Commercial Real Estate Market in Smithfield, VA
Updated monthly: sale, lease, property records, location trend, and more… · Last update: October 31
9 active listings and 396 off-market properties in Smithfield, VA.
Market Trends
Smithfield, VA spans 104.1 square miles in Isle of Wight County, Virginia. Figures below refresh monthly; last updated 31 October 2026.
Office
Office vacancy in Smithfield, VA runs 20.2% across the South region in 2025, up from 14.4% in 2019.
Retail
Retail vacancy in Smithfield, VA runs 5.4% across the South region in 2025, down from 7% in 2020.
Industrial
Industrial vacancy in Smithfield, 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 vacancy in Smithfield, VA 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
- Residential 44.9%
- Agricultural 34.9%
- Commercial 8.8%
- Industrial 5.6%
- Open space 4.4%
- Mixed use 1.5%
Largest Zones share of zoned land by district
C-C, Community Conservation District Article 3A: 2 Article 3.A: C-C, Community Conservation (Agriculture, Forestry and Conservation District) A. Purpose and Intent: The C-C Community Conservation District is created to provide a vehicle by which agricultural, forestry, open space and other lands of rural character within the Town may be maintained in their c…
Market overview
Demographics & Economy
Smithfield, VA has 18,232 residents in 7,961 households. Density runs 175 people per square mile. Median household income here is $103,580 and median gross rent $1,162 a month.
Tools
Nearby Markets
| Market | Median Asking Price, $/SF | Median Asking Rent, $/SF/Yr |
|---|---|---|
| Newport News | $144 | $15.39 |
| Hampton | $139 | $19.15 |
Commercial property in Smithfield, VA asks $370/SF. The 2 bordering markets run from $139/SF in Hampton to $144/SF in Newport News, and the city sits above their $142/SF median.
Frequently Asked Questions
What is the median price per square foot for commercial property in Smithfield?
How does Smithfield compare to nearby markets on price?
Where does Realmo's Smithfield market data come from?
Methodology & data sources
- Asking prices and medians
- There are 4 active for-sale and 5 active for-lease listings in Smithfield, VA. The sale median is based on 3 of the for-sale listings that state a price per square foot; too few for-lease listings state a rent per square foot for a rent median. 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: 6,647 zoned acres across 17 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
