The Norfolk Office Market Remains Resilient as Fundamentals Show Improvement
• Summit Pointe delivered Phase II earlier this year, adding 170,000 square feet of Class A office space to the market. This delivery, which is currently in lease-up, was the first upscale speculative development to be delivered to the market since 2014. The building has already secured multiple large tenants, including Map Communications leasing out more than 28,000 square feet and ReavesColey occupying over 5,000 square feet.
• There are over 200 tenants looking for almost 1.4 million square feet of office space in the Norfolk market, highlighting the office demand in the region.
• As of Q2, there were two properties under construction in the Norfolk market totaling over 90,000 square feet, with both projects expected to deliver later this year.