Q1 2025 Virginia Industrial Market Report

The industrial real estate market in Virginia cooled at the start of 2025. Net absorption was well below last year’s Q1 level, and vacancy rates rose sharply. Rent levels declined in most regional markets, and the construction pipeline slowed.

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Q1 2025 Virginia Office Market Report

Overall, Virginia’s office market was off to a slow start in 2025. In the first quarter net absorption remained negative, vacancy rates are climbing across building classes, and the construction pipeline continues to shrink. Rent levels are rising for Class A space, but are trending down for Class B/C space, reflective of the flight to quality trends that have been taking shape more broadly in the office market.

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Q1 2025 Virginia Retail Market Report

The retail real estate market in Virginia had a strong start to 2025. Net absorption was positive for the second straight quarter, vacancy rates dropped, and rent levels continue to climb. The construction pipeline continues to slowdown with less space under construction than last year, and less space delivered.

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