Q2 2024 Virginia Office Market Report

The office market in Virginia continues to adapt to changing demand conditions as hybrid work schedules are translating to smaller office footprints in some job markets around the state. Absorption continues to trend negative, and construction has been sluggish. Vacancy rates have been elevated but stable, and rents growth continues to be a factor in some regional markets.

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Q2 2024 Virginia Retail Market Report

Virginia’s retail market had a solid second quarter. Absorption was positive, rents are climbing, and vacancy inched downward. Rent growth was driven by larger retail spaces, while smaller footprints had a dip compared to a year ago. Deliveries rose from a year ago, but the construction pipeline contracted.

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Q2 2024 Virginia Industrial Market Report

Virginia’s industrial market had a relatively slow second quarter. Absorption was flat overall, with several key regional markets experiencing negative absorption. Vacancy increased, and deliveries and construction dipped. Despite these headwinds, average rent levels rose.

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