Q4 2024 Virginia Office Market Report

Headwinds remain in Virginia’s office market as 2024 came to a close. Construction remains at historic lows and vacancy is still elevated. Net absorption was positive this quarter, but is likely to be short lived with anticipated federal job cuts and office space rightsizing continuing in the private sector. Rents have been stable, with upward pressure on Class A space.

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Q4 2024 Virginia Retail Market Report

Bolstered by continued resilience of consumer spending, demand for retail space is robust. Positive net absorption resumed to close out 2024 statewide, and rent levels continue to climb in most metro regions in Virginia. Overall vacancy levels remain tight and the new construction pipeline continues to drift downward.

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Q4 2024 Virginia Industrial Market Report

Virginia’s industrial market ended 2024 in a strong position. The construction pipeline continues to grow and vacancy levels remain low. Net absorption is still positive and rents are climbing, signaling strong demand in the market.

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