Q1 2024 Virginia Office Market Report

It has been a slow start to the year in Virginia’s office market. Vacancy continues to climb and absorption was negative statewide, though some regional markets had an uptick in absorption. Job growth continues in office-supporting sectors, particularly Professional/Technical Services, but the job gains are not translating into more leased office space. New office construction is slow and the few projects underway are concentrated in Northern Virginia and Richmond. Read the full report.

Q1 2024 Virginia Retail Market Report

The retail market continues to tighten in Virginia. The vacancy rate fell from a year ago, which drove up rents in most metro markets around the Commonwealth in the first quarter. The pipeline of new retail construction is growing in Virginia, most of which is in Hampton Roads and Northern Virginia. Read the full report.

Q1 2024 Virginia Industrial Market Report

It was a strong quarter in Virginia’s industrial market. There was positive absorption in most regional markets, and rents continue to climb across the state. Vacancy edged up compared to a year ago, but still remains low in most local markets. There was a large influx of new industrial space delivered, most of which was in Richmond and Hampton Roads. Read the full report.