Q3 2024 Virginia Office Market Report

Virginia’s office market remains sluggish overall. Net absorption continues to be negative and vacancy rates are climbing. Rent growth for Class A space rose while rents for Class B/C moderated. The construction pipeline continues to get smaller, and there was an uptick in deliveries in Richmond and Hampton Roads this quarter.

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Q3 2024 Virginia Retail Market Report

The retail real estate market showed some signs of moderating in the third quarter. Absorption levels turned negative for just the second time in the last eight quarters and the construction pipeline dipped slightly from the third quarter a year ago. It’s still a tight market though with vacancy rates low and holding firm at the state level. Rents continue to climb overall, mostly driven by larger retail spaces.

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Q3 2024 Virginia Industrial Market Report

The industrial market picked back up in the third quarter after a slow second quarter. Absorption levels surged and rents are rising across building types. Vacancy rates rose and construction activity slowed overall.

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