Commercial Real Estate Market in Norfolk, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
279 active listings and 3,603 off-market properties in Norfolk, VA. Commercial property asks $173/SF to buy and $17.60/SF/Yr to lease.
Market Trends
Norfolk, VA spans 53.3 square miles in Norfolk County, Virginia. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Norfolk, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Retail
Retail space in Norfolk, VA has a median asking sale price of $123/SF. Vacancy runs 6.6% in 2025, down from 7.9% in 2019. Down from a 2020 peak of 9.3%.
Industrial
Industrial space in Norfolk, VA has a median asking sale price of $100/SF (based on 6 listings). Vacancy runs 7.9% across the South region in 2025, up from 6% in 2019. Nearly 2.3x the 2022 low of 3.5%.
Multifamily
Multifamily space in Norfolk, VA has a median asking sale price of $180/SF. Vacancy runs 11.3% across the South region in 2025, up from 8.5% in 2022.
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
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.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Portsmouth | $140 | $21.00 |
| Chesapeake | $203 | $17.25 |
| Newport News | $144 | $15.39 |
| Hampton | $146 | $19.15 |
Commercial property in Norfolk, VA asks $173/SF. The 4 bordering markets run from $140/SF in Portsmouth to $203/SF in Chesapeake, and the city sits above their $145/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Norfolk?
How much does it cost to lease commercial space in Norfolk?
How does Norfolk compare to nearby markets on price?
Where does Realmo's Norfolk market data come from?
Methodology & data sources
- Asking prices and medians
- There are 135 active for-sale and 144 active for-lease listings in Norfolk, VA. The medians are based on 70 of the for-sale and 25 of the for-lease listings, those that state a price or rent per square foot. These are ASKING figures from live listings, not closed-transaction prices, and a figure resting on fewer than 10 listings says so where it is quoted.
- 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
