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Military Circle Mall Sold to City of Norfolk for Mixed-Use Redevelopment

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Norfolk Retail Q2 2020 Market Review

The Norfolk retail market experienced 82,207 square feet of positive net absorption throughout Q2 2020, which tightened the vacancy rate 10 bps (basis points) to 6.6%.  The Southside ended the quarter with 62,872 square feet of positive net absorption, while the Peninsula experienced 19,335 square feet of positive net absorption.

The absorption was spread throughout the market, with a few large move-ins that occurred, including Planet Fitness occupying 22,000 square feet of space at Collins Square Shopping Center in Virginia Beach and Sunshine Quilt Corner LLC occupying almost 7,000 square feet of space at Newport Square Plaza within the Hampton North submarket.

Average asking rents (NNN) ended Q2 2020 at $13.70 across all retail product types, which remains unchanged quarter-over-quarter but is $0.40 less year-over-year.  The Southside led the way in terms of rent, ending Q2 2020 with an average asking rent of $14.13, while the Peninsula followed with an average asking rent of $13.13.


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Military Circle Mall Sold to City of Norfolk for Mixed-Use Redevelopment

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