Commercial Real Estate Market in Portsmouth, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
88 active listings and 2,182 off-market properties in Portsmouth, VA. Commercial property asks $141/SF to buy and $21.00/SF/Yr to lease (based on 5 listings).
Market Trends
Portsmouth, VA spans 33.3 square miles in Portsmouth County, Virginia. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Portsmouth, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Retail
Retail space in Portsmouth, VA has a median asking sale price of $233/SF (based on 4 listings). Vacancy runs 5.4% across the South region in 2025, down from 7% in 2020.
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%.
Multifamily
Multifamily space in Portsmouth, VA has a median asking sale price of $144/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
- 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
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.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Norfolk | $171 | $17.60 |
| Chesapeake | $203 | $17.25 |
| Newport News | $144 | $15.39 |
| Hampton | $133 | $19.15 |
Commercial property in Portsmouth, VA asks $141/SF. The 4 bordering markets run from $133/SF in Hampton to $203/SF in Chesapeake, and the city sits below their $158/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Portsmouth?
How much does it cost to lease commercial space in Portsmouth?
How does Portsmouth compare to nearby markets on price?
Where does Realmo's Portsmouth market data come from?
Methodology & data sources
- Asking prices and medians
- There are 58 active for-sale and 30 active for-lease listings in Portsmouth, VA. The medians are based on 37 of the for-sale and 5 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: 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 October 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 October 2026 · How Realmo checks market page data · Report a data issue
