December 7, 2023 - Sejal Naik
It was a slow quarter in Virginia’s office market. Most metro areas in the state had negative absorption this quarter compared to a year ago, signaling softening office demand around the state. Consequently, office vacancy rates are climbing from last year in most parts of Virginia. Read the full report.
The market for retail space was relatively stable in the third quarter of 2023 across much of Virginia. Absorption remains positive, and the overall vacancy rate continues to inch downward. Rents are climbing in most metro areas. Smaller neighborhood size retail space had the sharpest increase in rents this quarter. Read the full report.
Virginia’s industrial real estate market continues to be a bright spot compared to other sectors, but the pace of growth has cooled. Net absorption was positive but was the lowest it has been in three years. Rent growth was robust this quarter but has softened for several quarters in a row compared to the prior year. Read the full report.