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Q3 2021 | Norfolk Industrial Forecast and Research Report

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Vacancy rates continue tightening to historic levels as space is occupied throughout the market at a rapid pace.  Quality warehouse space is becoming especially difficult for potential tenants to find, as the market is currently showing less than 1.0% vacancy.  This lack of available space is allowing landlords to hike up rents and provide less incentives to tenants, which will continue until more product is added to the market.

The market has seen a large amount of tenant interest, as evidenced by over 180 users looking for almost 14 million square feet of space in the market, including approximately 40 tenants looking for large spaces of 100,000 square feet and up.  An increase in demand from third-party logistics firms, retailers, and port users has been especially prevalent in recent quarters.

There are currently five properties under construction in the Norfolk market totaling almost 900,000 square feet.  Out of the product under construction, three properties totaling 486,000 square feet of the space are speculative product, while two properties totaling 405,000 square feet are build-to-suit (BTS) product.


Industrial 21Q3 itecore

Q3 2021 | Norfolk Industrial Forecast and Research Report

Download Report