Q3 2009.
Flex / R&D
The average Vacancy Rate was 7.1% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market drifted upward by 20 basis points.
- Vacancy is expected to finish 2022 at 6.8% in the Suburban Virginia market.
Office
The average Vacancy Rate was 20.7% in the Suburban Virginia market
- Vacancy in the Suburban Virginia market rose by 50 basis points.
- Vacancy is expected to finish 2022 at 20.7% in the Suburban Virginia market.
Retail
The average Vacancy Rate was 6.1% in the Suburban Virginia market
- The Suburban Virginia market had the fourth lowest vacancy in the nation and the fifth lowest in the South Atlantic.
- No vacancy change since year-end 2021 in the Suburban Virginia market.
- Vacancy is expected to finish 2022 at 6.3% in the Suburban Virginia market.
RENT
Apartment
The average Asking Rent was $1,959 in the Suburban Virginia market
- The Suburban Virginia market remained flat rent since year-end 2021.
- Rent is expected to finish 2022 at $2,003 in the Suburban Virginia market.
Distribution / Warehousing
The average Asking Rent was $9.95 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 1.4% from year-end 2021.
- Rent is expected to finish 2022 at $10.20 in the Suburban Virginia market.
Flex / R&D
The average Asking Rent was $13.17 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 1.3% from year-end 2021.
- Rent is expected to finish 2022 at $13.50 in the Suburban Virginia market.
Office
The average Asking Rent was $35.39 in the Suburban Virginia market
- Rent in the Suburban Virginia market was up 0.3% from year-end 2021.
- Rent is expected to finish 2022 at $35.31 in the Suburban Virginia market.
Retail
The average Asking Rent was $30.65 in the Suburban Virginia market
- The Suburban Virginia market remained flat rent since year-end 2021.
- Rent is expected to finish 2022 at $30.82 in the Suburban Virginia market.