Commercial Real Estate Market in Portsmouth, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: August 31
142 active listings and 2,182 off-market properties in Portsmouth, VA. Commercial property asks $58/SF to buy and $21.98/SF/Yr to lease.
Market Trends
Portsmouth, VA spans 33.3 square miles in Portsmouth County, Virginia. Figures below refresh monthly; last updated 31 August 2026.
Office
Office vacancy in Portsmouth, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Vacancy Rate % in South region
Retail
Retail space in Portsmouth, VA asks $283/SF to buy. Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
Average Sale Price $/SF
Listings
Vacancy Rate % in South region
Industrial
Industrial vacancy in Portsmouth, 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 Portsmouth, VA asks $151/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
- Mixed use 40.2%
- Open space 24.6%
- Residential 17.5%
- Industrial 14.3%
- Civic 1.8%
- Commercial 0.8%
Largest Zones share of zoned land by district
Conservation
Urban Residential
General Residential
Industrial
Multifamily Urban Residential
Conservation (C)
The Conservation C district is established and intends to conserve and protect identifiable natural resources from urban encroachment.
Market overview
Demographics & Economy
Portsmouth, VA has 97,821 residents in 43,214 households. Density runs 2,940 people per square mile. Median household income here is $59,296 and median gross rent $1,278 a month.
97,821
Population
43,214
Households
2.3
Avg Household Size
37
Median Age
23%
College-Educated
89%
High-School Grad
33.3 sq mi
ZIP Area
2,940
Density / Sq Mi
$59,296
Median Household Income
$40,827
Median Earnings
$1,278
Median Rent
$226,128
Median Home Value
Tools
Nearby Markets
| Market | Average Sale Price, $/SF | Average Lease Price, $/SF/Yr |
|---|---|---|
| Norfolk | — | $20.60 |
| Chesapeake | — | — |
| Fleet | — | — |
| Newport News | — | $45.78 |
Commercial property in Portsmouth, VA asks $58/SF.
Frequently Asked Questions
What is the average price per square foot for commercial property in Portsmouth?
Commercial property in Portsmouth, VA asks an average of $58 per square foot. The 6 most recent recorded sales traded at a median of $112/SF. Retail carries the highest asking price at $283/SF.
How much does it cost to lease commercial space in Portsmouth?
Asking lease rates in Portsmouth, VA average $21.98 per square foot per year.
Where does Realmo's Portsmouth market data come from?
Realmo compiles Portsmouth, VA figures from 8 recent recorded sales, 102 active sale listings, 40 active lease listings, 2,182 tracked off-market properties, the current Portsmouth zoning release. Sale and lease figures refresh monthly; vacancy annually. Last updated 31 August 2026.
Methodology & data sources
- Asking prices and averages
- Computed from 102 active for-sale and 40 active for-lease listings in Portsmouth, 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: 18,500 zoned acres across 23 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, retail vacancy is reported at South region level and industrial 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
