Virginia’s Thriving Labor Market in 2024
February 3, 2025 - Abel Opoku-Adjei
Welcome Virginia REALTORS®
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.
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.
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.
February 3, 2025 - Abel Opoku-Adjei
January 30, 2025 - Abel Opoku-Adjei
January 22, 2025 - Virginia REALTORS®