Commercial Real Estate Market in Norfolk, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
342 active listings and 3,603 off-market properties in Norfolk, VA. Commercial property asks $80/SF to buy and $20.60/SF/Yr to lease.
Market Trends
Norfolk, VA spans 53.3 square miles in Norfolk County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Norfolk, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail vacancy in Norfolk, VA runs 6.6% in 2025, down from 7.9% in 2019. Down from a 2020 peak of 9.3%.
Vacancy Rate %
Industrial
Industrial vacancy in Norfolk, VA runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Vacancy Rate % in South region
Multifamily
Multifamily space in Norfolk, VA asks $203/SF to buy. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Zoning & Land Use
Land Use Mix share of zoned land by category
- Civic 42.5%
- Special 15.9%
- Industrial 13.2%
- Residential 7.8%
- Mixed use 6.7%
- Open space 5.9%
- Commercial 4.4%
- Planned_development 3%
Largest Zones share of zoned land by district
Residential Single Family Suburban
Military Installation
Industrial Deep Water
Residential Single Family Suburban
Residential Single Family Traditional
Residential Single Family Suburban (SF-6)
SF-6: Single Family 6 SF-10: Single Family 10 SF-T: Single Family - Traditional R-C: Residential - Coastal MF-NS: Multi-Family - Neighborhood-Scale MF-AC: Multi-Family - Apartment Complex MF-HR: Multi-Family - High Rise COMMERCIAL DISTRICTS C-N: Neighborhood Commercial C-C: Community Commercial C-R: Regional Commercial O: Office BC-O: Business and Commerce P…
Market overview
Demographics & Economy
Norfolk, VA has 237,981 residents in 102,542 households. Density runs 4,467 people per square mile. Median household income here is $65,094 and median gross rent $1,291 a month.
237,981
Population
102,542
Households
2.3
Avg Household Size
32
Median Age
33%
College-Educated
90%
High-School Grad
53.3 sq mi
ZIP Area
4,467
Density / Sq Mi
$65,094
Median Household Income
$38,769
Median Earnings
$1,291
Median Rent
$289,639
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Portsmouth | — | $21.98 |
| Fleet | — | — |
| Chesapeake | — | — |
| Newport News | — | $45.78 |
Commercial property in Norfolk, VA asks $80/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Norfolk?
Commercial property in Norfolk, VA asks an average of $80 per square foot. The 7 most recent recorded sales traded at a median of $163/SF. Multifamily carries the highest asking price at $203/SF.
How much does it cost to lease commercial space in Norfolk?
Asking lease rates in Norfolk, VA average $20.60 per square foot per year.
Where does Realmo's Norfolk market data come from?
Realmo compiles Norfolk, VA figures from 8 recent recorded sales, 198 active sale listings, 144 active lease listings, 3,603 tracked off-market properties, the current Norfolk zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 198 active for-sale and 144 active for-lease listings in Norfolk, VA. These are ASKING figures from live listings, not closed-transaction prices, and a segment carried by a handful of listings reads as indicative rather than an average.
- Vacancy rates
- Published per-sector market series, taken at the metro level where one exists and otherwise at the Census-region level — a chart reading "in <region> region" is a regional number, not this city's.
- Zoning and land use
- The current municipal zoning release: 28,410 zoned acres across 72 districts. Shares are of zoned land, so parcels the release leaves unclassified are excluded from the mix.
- Refresh
- The monthly aggregates close at the end of the previous month, so 31 August 2026 — not today — is the honest last update.
- Known limitations
- office vacancy is reported at South region level, industrial vacancy is reported at South region level and multifamily vacancy is reported at South region level.
- Coverage
- Metrics below the 10-observation threshold fall back one geographic level. The geography used is named on each figure.
Compiled by the Realmo Data team · reviewed 31 August 2026 · report a data issue
