Skip to main content Skip to footer

Q2 2021 | Norfolk Retail Forecast and Research Report

Download Report
Market fundamentals suggest optimism going forward, as rents and vacancies have been flattening out over recent quarters, after experiencing negative effects from the COVID-19 pandemic.  This is highlighted by the market experiencing 62,475 square feet of positive net absorption over the past 12 months, after having experienced 192,555 square feet of negative net absorption during Q1 2020.

The consumer-confidence index in the United States continues an upward trajectory, jumping to the highest level since the pandemic began, ending the quarter at 127.3.  Some experts expect consumer-confidence to reach pre-pandemic levels by year-end.
Source: MarketWatch, Conference Board

There is currently only one property under construction in the Norfolk market totaling 50,000 square feet, however there are thirteen proposed properties in the pipeline totaling over 1.2 million square feet.

Retail Cover Photo

Q2 2021 | Norfolk Retail Forecast and Research Report

Download Report
Related Experts

Chris Read

Senior Vice President

Norfolk - Main

Chris Read specializes in the sale and leasing of retail property for Colliers | Virginia.  As the Director of the Retail Services Team in Norfolk, Virginia, he has extensive recent and long-term experience generating positive results to owners, developers and tenants in the retail sector for over 24 years.

On behalf of national and regional clients, Chris has achieved success on a multitude of assignments including, but not limited to, shopping center leasing and sales, site selection, new retail developments, land subdivisions and parcel sales to end users, tenant-mix strategies, architectural guidance/shopping center design, big box leasing, redevelopment projects, portfolio leasing/sales, tenant representation, complex contract negotiations, investment sales and surplus property dispositions.  This knowledge base presents a thorough understanding of special requirements to furnish a personalized approach to individual client needs. 

View expert

Jeff Parker

Senior Vice President

Norfolk - Main

Jeff Parker, CCIM, has over 19 years of experience in commercial real estate as a broker, national retailer, landlord. Jeff’s diverse real estate background ensures that he can competently advise his clients to achieve their real estate objectives.

Starting in 2000, Parker spent 10 years in leasing and investment sales at CBRE Norfolk, VA.  Jeff earned his CCIM designation in 2006 and was consistently awarded annually for his high level of production.

In 2010 Parker transitioned to Dollar Tree Inc., a Fortune 135 company, as real estate portfolio manager where he handled lease restructuring and portfolio improvement for over 1,200 stores. Mr. Parker gained an invaluable education in lease negotiation and corporate real estate best practices from one of the most active and successful retailers in the world.

Parker was then brought on as Director of Leasing for a Virginia based shopping center REIT in 2014. His prior experience as a broker and national retailer resulted in his team consistently exceeding industry average rent spreads while driving value and increasing occupancy across a portfolio of 60 income producing properties with 5.5 million square feet in 12 states.

Mr. Parker returned to CBRE in late 2017, now Colliers International after the 2019 acquisition of the Virginia offices. An integral part of the Colliers retail services and investment team, he has completed multiple investment sales and leases and was chosen to lease Coastal Virginia’s premier 69-acre mixed-use town center, Summit Pointe, a $350 million-dollar extension of the Dollar Tree / Family Dollar international corporate headquarters.

View expert

Natalie Hucke

Senior Vice President

Norfolk - Main

Natalie Hucke is a member of the retail brokerage group at Colliers Virginia. With 19 years of experience, she specializes in both tenant and landlord representation, as well as investment and end user sales. She provides clients with market knowledge, including the latest market inventory, rental rates and general market conditions in the Hampton Roads area.

Natalie is currently responsible for leasing over one million square feet of shopping center properties in Hampton Roads, as well as performing market analysis, site selection, and contract negotiation for various local, regional and national retailers.

View expert

Ned Brooks

Senior Vice President

Norfolk - Main

Ned Brooks joined the Retail Leasing and Sales Team of Hampton Roads in 1999. He develops and implements marketing strategies for shopping centers, property owners, buyers, and tenants by providing in-depth market analysis, site selection, lease and sales negotiation services. Ned was called on by Navy Federal Credit Union, the world’s largest credit union chain, for a major branch expansion in Hampton Roads and beyond. To date, he has completed over 30 branch locations. More recently, he was selected by Aldi US to assist with their grocery store expansion in the region. There are currently 15 completed transactions and more pending. In his over 30-year involvement in commercial real estate, he has exclusively represented over 50 centers in the Hampton Roads marketplace and served dozens of retailers in both Virginia and North Carolina. His assignments range from box disposition and general sales of land and buildings, to tenant representation and shopping center leasing.

View expert

Kevin OKeefe

Senior Vice President

Norfolk - Main

Kevin O'Keefe specializes in both tenant and landlord representation, as well as investment and end user sales for Colliers Virginia.   With 19 years experiences, Kevin has the ability to provide clients with market knowledge, including the latest market inventory, rental rates and general market conditions in Hampton Roads.

Kevin is currently responsible for leasing over one million square feet of shopping center properties in the Hampton Roads region, as well as performing market analysis, site selection, and contract negotiation for various local, regional and national retailers. 

View expert